Renters insurance is one of the most affordable types of insurance. It costs about $151 a year, on average — and if you shop around, you might 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.
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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. (Not all companies sell in every state.)
Company | NerdWallet star rating | Average annual cost |
|---|---|---|
$110 | ||
$118 | ||
$132 | ||
$143 | ||
$155 | ||
$182 | ||
$183 | ||
$193 | ||
$202 | ||
USAA* | $146 | |
*USAA renters policies are available only to active military, veterans, some federal workers 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 | $118 |
Alaska | $81 | |
Arizona | $95 | |
Arkansas | Arkansas Farm Bureau | $142 |
California | CSAA (AAA) | $108 |
Colorado | $82 | |
Connecticut | $86 | |
Delaware | $85 | |
Florida | $95 | |
Georgia | $150 | |
Hawaii | $78 | |
Idaho | $85 | |
Illinois | Auto Club Group (AAA) | $81 |
Indiana | $88 | |
Iowa | $81 | |
Kansas | $96 | |
Kentucky | Grange | $100 |
Louisiana | $150 | |
Maine | $80 | |
Maryland | $116 | |
Massachusetts | Quincy Mutual | $75 |
Michigan | Cincinnati Insurance | $114 |
Minnesota | $73 | |
Mississippi | $154 | |
Missouri | Auto Club of SoCal (AAA) | $115 |
Montana | $84 | |
Nebraska | $72 | |
Nevada | $104 | |
New Hampshire | $70 | |
New Jersey | $65 | |
New Mexico | Lemonade and State Farm (tie) | $90 |
New York | $73 | |
North Carolina | North Carolina Farm Bureau | $121 |
North Dakota | $85 | |
Ohio | Western Reserve | $71 |
Oklahoma | $121 | |
Oregon | $104 | |
Pennsylvania | Penn National | $94 |
Rhode Island | $85 | |
South Carolina | Central Insurance | $108 |
South Dakota | $82 | |
Tennessee | $106 | |
Texas | $143 | |
Utah | $92 | |
Vermont | $85 | |
Virginia | Cincinnati Insurance | $73 |
Washington | Pemco | $89 |
Washington, D.C. | $110 | |
West Virginia | $100 | |
Wisconsin | Encova | $56 |
Wyoming | $86 |
Note: We’ve excluded USAA from this list because its policies are available only to the military community, not the general public. However, USAA offered the cheapest average renters insurance rates in Mississippi, Missouri, North Carolina, Texas and Washington, D.C.
We also excluded Meemic, which was the cheapest option in Michigan. It sells 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 | $121 | |
Chicago | Auto Club Group (AAA) | $87 |
Dallas | $140 | |
Denver | $86 | |
Fort Worth | $151 | |
Houston | Mercury | $167 |
Indianapolis | Grange | $100 |
Jacksonville | Security First | $108 |
Las Vegas | $126 | |
Los Angeles | Mercury | $155 |
Miami | $115 | |
Minneapolis | Auto Club Group (AAA) | $90 |
New York | $91 | |
Orlando | $95 | |
Philadelphia | $125 | |
Phoenix | $95 | |
Portland, OR | $115 | |
San Antonio | $129 | |
San Diego | Auto Club of SoCal (AAA) | $111 |
San Jose | CSAA (AAA) | $97 |
Seattle | Pemco | $89 |
St. Louis | $107 | |
Tucson | $95 |
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 |
|---|---|---|
$187 | $16 | |
$212 | $18 | |
$219 | $18 | |
$283 | $24 | |
$316 | $26 |
Cheap renters insurance for those with claims
Once you have a 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 |
|---|---|---|
$124 | $10 | |
$129 | $11 | |
$132 | $11 | |
$147 | $12 | |
USAA* | $194 | $16 |
*USAA renters policies are available only to active military, veterans, some federal workers and their families. | ||
Why is renters insurance so cheap?
Renters insurance is much cheaper than homeowners insurance, which costs more than $2,100 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:
Shop around. The cheapest insurer in this analysis might not be the cheapest for you. We recommend getting renters insurance quotes from at least three companies. 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. See the best auto and renters insurance bundles.
Add safety or security devices to your home. An insurer may lower your premium if your home has devices that reduce your risk of fire or theft. These could include smoke detectors, burglar alarms or sprinkler systems.
Ask about other discounts. Depending on your insurer, you might save money by setting up autopay for your premiums, receiving your bills by email or being a nonsmoker.
Choose a higher deductible. If you’re willing to pay more out of 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 7%, according to our analysis. Just make sure you’ll have access to enough cash to cover the deductible you choose.
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Answer a few questions to get custom quotes and find the right policy for you.
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.
