The Best Cheap Renters Insurance for 2022

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

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Renters insurance is one of the most affordable types of insurance — it costs about $179 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 25 major cities, plus average nationwide rates for several highly rated companies.

All sample rates below are for a 30-year-old tenant with $30,000 in personal property coverage, 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.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our writing and data analyses. You can trust the prices we show you because our data analysts take rigorous measures to eliminate outliers and inaccuracies. Our pricing data includes rates from every ZIP code in the country where coverage is offered and data is available. Read our methodology.

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

Average annual cost

4.5

NerdWallet rating 

$127

4.5

NerdWallet rating 

$148

4.5

NerdWallet rating 

$154

4.5

NerdWallet rating 

$156

5.0

NerdWallet rating 

$171

4.5

NerdWallet rating 

$226

5.0

NerdWallet rating 

$278

5.0

NerdWallet rating 

$145

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

We don't have enough pricing data to provide average rates for the other companies in NerdWallet’s best renters insurance list, including Amica, Auto-Owners, Country Financial, The Hanover and The Hartford.

The cheapest renters insurance in every state

In many states, the most affordable 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 state.

State

Company

Average annual cost

Alabama

Cincinnati Insurance

$141

Alaska

Umialik

$71

Arizona

State Farm

$100

Arkansas

State Farm

$146

California

Auto Club of SoCal (AAA)

$102

Colorado

State Farm

$100

Connecticut

Allstate

$93

Delaware

State Farm

$86

Florida

Citizens Property Insurance

$108

Georgia

The Hanover

$150

Hawaii

State Farm

$105

Idaho

Allstate

$101

Illinois

Country Financial

$121

Indiana

State Farm

$114

Iowa

Shelter

$91

Kansas

State Farm

$104

Kentucky

State Farm

$127

Louisiana

The Hanover

$150

Maine

State Farm

$100

Maryland

State Farm

$119

Massachusetts

Safety Insurance

$108

Michigan

Frankenmuth

$131

Minnesota

State Farm

$87

Mississippi

Mississippi Farm Bureau

$174

Missouri

State Farm

$120

Montana

State Farm

$105

Nebraska

State Farm

$85

Nevada

CSAA (AAA)

$132

New Hampshire

Amica

$88

New Jersey

Selective

$84

New Mexico

State Farm

$99

New York

NYCM

$61

North Carolina

North Carolina Farm Bureau

$100

North Dakota

American Family

$83

Ohio

Western Reserve

$72

Oklahoma

State Farm

$144

Oregon

CIG

$81

Pennsylvania

Penn National

$60

Rhode Island

Nationwide

$98

South Carolina

Chubb

$107

South Dakota

State Farm

$70

Tennessee

Tennessee Farm Bureau

$123

Texas

Chubb

$83

Utah

State Farm

$86

Vermont

Co-Operative

$100

Virginia

Cincinnati Insurance

$75

Washington

Pemco

$82

Washington, D.C.

Allstate

$148

West Virginia

State Farm

$103

Wisconsin

Auto Club Group (AAA)

$71

Wyoming

Nationwide

$87

Note: We’ve excluded USAA from this list because its policies are available only to active military, veterans and their families, not the general public. However, USAA offered the cheapest average renters insurance rates in Arizona, Idaho, Kentucky, Mississippi, Missouri, Nevada and Washington, D.C.

Cheap renters insurance in 25 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.

Metro area

Company

Average annual cost

Atlanta-Sandy Springs-Roswell

The Hanover

$150

Baltimore-Columbia-Towson

State Farm

$119

Boston-Cambridge-Newton

Safety Insurance

$109

Chicago-Naperville-Elgin

Country Financial

$115

Dallas-Fort Worth-Arlington

Chubb

$78

Denver-Aurora-Lakewood

State Farm

$100

Detroit-Warren-Dearborn

Cincinnati Insurance

$158

Houston-The Woodlands-Sugar Land

Chubb

$109

Las Vegas-Henderson-Paradise

CSAA (AAA)

$142

Los Angeles-Long Beach-Anaheim

Auto Club of SoCal (AAA)

$112

Miami-Fort Lauderdale-West Palm Beach

Citizens Property Insurance

$155

Minneapolis-St. Paul-Bloomington

State Farm

$88

New York City

NYCM

$76

Orlando-Kissimmee-Sanford

State Farm

$114

Philadelphia-Camden-Wilmington

Erie

$74

Phoenix-Mesa-Scottsdale

State Farm

$106

Pittsburgh

Penn National

$58

Riverside-San Bernardino-Ontario

Auto Club of SoCal (AAA)

$102

Sacramento

CSAA (AAA)

$111

San Antonio-New Braunfels

Chubb

$83

San Diego-Carlsbad

Auto Club of SoCal (AAA)

$85

San Francisco-Oakland-Hayward

CIG

$122

Seattle-Tacoma-Bellevue

Allstate

$82

Tampa-St. Petersburg-Clearwater

Citizens Property Insurance

$91

Washington, D.C.-Arlington-Alexandria

Chubb

$115

Note: We’ve excluded USAA 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 Houston, Las Vegas, Phoenix and Sacramento.

Cheap renters insurance for those with poor credit

In most states, insurers use credit-based insurance scores, which are similar but not identical to traditional credit scores, to help set renters insurance rates. Those with poor credit tend to pay more for renters insurance — often significantly more.

Using credit to set homeowners, renters, condo and mobile home insurance prices is not allowed in California, Maryland and Massachusetts.

Below, see which widely available insurance companies offer the lowest average rates for renters with poor credit.

Company

Average annual cost

Average monthly cost

Allstate

$219

$18

State Farm

$228

$19

Nationwide

$242

$20

American Family

$259

$22

Chubb

$293

$24

Cheap renters insurance for those with claims

Once you have one renters insurance claim on your record, you’ll typically pay more because insurers see you as more likely to file another claim. Below are the cheapest widely available companies for renters who’ve filed a theft claim.

Company

Average annual cost

Average monthly cost

State Farm

$142

$12

Allstate

$162

$14

USAA

$200

$17

Nationwide

$218

$18

Chubb

$253

$21

Why is renters insurance so cheap?

Renters insurance is significantly cheaper than homeowners insurance, which costs nearly $1,800 a year on average. That's because renters insurance covers only 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 lower 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 save money by setting up autopay for your premiums, receiving your bills electronically or being a nonsmoker or retiree.

  5. Choose a higher deductible. If you’re willing to pay more out of your own pocket for 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.

Find the best renters insurance in your state

Don’t see your state below? Check back soon — we’re adding more renters insurance articles all the time.

Methodology

NerdWallet averaged rates for 30-year-old tenants from multiple insurance companies in every ZIP code across all 50 states and Washington, D.C. We also averaged rates by city. 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.

We used the same assumptions for all other renter profiles, with the following exceptions:

  • We changed the credit tier from “good” to “poor” as reported to the insurer to see rates for renters with poor credit. In states where credit isn’t taken into account, we used only rates for “good” credit.

  • For renters with a higher deductible, we raised the deductible from $500 to $1,000.

  • For renters with higher or lower personal property coverage limits, we raised the limit to $50,000 or lowered it to $10,000.

  • For renters with a history of claims, we added a single theft claim to their record.

Our “good” and “poor” credit rates are based on credit score approximations and do not account for proprietary scoring criteria used by insurance providers.

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

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