The Best Cheap Renters Insurance
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Renters insurance is one of the most affordable types of insurance — it costs 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 25 major cities, 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, 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 in pricing data, which 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 | Annual premium |
---|---|---|
4.5 NerdWallet rating | $128 | |
4.5 NerdWallet rating | $136 | |
4.5 NerdWallet rating | $145 | |
4.5 NerdWallet rating | $150 | |
4.5 NerdWallet rating | $150 | |
5.0 NerdWallet rating | $154 | |
5.0 NerdWallet rating | $180 | |
4.5 NerdWallet rating | $208 | |
USAA* | 5.0 NerdWallet rating | $132 |
*USAA renters insurance policies are available only to active military, veterans and their families. |
We don't have sufficient pricing data to provide average rates for the remaining companies in NerdWallet’s best renters insurance list, including Amica, The Hanover, The Hartford and Travelers.
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 | $161 |
California | Auto Club of SoCal (AAA) | $102 |
Colorado | Auto-Owners | $76 |
Connecticut | Allstate | $93 |
Delaware | State Farm | $92 |
Florida | Florida Farm Bureau | $109 |
Georgia | Georgia Farm Bureau | $118 |
Hawaii | State Farm | $105 |
Idaho | Oregon Mutual | $80 |
Illinois | Auto Club Group (AAA) | $80 |
Indiana | Buckeye | $100 |
Iowa | Encova | $74 |
Kansas | State Farm | $104 |
Kentucky | Auto Club Group (AAA) | $122 |
Louisiana | The Hanover | $150 |
Maine | MetLife | $98 |
Maryland | MetLife | $104 |
Massachusetts | Quincy Mutual | $86 |
Michigan | Frankenmuth | $102 |
Minnesota | Auto Club Group (AAA) | $82 |
Mississippi | Mississippi Farm Bureau | $174 |
Missouri | Encompass | $116 |
Montana | State Farm | $105 |
Nebraska | State Farm | $85 |
Nevada | Country Financial | $128 |
New Hampshire | Allstate | $88 |
New Jersey | Cumberland Mutual | $102 |
New Mexico | State Farm | $99 |
New York | NYCM | $61 |
North Carolina | North Carolina Farm Bureau | $93 |
North Dakota | MetLife | $74 |
Ohio | Western Reserve | $71 |
Oklahoma | State Farm | $148 |
Oregon | CIG | $93 |
Pennsylvania | Penn National | $60 |
Rhode Island | Providence Mutual | $109 |
South Carolina | Auto-Owners | $104 |
South Dakota | State Farm | $70 |
Tennessee | Tennessee Farm Bureau | $114 |
Texas | Allstate | $108 |
Utah | Allstate | $89 |
Vermont | Concord Group | $75 |
Virginia | Cincinnati Insurance | $75 |
Washington | Pemco | $78 |
Washington, D.C. | Allstate | $139 |
West Virginia | State Farm | $105 |
Wisconsin | Auto Club Group (AAA) | $71 |
Wyoming | Nationwide | $87 |
Note: USAA is excluded from this list because its policies are available to active military, veterans and their families only, not the general public. However, USAA offered the cheapest average renters insurance rates in Indiana, Kentucky, Mississippi, Missouri, Nebraska, New Jersey, Nevada, 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 25 major U.S. cities
Those who live in a major city can see the cheapest company for renters insurance in their area in the table below.
City | Cheapest company | Average annual cost |
---|---|---|
Atlanta | Georgia Farm Bureau | $123 |
Austin | Allstate | $93 |
Charlotte | North Carolina Farm Bureau | $98 |
Chicago | State Farm | $107 |
Columbus | Western Reserve | $71 |
Dallas | Allstate | $122 |
Denver | Auto-Owners | $84 |
El Paso | Allstate | $98 |
Fort Worth | Allstate | $111 |
Houston | Allstate | $119 |
Indianapolis | Buckeye | $100 |
Jacksonville | Travelers | $104 |
Las Vegas | Country Financial | $140 |
Los Angeles | Auto Club of SoCal (AAA) | $127 |
Louisville | Auto Club Group (AAA) | $119 |
Memphis | State Farm | $128 |
New York City | NYCM | $79 |
Oklahoma City | American National | $150 |
Philadelphia | Erie | $93 |
Phoenix | State Farm | $128 |
San Antonio | Allstate | $110 |
San Diego | Auto Club of SoCal (AAA) | $79 |
San Francisco | CIG | $130 |
San Jose | CSAA (AAA) | $98 |
Seattle | Pemco | $80 |
Note: USAA is excluded from this list because its policies are available to active military, veterans and their families only. However, it offered the cheapest renters insurance rates in Chicago, Dallas, El Paso, Fort Worth, Houston, Indianapolis, Las Vegas, Louisville, Phoenix and San Antonio.
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 | $233 | $19 |
State Farm | $234 | $20 |
American Family | $263 | $22 |
MetLife | $278 | $23 |
Nationwide | $279 | $23 |
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 two different types of claims.
Cheapest companies for renters with water damage claims
Company | Average annual cost | Average monthly cost |
---|---|---|
Auto-Owners | $136 | $11 |
State Farm | $141 | $12 |
Allstate | $159 | $13 |
American Family | $170 | $14 |
USAA* | $176 | $15 |
*USAA policies are available only to active military, veterans and their families. |
Cheapest companies for renters with theft claims
Company | Average annual cost | Average monthly cost |
---|---|---|
Auto-Owners | $136 | $11 |
State Farm | $141 | $12 |
Allstate | $170 | $14 |
Nationwide | $227 | $19 |
USAA* | $178 | $15 |
*USAA policies are available only to active military, veterans and their families. |
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:
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 save money by setting up autopay for your premiums, receiving your bills electronically or being a nonsmoker or retiree.
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 stories all the time.
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. 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 history of claims, we added a single theft or water damage claim to their record.
These are sample rates generated through Quadrant Information Services. Your own rates will be different.
