All three rank among the cheapest in MoneyGeek’s 2026 analysis: Amica at $116 per year, Lemonade at $135, and State Farm at $145 — each well below the $182 average. Amica leads on claims-satisfaction value, Lemonade on digital speed, State Farm on agent access. The right pick depends on how you want to buy and file, not just the premium.
Key Takeaways
- On price alone: Amica ($116/yr) beats Lemonade ($135/yr) beats State Farm ($145/yr) in MoneyGeek’s 2026 national averages — all for the same $20,000 property / $100,000 liability / $1,000 deductible profile.
- On claims experience: Amica leads on claims satisfaction in MoneyGeek’s analysis; Lemonade’s app handles roughly 40% of claims instantly (per the company); State Farm routes through local agents.
- On availability: State Farm writes in all 50 states; Lemonade is digital-first but not in every state; Amica is widely available but quotes through a more traditional process.
- No single winner. The cheapest quote for your ZIP code may come from any of the three — carrier rankings shuffle dramatically by state.
- All figures verified September 2026. Get current quotes before buying; prices move and profiles differ.
The Price Round: What the 2026 Data Shows
MoneyGeek’s 2026 renters analysis — quotes from 56 carriers across 897 ZIP codes — gives us a clean national comparison on an identical profile: $20,000 in personal property coverage, $100,000 in liability, $1,000 deductible (MoneyGeek):
| Carrier | Per year | Per month |
|---|---|---|
| Amica | $116 | ~$10 |
| Lemonade | $135 | ~$11 |
| State Farm | $145 | ~$12 |
| National average (all carriers) | $182 | ~$15 |
All three sit well below the $182 national average — Amica by 36%, Lemonade by 26%, State Farm by 20%. In a market where the cheapest company charges less than half of the most expensive for identical protection, starting your search with any of these three is a sound move. MoneyGeek’s standing advice applies here: compare at least three quotes before buying (MoneyGeek).
Two important qualifications. First, the profile matters: this table uses a $1,000 deductible. On a $500-deductible profile the numbers run higher across the board — which is why you will see slightly different figures quoted elsewhere. Second, MoneyGeek runs a separate cheapest-carriers analysis that currently shows Amica $107, Lemonade $122, and State Farm $134 with a $185 national average (MoneyGeek). Same ranking order, different analysis run — our cheapest renters insurance companies roundup uses those figures. Always compare quotes on the same limits and deductible. National averages also hide enormous state variation. MoneyGeek’s state pages show Lemonade as the cheapest option in states like New Jersey ($70/year) and California ($120/year), while State Farm takes the affordability crown in states like North Dakota ($90/year, 22% below the state average) and Kentucky ($124/year) (MoneyGeek NJ, MoneyGeek CA, MoneyGeek ND, MoneyGeek KY). The national ranking tells you where to start; your ZIP code tells you where you finish. Our cheapest renters insurance companies roundup covers the wider field.
Amica: The Quiet Value Leader
Amica is the oldest-school company of the three — a mutual insurer founded in 1907, owned by its policyholders rather than shareholders. That structure shows up in the numbers: $116 per year nationally, the lowest average in MoneyGeek’s 2026 table, and MoneyGeek’s assessment that “Amica scores highest for overall value in MoneyGeek’s analysis, based on claims satisfaction and coverage depth ratings” (MoneyGeek).
What that means in practice: Amica consistently earns strong marks for how it handles claims — the moment an insurer’s quality actually matters. The trade-off is the buying experience. Amica is not an app-first insurtech; quoting and policy changes run through a more traditional process, and its digital tools trail the digital natives. If you are comfortable with that — or if you simply want the carrier most likely to handle a claim well at the lowest average price — Amica is the value pick.
One more consideration: Amica’s renters product is not offered in every state, and its availability and appetite vary by market. If Amica does not quote in your ZIP code, that is underwriting, not a verdict on you — move on to the next quote.
Suits best: renters who prioritize claims handling and overall value over a slick app, and who are comfortable with a traditional insurer relationship.
Lemonade: The Digital-First Price Disruptor
Lemonade is the inverse of Amica: a tech-first carrier built around an app, AI-assisted quoting, and automated claims. Its national average of $135 per year is the middle of this trio, but its advertised floor — policies from $5 per month — is the lowest entry point of any national carrier, a figure the company repeats in its own announcements, including its May 2026 West Virginia launch (Lemonade via GlobeNewswire). Actual rates vary by state, coverage, and deductible — the $5 figure assumes minimum coverage in the cheapest territories — but reviewers confirm the advertised floor (Reviews.com).
The claims story is Lemonade’s real differentiator. The company reports that approximately 40% of claims are handled instantly through its app — submitted, decided, and paid without human handling in eligible cases (Lemonade via GlobeNewswire). For a straightforward claim — a stolen bike with a receipt and a police report — that speed is genuinely unmatched. MoneyGeek also notes Lemonade offers the lowest rates in 15 states plus Washington, D.C., making it the price leader in nearly a third of the country (MoneyGeek).
The trade-offs: service is optimized for mobile and web, so renters who want an agent relationship may find it thin (phone support exists, but the product is designed to be self-serve). Discounts are limited compared to traditional carriers — the low base rate is the discount, mostly. Availability varies by state and underwriting; always confirm by entering your ZIP in the quote flow. And on financial strength, reviewers note an AM Best rating of B++ (Good) — solid, but below the A-range ratings of the legacy mutuals (Reviews.com).
Suits best: younger, digital-comfortable renters who want the fastest quote-to-covered path and the quickest simple claims, especially in the 15 states where Lemonade leads on price.
