The Best Cheap Renters Insurance for 2020

NerdWallet compared rates across the country to find the cheapest renters insurance.

Sarah SchlichterOctober 13, 2020
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Renters insurance is one of the most affordable types of insurance — it costs only about $172 a year, on average — and if you shop around, you might be able to pay even less. But you shouldn’t have to sacrifice customer service to find a good price: The best cheap renters insurance companies offer both.

NerdWallet analyzed renters insurance rates across the country to find the cheapest companies in each state and in 20 major metro areas, plus average nationwide rates for nine 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. Your own rates will vary based on where you live, how much coverage you choose and other factors.

Cheap renters insurance from the best companies

If you’re looking to buy cheap renters insurance without scrimping on customer service, consider one of NerdWallet’s best renters insurance companies. We compared rates for nine of these companies across various U.S. states and Washington, D.C., to discover which ones were cheapest on average.

Company

NerdWallet rating

Annual premium

Monthly premium

State Farm

5.0

NerdWallet rating 

$133

$11

Auto-Owners

4.5

NerdWallet rating 

$141

$12

American Family

4.0

NerdWallet rating 

$141

$12

Allstate

4.0

NerdWallet rating 

$151

$13

MetLife

4.5

NerdWallet rating 

$169

$14

Erie

4.0

NerdWallet rating 

$171

$14

Nationwide

5.0

NerdWallet rating 

$205

$17

Farmers

4.5

NerdWallet rating 

$207

$17

USAA*

5.0

NerdWallet rating 

$121

$10

*USAA policies are available only to active military, veterans and their families.

We do not have sufficient pricing data to provide average rates for the remaining companies in NerdWallet’s best renters list, including Travelers, Amica, The Hartford, Lemonade, Jetty or Assurant.

The cheapest renters insurance in every state

In many states, the cheapest renters insurance rates come from small regional carriers rather than the bigger companies listed above. See the table below for the cheapest insurer in your home state.

State

Company

Annual premium

Monthly premium

Alabama

Cincinnati Insurance

$136

$11

Alaska

Umialik

$71

$6

Arizona

State Farm

$100

$8

Arkansas

Shelter

$161

$13

California

Auto Club of SoCal (AAA)

$102

$9

Colorado

State Auto

$79

$7

Connecticut

Allstate

$92

$8

Delaware

State Farm

$92

$8

Florida

Florida Farm Bureau

$103

$9

Georgia

Georgia Farm Bureau

$118

$10

Hawaii

State Farm

$105

$9

Idaho

Oregon Mutual

$80

$7

Illinois

Auto Club Group (AAA)

$80

$7

Indiana

Buckeye

$100

$8

Iowa

Encova

$73

$6

Kansas

State Farm

$103

$9

Kentucky

Cincinnati Insurance

$99

$8

Louisiana

Encompass

$139

$12

Maine

MetLife

$98

$8

Maryland

MetLife

$104

$9

Massachusetts

Quincy Mutual

$86

$7

Michigan

Frankenmuth

$102

$9

Minnesota

Auto Club Group (AAA)

$82

$7

Mississippi

Mississippi Farm Bureau

$159

$13

Missouri

Encompass

$116

$10

Montana

State Farm

$115

$10

Nebraska

Farm Bureau Financial Services

$88

$7

Nevada

Country Financial

$128

$11

New Hampshire

Concord Group

$77

$6

New Jersey

Selective

$84

$7

New Mexico

State Farm

$96

$8

New York

New York Central Mutual

$67

$6

North Carolina

North Carolina Farm Bureau

$99

$8

North Dakota

MetLife

$69

$6

Ohio

Cincinnati Insurance

$70

$6

Oklahoma

State Farm

$142

$12

Oregon

CIG

$93

$8

Pennsylvania

Penn National

$62

$5

Rhode Island

Amica

$108

$9

South Carolina

American National

$75

$6

South Dakota

State Farm

$75

$6

Tennessee

Tennessee Farm Bureau

$114

$10

Texas

Chubb

$68

$6

Utah

Farm Bureau Financial Services

$87

$7

Vermont

Concord Group

$75

$6

Virginia

Cincinnati Insurance

$75

$6

Washington

Pemco

$77

$6

Washington, D.C.

Allstate

$139

$12

West Virginia

Allstate

$134

$11

Wisconsin

Auto Club Group (AAA)

$71

$6

Wyoming

Nationwide

$87

$7

Note: USAA is excluded from this list because its policies aren’t available to the general public, only to active military, veterans and their families. However, USAA offered the cheapest average renters insurance rates in Arkansas, Indiana, Kentucky, Maine, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, Oklahoma, Tennessee and Washington, D.C.

