How to Compare Renters Insurance Quotes
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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Cheap Renters Insurance in Philadelphia (2025)

Published on:
Content was accurate at the time of publication.

Best cheap renters insurance in Philadelphia

$15/month
Lowest rates:
State Farm
State Farm logo
$21/month
Best discounts: Progressive
Progressive logo
$22/month
Best coverages: Assurant
Assurant logo
$16/month
Best customer service: Lemonade
Lemonade logo
+
More Options

Find the Cheapest Renters Insurance Quotes in Philadelphia

State Farm, Lemonade and Allstate are the cheapest renters insurance companies in Philadelphia, with rates that average $16 a month or less. This is around 27% cheaper than the city’s average renters insurance rate of $22 a month.

At $15 a month, State Farm has the lowest average rate of the three companies. It also offers more add-on coverage options than Lemonade or Allstate.

CompanyMonthly rateAnnual rate
state farm logoState Farm$15$180
lemonade logoLemonade$16$192
allstate logoAllstate$16$192
progressive logoProgressive$21$252
assurant logoAssurant$22$264
amica logoAmica$26$312
farmers logoFarmers$42$504

To find out which of these three companies has the cheapest rate for you, compare renters insurance quotes from them — and even a few other companies — before you buy or renew a policy.

State Farm is the best renters insurance company in Philadelphia overall, with the city’s cheapest average rate.

Progressive is the best company for renters insurance discounts, Allstate has the best add-on coverages, and Lemonade is best for customer satisfaction.

State Farm is Philadelphia’s best renters insurance company because of its low rates, reputation for customer satisfaction and good selection of optional coverages.
  • At $180 a year, or $15 a month, State Farm’s average rate is the cheapest in Philadelphia.
  • State Farm’s customer satisfaction rating of 679 (out of 1,000) from J.D. Power is the second-best of the companies we surveyed.
  • Customers can pay extra for add-ons like earthquake damage coverage, identity restoration and pet medical insurance.
Progressive is the best company for renters insurance discounts in Philadelphia. If you qualify for a few of them, it could make the company’s average rate a lot cheaper, which is 40% higher than State Farm’s.

Renters can get discounts from Progressive for:

  • Bundling auto and renters insurance policies
  • Getting a quote at least three days before your policy starts
  • Paying for your policy upfront and in full
  • Signing up to receive documents through email
  • Living in a secured or gated community
Philadelphia renters looking for more than basic renters insurance should get a quote from Assurant. The company offers more optional coverages than any other company we surveyed in the city.

Assurant’s add-ons include coverage for:

  • Damage caused by a backed-up sewer or drain
  • Pet damage
  • Rent protection if you lose your job
  • Additional living expenses if you need to stay elsewhere after an earthquake

Assurant renters insurance policies come with some nice standard coverages, too, depending on where you live. These include coverage for:

  • Bed bugs
  • Food spoilage
  • Additional living expenses after a flood
Along with cheap rates, Lemonade has the highest customer satisfaction rating of 682 of the companies we surveyed in Philadelphia.

This rating, from J.D. Power, is based on things like price, policy offerings, the billing process and claims.

Find the Cheapest Renters Insurance Quotes in Philadelphia

No city or state law requires renters insurance in Philadelphia, but landlords can require it as part of a rental or lease agreement.

Landlords often require renters insurance to protect themselves from tenants who might damage the building or their unit. It also helps protect them against liability claims and needing to cover relocation costs if the property becomes unlivable for various reasons. We recommend buying renters insurance even if your landlord doesn’t require it.

  • It covers your belongings — like clothing, electronics and furniture — from damage or destruction. Your landlord’s insurance won’t cover this.
  • It also protects you from liability claims, such as if you cause damage to the building or if someone is injured while visiting you.
The average cost of renters insurance in Philadelphia is $22 a month, or $264 a year. This is 29% more than the state average of $17 a month.

What you pay for renters insurance depends on factors like:

  • Where you live
  • Types and amounts of coverage you buy
  • Deductible you choose
  • Value of your possessions

State Farm has Philadelphia’s cheapest renters insurance rates of around $15 a month, or $180 a year. This is one-third cheaper than the city average rate of $22 a month.

Allstate and Lemonade are nearly as cheap as State Farm, though, so get renters insurance quotes from all three companies before you renew or buy a policy.

State Farm and Lemonade are Philadelphia’s best renters insurance companies. State Farm has the lowest rates overall and offers more optional coverages than Lemonade. Lemonade’s rates are nearly as cheap as State Farm’s, plus it has a better customer satisfaction score.

You may need to get renters insurance in Philadelphia if your lease or rental agreement requires it, but it isn’t required by city or state law.

You should get enough renters insurance so you can replace your personal belongings like electronics and jewelry if they’re damaged or destroyed. You also want enough coverage to protect your assets if someone files a liability claim against you.

To figure out how much personal property coverage you need, make an inventory of your possessions. Include the estimated value of each item.

For liability coverage, you want to get enough to cover your assets. This can include your possessions (like your car), your savings and even things like retirement accounts.

Methodology

LendingTree collected thousands of renters insurance quotes from the largest insurance companies in each state, based on data availability.

We used thousands of renters insurance quotes from across the U.S. for a 30-year-old single woman who has no recent renters insurance claims. Your rates may vary. Coverage limits include:

  • Personal property coverage: $20,000
  • Deductible: $500
  • Personal liability: $100,000
  • Guest medical protection: $1,000
  • Loss of use: $9,000

Overall satisfaction ratings were obtained from J.D. Power’s 2024 U.S. Home Insurance Study. The agency’s scores are based on customer surveys that rate insurance companies on factors like price, policy offerings and claims.