- State Farm and Amica tend to be the cheapest renters insurance companies, but other companies may offer cheaper rates in your area.
- We recommend taking advantage of discounts and shopping around to get lower rates.
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 $138 to $376 a year, depending on the state you live in and the provider you choose.
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Who has the cheapest renters insurance?
The cheapest renters insurance companies are State Farm and Amica, according to our research. Other insurance companies also offer affordable renters rates.
|Note: Average rates are based on online quotes from provider websites. Your rates may vary.|
QuoteWizard rating: 3.8 out of 5
State Farm has the cheapest renters rates in our study at an average rate of $155 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 as an additional coverage, which takes into account rising costs and ensures that you're covered at the same levels every year.
QuoteWizard rating: 3.7 out of 5
Amica offers the second-cheapest average renters insurance rate in our study at a rate of $206 a year. Amica offers all the standard coverages that are typically found in a renters insurance policy. It also includes additional coverages such as personal property replacement, which fully pays for the repairs or replacement of your personal property regardless of depreciation up to your coverage limit. Amica provides a discount of up to 15% if you bundle your renters and car insurance with it, too.
QuoteWizard rating: 2.9 out of 5
Travelers offers the third-cheapest average renters insurance rate in our study at a rate of $212 a year. However, Travelers offers the cheapest rates in many of the biggest cities in the U.S. Travelers' renters insurance policy covers housing improvements, which pays up to 10% of your personal property coverage if any repairs or replacements are needed for a covered loss on the improvements that you paid for or made.
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:
- Alaska: $138
- North Dakota: $145
- Maine: $146
- New Hampshire: $146
- New York: $149
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|
|District of Columbia||Amica||$127|
|New Hampshire||State Farm||$106|
|New Jersey||State Farm||$117|
|South Carolina||State Farm||$165|
|Source: Average rates are based on online quotes from provider websites. Your rates may vary. *State has rates for only 1 company.|
Looking for cheap renters insurance?
Cheapest renters insurance companies in biggest cities
Renters insurance premiums also vary by city due to risks like crime rate and extreme weather. We compiled rates for the cheapest renters insurance companies in the biggest U.S. cities.
|City||Cheapest company||Cheapest average annual rate|
|New York City||Travelers||$125|
|Note: Average rates are based on online quotes from provider websites. Your rates may vary|
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.
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 over $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 or pay.
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.
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%
QuoteWizard rated insurance companies based on their cost, discounts, coverages, financial strength, J.D. Power score and online experience. We used a weighted rating for each of these categories and scored them out of five.
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