The Best Cheap Renters Insurance

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 seven 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 seven of these companies across various U.S. states and Washington, D.C., to discover which ones were cheapest on average.

We don't have sufficient pricing data to provide average rates for the remaining companies in NerdWallet’s best renters list, including Amica, Assurant, The Hartford, Homesite, Lemonade, Liberty Mutual and Travelers.

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.

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.

» 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 a major city can see the cheapest company for renters insurance in their area in the table below.

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.

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

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, Massachusetts or Washington.

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

» MORE: How poor credit could raise your renters insurance rates

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

Cheapest companies for renters with theft claims

» MORE: The best cheap renters insurance in Texas

Renters insurance is significantly cheaper than homeowners insurance — which costs nearly $1,600 a year on average — because the policy 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 nonsmoker or a retiree.

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