Renters insurance is one the most affordable types. It costs around $168 per year on average. If you shop around, it might even be cheaper. Renters insurance doesn’t mean you have to give up on customer service in order to get a great price. The best renters insurance companies offer both.
NerdWallet examined renters insurance rates in the United States to determine the most affordable companies in each state, as well as the average national rates for seven highly-rated companies.
All sample rates below are based on a policy for a 30-year-old tenant with $30,000 in personal property coverage with a $500 deductible and $100,000 in liability coverage. Rates will vary depending on where you live and what coverage you select.
Renters insurance at the lowest prices from the top companies
If you’re looking to buy cheap renters insurance without scrimping on customer service, consider one of NerdWallet’s best renters insurance companies. To find the cheapest rates, we compared seven of these companies in different states and Washington, D.C.
We don’t have enough pricing data to give average rates for other companies on NerdWallet’s top renters list. This includes Amica, Assurant and The Hartford, Homesite. Lemonade. Liberty Mutual. Travelers.
Renters insurance is the cheapest in every state
Renters insurance rates are often cheaper in small, regional companies than those offered by larger corporations. The table below shows the state’s cheapest insurer.
Low-cost renters insurance for people with bad credit
In most states, insurers use credit-based insurance scores, which are similar but not identical to traditional credit scores, to help set renters insurance rates. Renters insurance is more expensive for those with poor credit. This can often be significantly higher.
In Washington, California, Maryland, Massachusetts, and Washington, it is against the law to use credit to fix homeowners’, renters’, condo, or mobile home insurance rates.
Below you will find the most affordable insurance companies that offer renters with bad credit the lowest average rates.
Renters insurance that covers claims at a low price
Renters insurance claims that are not filed on your records will result in you paying more as insurers consider you more likely to file another one. Here are the most affordable widely available companies for renters with two types of claims.
Renters insurance is so affordable.
Renters insurance is significantly cheaper than homeowners insurance — which costs nearly $1,600 a year on average — because the policy covers the contents of your house or apartment, not the cost of rebuilding the entire structure.
How to get renters insurance at a low price
These tips will help you save money on your renters’ insurance policy
- Compare all options. You might not find the best deal with the lowest-priced insurer. Get renters insurance quotes from at least three companies, and make sure you’re comparing the same levels of coverage from each.
- Bundle your policies. Many insurers offer a bundling discount when you buy more than one policy, such as renters and auto insurance.
- You can add safety and security features to your home. Your premium will be reduced by many insurers if you have smoke detectors, burglar alarms and sprinkler systems in your home.
- Ask about any other discounts. You may be eligible for additional discounts depending on the insurance company you choose. This includes setting up autopay to pay your premiums and receiving your bills electronically.
- Higher deductibles are better. You will save money on your premium if you are willing to fork out more from your pocket before insurance kicks in to help with a property claim. Just make sure you’ll have access to enough cash to cover the deductible you choose.
