The Best Cheap Renters Insurance

Renters insurance is one of the most affordable types of insurance — it costs only about $168 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.

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.

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.

» MORE: State Farm renters insurance review

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.

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, Texas and Washington, D.C.

» MORE: The best cheap renters insurance in Florida

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

» MORE: The average renters insurance cost

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.

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 Dallas, Detroit, Houston and parts of the Chicago and Washington, D.C., metro areas.

» MORE: What is renters insurance, and what does it cover?

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.

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.

» MORE: Does renters insurance cover bedbugs?

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.