The Best Cheap Renters Insurance

NerdWallet compared rates across the country to find the cheapest renters insurance.
Sarah SchlichterJun 28, 2021

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

What’s inside

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 . 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 . 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: 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: 

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

» MORE:

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:

In most states, insurers use , 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:

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.

» MORE: 

Renters insurance is significantly cheaper than — 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:

» MORE:

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. 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:

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

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

On a similar note...
Dive even deeper in Insurance