Want more options? Select your state below to see the three cheapest companies for renters insurance there.

Cheap renters insurance in 20 major U.S. cities

Those who live in or near a major city can see the cheapest company for renters insurance in their area in the table below. Because some metropolitan areas stretch into multiple states, and not all insurance companies are priced the same (or even available) in all states, we’ve included the cheapest option for each state in a given metro area.

Metro area

Company

Annual premium

Monthly premium

Atlanta

Georgia Farm Bureau

$120

$10

Boston and MA suburbs

Quincy Mutual

$88

$7

Boston (NH suburbs)

Concord Group

$82

$7

Chicago and IL suburbs

Auto Club Group (AAA)

$83

$7

Chicago (IN suburbs)

Buckeye

$100

$8

Chicago (WI suburbs)

Wisconsin Farm Bureau

$72

$6

Dallas-Fort Worth

Chubb

$64

$5

Denver

State Auto

$83

$7

Detroit

Frankenmuth

$109

$9

Houston

Chubb

$91

$8

Los Angeles

Auto Club of SoCal (AAA)

$112

$9

Miami-Fort Lauderdale

Florida Farm Bureau

$113

$9

Minneapolis-St. Paul and MN suburbs

Auto Club Group (AAA)

$79

$7

Minneapolis-St. Paul (WI suburbs)

Auto Club Group (AAA)

$70

$6

New York and NY suburbs

New York Central Mutual

$91

$8

New York (NJ suburbs)

Selective

$83

$7

New York (PA suburbs)

Penn National

$61

$5

Philadelphia and PA suburbs

Erie

$71

$6

Philadelphia (DE suburbs)

State Farm

$98

$8

Philadelphia (MD suburbs)

MetLife

$107

$9

Philadelphia (NJ suburbs)

Selective

$79

$7

Phoenix

State Farm

$103

$9

Riverside-San Bernardino

Auto Club of SoCal (AAA)

$101

$8

San Diego

Auto Club of SoCal (AAA)

$85

$7

San Francisco

CIG

$119

$10

Seattle

Pemco

$81

$7

St. Louis and MO suburbs

State Farm

$117

$10

St. Louis (IL suburbs)

Auto Club Group (AAA)

$77

$6

Tampa-St. Petersburg

Florida Farm Bureau

$94

$8

Washington, D.C.

Allstate

$139

$12

Washington, D.C. (MD suburbs)

MetLife

$106

$9

Washington, D.C. (VA suburbs)

Cincinnati Insurance

$73

$6

Washington, D.C. (WV suburbs)

Allstate

$134

$11

Note: USAA is excluded from this list because its policies are available only to active military, veterans and their families. However, it offered the cheapest renters insurance rates in Detroit and parts of the Chicago, and Washington, D.C., metro areas.

Why is renters insurance so cheap?

Renters insurance is significantly cheaper than homeowners insurance — which costs more than $1,200 a year on average — because the policy only covers the contents of your house or apartment, not the cost of rebuilding the entire structure.

How to get cheap renters insurance

Follow these tips to save money on your renters insurance policy:

  1. Shop around. The cheapest insurer in this analysis might not be the cheapest for you. Get renters insurance quotes from at least three companies, and make sure you’re comparing the same levels of coverage from each.

  2. Bundle your policies. Many insurers offer a bundling discount when you buy more than one policy, such as renters and auto insurance.

  3. Add safety or security devices to your home. Many insurers reduce your premium if your home has smoke detectors, burglar alarms, sprinkler systems or other devices that reduce your risk of fire or theft.

  4. Ask about other discounts. Depending on which insurance company you choose, you might qualify for additional discounts by setting up autopay for your premiums, receiving your bills electronically and being a non-smoker or a retiree.

  5. Choose a higher deductible. If you’re willing to pay more out of your own pocket before your insurance kicks in to cover a property claim, you’ll generally save money on your premium. Just make sure you’ll have access to enough cash to cover the deductible you choose.

Methodology

NerdWallet averaged rates for 30-year-old men and women for multiple insurance companies in every ZIP code across all 50 states and Washington, D.C. Sample tenants were nonsmokers with good credit living in a two-bedroom apartment. They had a $500 deductible and the following coverage limits:

  • $30,000 in personal property coverage.

  • $100,000 in liability coverage.

  • $10,000 in additional living expenses coverage.

  • $1,000 in medical payments coverage.

City data was gathered from all counties within each city’s metropolitan statistical area as defined by the United States Office of Management and Budget.

These are sample rates generated through Quadrant Information Services. Your own rates will be different.

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