The Cheapest Renters Insurance for 2024

State Farm and Auto-Owners offer some of the cheapest renters insurance in the U.S.
Sarah Schlichter
By Sarah Schlichter 
Updated
Edited by Caitlin Constantine

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Renters insurance is one of the most affordable types of insurance — it costs about $148 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 rates across the country to find the cheapest renters insurance 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.

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 .

The cheapest renters insurance companies

We compared rates for 10 large renters insurance companies across various U.S. states and Washington, D.C., to discover which ones were cheapest on average. (Note that not all companies sell in every state.)

Company

NerdWallet star rating

Average annual cost

4.5

NerdWallet rating 

$115

4.5

NerdWallet rating 

$136

5.0

NerdWallet rating 

$137

4.5

NerdWallet rating 

$165

4.0

NerdWallet rating 

$168

4.5

NerdWallet rating 

$182

5.0

NerdWallet rating 

$185

4.5

NerdWallet rating 

$188

4.5

NerdWallet rating 

$203

5.0

NerdWallet rating 

$142

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

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

$98

Arkansas

$130

California

Auto Club of SoCal (AAA)

$116

Colorado

$69

Connecticut

$93

Delaware

$85

Florida

Citizens Property Insurance

$100

Georgia

$150

Hawaii

$100

Idaho

$102

Illinois

Auto Club Group (AAA)

$80

Indiana

Grange

$111

Iowa

$81

Kansas

$93

Kentucky

Grange

$100

Louisiana

$151

Maine

$80

Maryland

$127

Massachusetts

Quincy Mutual

$79

Michigan

Frankenmuth

$102

Minnesota

Auto Club Group (AAA)

$82

Mississippi

$160

Missouri

$109

Montana

$72

Nebraska

$85

Nevada

CSAA (AAA)

$124

New Hampshire

$99

New Jersey

$78

New Mexico

$90

New York

NYCM

$101

North Carolina

North Carolina Farm Bureau

$102

North Dakota

$85

Ohio

Western Reserve

$71

Oklahoma

$133

Oregon

$101

Pennsylvania

Penn National

$68

Rhode Island

Providence Mutual

$109

South Carolina

$109

South Dakota

$65

Tennessee

$111

Texas

$135

Utah

Farm Bureau Financial Services

$83

Vermont

$85

Virginia

Cincinnati Insurance

$75

Washington

Pemco

$82

Washington, D.C.

$148

West Virginia

$101

Wisconsin

Auto Club Group (AAA)

$71

Wyoming

$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 Idaho, Indiana, Kentucky, Mississippi, Missouri, Nevada, Texas and Washington, D.C.

We also excluded Meemic, which was the cheapest option in Michigan but offers policies only to teachers and other school staff.

Cheap renters insurance in 25 major U.S. cities

Those who live in or near a major city can see the cheapest renters insurance option in their area in the table below.

City

Company

Average annual cost

Atlanta

$150

Austin

$115

Charlotte

North Carolina Farm Bureau

$100

Chicago

Auto Club Group (AAA)

$121

Dallas

$123

Denver

$73

Fort Worth

$133

Houston

$164

Indianapolis

Grange

$117

Jacksonville

Citizens Property Insurance

$103

Las Vegas

$125

Los Angeles

Auto Club of SoCal (AAA)

$130

Miami

$133

Minneapolis

Auto Club Group (AAA)

$87

New York

NYCM

$100

Orlando

$114

Philadelphia

$105

Phoenix

$125

Portland, OR

$103

San Antonio

$115

San Diego

Auto Club of SoCal (AAA)

$79

San Jose

CSAA (AAA)

$97

Seattle

Pemco

$78

St. Louis

$100

Tucson

$95

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 Austin, Dallas, Fort Worth, Houston, Las Vegas, Indianapolis, 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 most affordable renters insurance for people with poor credit, on average.

Company

Average annual cost

Average monthly cost

$225

$19

$231

$19

$263

$22

$270

$23

$325

$27

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

$130

$11

$136

$11

$184

$15

$188

$16

$199

$17

*USAA renters 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 more than $1,800 a year on average. That's because renters insurance covers only the stuff inside 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. An insurer may 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. For example, raising your deductible from $500 to $1,000 can save you an average of nearly 9%, according to our analysis. Just make sure you’ll have access to enough cash to cover the deductible you choose.

Find the best renters insurance in select states

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 made minor changes to the sample policy in cases where rates for the above coverage limits or deductibles weren’t available.

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 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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