Renters insurance is one of the most affordable types of insurance however, you can get your rates even cheaper by comparing quotes. We looked at thousands of renters insurance quotes and found that policies range from $125 to $374 a year, depending on the state you live in and the provider you choose. Our comprehensive guide to cheap renters insurance includes:

Our guide to cheap renters insurance, includes:

Who has the cheapest renters insurance?

The cheapest renters insurance companies are Nationwide and State Farm, according to our research. Their rates range from $195 to $199 a year. Other insurance companies also offer affordable renters rates.

Company Average annual rate
Allstate $232
Amica $205
Farmers $265
Nationwide $195
State Farm $199
Travelers $205
Note: Average rates are based on online quotes from provider websites. Your rates may vary

Cheapest renters insurance by state

The cost of renters insurance varies quite a bit depending on your address. This is because insurance risks differ across states. You're more likely to file a claim in some regions, and insurance providers charge higher rates in those areas. These states have the cheapest annual renters insurance rates:

  1. Alaska: $125
  2. New Hampshire: $138
  3. South Dakota: $140
  4. Maine: $154
  5. Vermont: $156

If your state isn't one of the cheapest states for renters insurance, you can still get cheap rates by comparing rates from different insurers. We compiled rates for the cheapest renters insurance companies in each state.

State Cheapest company Cheapest average annual rate
Alabama State Farm $211
Alaska Allstate* $125
Arizona Travelers $181
Arkansas State Farm $229
California Farmers $213
Colorado Nationwide $148
Connecticut Amica $145
Delaware Amica $159
Florida Assurant* $278
Georgia Travelers $271
Hawaii Allstate* $199
Idaho Nationwide $159
Illinois Travelers $167
Indiana Travelers $189
Iowa Nationwide $115
Kansas Nationwide $136
Kentucky Travelers $203
Louisiana State Farm $255
Maine Nationwide $129
Maryland State Farm $135
Massachusetts Amica $167
Michigan Amica $194
Minnesota Nationwide $153
Mississippi Nationwide $232
Missouri Nationwide $188
Montana Travelers $128
Nebraska Nationwide $129
Nevada Travelers $153
New Hampshire State Farm $106
New Jersey State Farm $117
New Mexico Amica $208
New York Travelers $125
North Carolina Nationwide $175
North Dakota Nationwide $125
Ohio Nationwide $190
Oklahoma Travelers $263
Oregon Farmers $139
Pennsylvania Nationwide $161
Rhode Island Amica $155
South Carolina State Farm $165
South Dakota Nationwide $128
Tennessee Nationwide $191
Texas Amica $185
Utah Nationwide $105
Vermont Allstate $140
Virginia Nationwide $153
Washington Amica $137
West Virginia Allstate $197
Wisconsin Amica $135
Wyoming Nationwide $123
Note: Average rates are based on online quotes from provider websites. Your rates may vary. *Only company with available online quotes.

Looking for cheap renters insurance?

Nationwide

Nationwide is the cheapest renters insurer in our study at an average rate of $195 a year. Nationwide offers all the standard coverages that are typically found in a renters insurance policy, but it also includes additional coverages such as credit card coverage, which pays for unauthorized transactions on credit and debit cards, up to a certain limit. Nationwide also covers alterations, improvements or installations that you make to your home if they are damaged due to a covered loss.

State Farm

State Farm has the second-cheapest renters rates in our study at an average rate of $199 a year. Along with cheap rates, State Farm offers a multi-policy discount that could save you up to $722 if you bundle your renters and auto policies. State Farm also offers inflation coverage, which takes into account rising costs and ensures that you're covered at the same levels every year.

State Farm has great customer satisfaction reviews, too. In J.D. Power's 2021 study, State Farm's renters insurance policy received a score of 866 out of 1,000 for overall satisfaction, while the segment average is 848 out of 1,000. This is also the third-highest score in the study.

How to make your renters insurance cheaper

To get your cheapest renters insurance rates, we recommend taking full advantage of discounts and shopping around. Here are some ideas for getting the lowest rates you can.

Shop around

Rates are different between companies. By getting quotes from several companies, you give yourself options and have the opportunity to pick the policy that's best for you. You can save almost $100 a year on your renters insurance premium by comparing rates.

Raise your deductible

Raising your deductible will lower your renters insurance premium. Similarly, lower deductibles generally mean higher rates. However, you should only raise your deductible if you'll be able to afford the deductible amount in the event of a loss. Your deductible is the amount you have to pay toward a claim before your renters insurance company kicks in to help.

For example, if you have a $1,000 deductible and you file a claim for $5,000, your renters insurance policy will cover the $4,000 for a covered claim and you'll have to pay $1,000 toward the damages.

Bundle renters and auto insurance

Purchasing multiple insurance policies from the same company could earn you a bundling discount, which commonly ranges from 5% to 15%. Bundling your renters and auto insurance policies, for instance, can also be convenient - having your policies under the same company reduces the number of companies you must interact with.

Make your home safer

Many people can get cheaper rates by reducing their home's risk of damage. For example, consider installing a burglar alarm or centrally monitored smoke detector. Small improvements to the safety of your home can save you a few bucks a month and get you cheap rates.

Decrease policy limits

Renters insurance has a few coverages, including personal liability and personal property coverage. Every coverage has a maximum payment amount. For instance, it's common to have personal property coverage up to $30,000. Any losses above $30,000 will not be covered.

If you lower your policy limits, you'll save on your renters insurance premium. However, it's important to remember that you're reducing how much protection you have. For this reason, we only recommend decreasing your policy limits if you think you have too much coverage.

When figuring out how much coverage you need, we recommend creating an inventory of your belongings with the value of each item. Having a detailed list of your personal belongings in your rental can help make the claim process easier.

Methodology

We collected quotes from addresses in each state for a renters insurance policy. We used the following coverages:

  • $30,000 of personal property coverage
  • $500 deductible
  • $100,000 of personal liability
  • $1,000 of medical payments to guests
  • Loss of use: 30%

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