The Best Cheap Renters Insurance
NerdWallet compared rates across the country to find the cheapest renters insurance.
What’s inside
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.
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 | Allstate | $108 | $9 |
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, Texas 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 | Allstate | $105 | $9 |
Denver | State Auto | $83 | $7 |
Detroit | Frankenmuth | $109 | $9 |
Houston | Allstate | $125 | $10 |
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 Dallas, Detroit, Houston 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:
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.
Bundle your policies. Many insurers offer a bundling discount when you buy more than one policy, such as renters and auto insurance.
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.
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.
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.