State Farm: The Agent-Network Incumbent
State Farm is the largest property insurer in the US, and its renters product reflects that scale: $145 per year nationally — the highest of this trio, but still 20% below the national average — paired with availability in all 50 states and Washington, D.C., and a local agent in nearly every market (MoneyGeek, NerdWallet).
The State Farm case is not really about the national average — it is about state-level pricing and the agent relationship. MoneyGeek’s state analyses repeatedly find State Farm priced below the state average while ranking first for customer experience: North Dakota ($90/year vs. a $114 state average), New Jersey ($89 vs. $161), Kentucky ($124 vs. $162), Mississippi (top-ranked for customer experience) (MoneyGeek ND, MoneyGeek NJ, MoneyGeek KY, MoneyGeek MS). If you value sitting across from a person when you buy — or calling a person when you file — State Farm is the only one of the three that offers that everywhere.
On discounts, State Farm is the strongest of the three: bundling renters with auto is the classic play, and MoneyGeek notes State Farm and Allstate offer some of the biggest bundling discounts in most markets — 10% to 25% off both policies (MoneyGeek). If you already insure a car with State Farm, the bundle math can easily erase the $29/year national-average gap with Amica. NerdWallet’s separate rate analysis, on a $30,000/$100,000/$500-deductible profile, puts State Farm-area pricing at the $165 national average level — competitive, not chart-topping, on a richer profile (NerdWallet).
Suits best: renters who want a local agent, bundle with an existing State Farm auto policy, or live in a state where State Farm’s local pricing beats the nationals.
Head-to-Head: Beyond the Premium
| Amica | Lemonade | State Farm | |
|---|---|---|---|
| 2026 avg. annual premium | $116 | $135 | $145 |
| Buying experience | Traditional (agent/phone/online) | App-first, fully digital | Local agents + digital |
| Claims handling | Highest value score in MoneyGeek’s analysis (claims satisfaction + coverage depth) | ~40% of claims handled instantly via app (per company) | Agent-guided; below-state-average pricing in many states |
| Advertised price floor | None published | From $5/mo (varies by state/coverage) | None published |
| Bundling discounts | Available | Limited; low base rate is the value | Among the largest (10–25% with auto) |
| Availability | Widely available; varies by state | Most states; confirm by ZIP | All 50 states + D.C. |
A note on what is not in this table: third-party scores and rankings. You will see star ratings and “best of” badges across review sites, but methodologies differ wildly and some reflect advertising relationships. This comparison sticks to published rate data and carrier-stated facts. When you compare renters insurance quotes yourself, use the same discipline: same limits, same deductible, at least three carriers — then read the fine print on actual cash value vs. replacement cost, because a cheap premium on an actual-cash-value policy can be the most expensive “deal” at claim time.
The Verdict: Which One Should You Quote First?
Start with all three — the whole point is that rankings shuffle by ZIP code. But lead with the one that matches how you buy:
- Lead with Amica if claims quality is your top criterion and you are fine with a traditional process. Lowest national average, strongest value assessment.
- Lead with Lemonade if you want coverage tonight, from your phone, with the fastest simple claims in the business — and check whether your state is one of the 15 where it leads on price.
- Lead with State Farm if you want an agent, already have (or want) a State Farm auto policy to bundle, or live where its state-level pricing undercuts the average.
Whichever you lead with, finish with three quotes. In this price tier the gaps are small — $29 a year separates first from third nationally — but the wrong carrier for your situation costs more than the premium difference. A $116 policy with a $1,000 deductible you cannot afford is worse than a $145 policy with a $250 deductible you can. Price gets you in the door; the deductible, the payout type, and the claims experience decide whether the policy works when it matters.
Frequently Asked Questions
Which is cheapest: Lemonade, State Farm, or Amica? On MoneyGeek’s 2026 national averages for the same profile, Amica ($116/year) is cheapest, then Lemonade ($135), then State Farm ($145). But state-level results vary widely — Lemonade leads in 15 states, State Farm beats the state average in many others. Your ZIP code decides.
Is Lemonade legit for renters insurance? Yes — Lemonade is a licensed insurer (NYSE: LMND) operating in most states, with policies advertised from $5 per month and a claims process the company says handles about 40% of claims instantly. Reviewers note an AM Best financial-strength rating of B++ (Good). As with any carrier, confirm availability and pricing for your ZIP before deciding.
Does State Farm offer good renters insurance? State Farm’s renters product averages $145/year nationally (20% below the national average), is available in all 50 states, and its bundling discounts with auto insurance are among the largest available. MoneyGeek’s state analyses frequently rank it first for customer experience while pricing below the state average.
Why is Amica so cheap? Amica is a mutual insurer owned by policyholders, which tends to keep overhead and pricing lean. Its $116/year national average is the lowest in MoneyGeek’s 2026 table, and MoneyGeek rates it highest for overall value based on claims satisfaction and coverage depth. Availability varies by state.
Should I just pick the cheapest quote? Not automatically. Compare identical limits and deductibles across at least three carriers, check whether the policy pays actual cash value or replacement cost, and consider how you want to file a claim — app, agent, or phone. The cheapest premium with the wrong deductible is a bad deal.
All prices and company facts in this article were verified in September 2026 from MoneyGeek’s 2026 rate analysis and carrier-published materials. Insurance prices move and vary by state, ZIP code, and profile — treat these figures as benchmarks, get current quotes before buying, and talk to a licensed agent in your state if you are unsure which carrier fits.
