When you should cancel renters insurance
You should cancel renters insurance when: you're buying a home (switch to homeowners insurance instead), you're moving to a building where renters insurance is included in rent, or you're moving to a place where you're already covered under a parent's or partner's policy. Don't cancel just to save money - at $10–$20/month, renters insurance is one of the highest-value financial products available.
Lemonade vs State Farm vs Progressive renters insurance
Lemonade is typically $5–$20/month depending on coverage level and location - usually cheaper than traditional insurers and with faster digital claims. State Farm and Progressive offer multi-policy discounts if you bundle with auto insurance. If you're canceling Lemonade and already have auto insurance, check your auto insurer's renters rate before going uninsured.
Frequently asked questions
- Does my landlord need to be notified when I cancel renters insurance?
- You don't need to notify your landlord, but if your lease requires renters insurance (many do), you must replace it before canceling. Check your lease terms before canceling.
- Can I cancel Lemonade renters insurance mid-lease?
- Yes - you can cancel at any time. Just ensure you have replacement coverage if your lease requires it.
- Does canceling Lemonade renters insurance affect my other Lemonade policies?
- No. Lemonade's renters, homeowners, pet, and life policies are separate. Canceling one doesn't affect the others.