Compare Renters Insurance Quotes (2024) (2024)

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According to data from Quadrant Information Services, the average cost of renters insurance nationwide is $14.27 per month or $171 per year. However, your specific price will differ depending on where you live and what insurance company you choose. Your credit score can also play a role in insurance rates.

We recommend contacting a local agent or requesting insurance quotes online to better estimate what you might pay for coverage.

Insurance companies consider several factors when calculating renters insurance quotes. You can control some factors, like the amount of coverage you select and your deductible. But other factors, like the risks associated with your location, are harder to control. We take a closer look at what goes into a renters insurance quote below to give you a better idea of how companies calculate rates.

Your Insurance Provider

A major factor in the price of renters insurance is your chosen provider. Some insurance companies offer cheap prices, while others charge more than average. Coverage options and a company’s underwriting process can also drive the cost higher.

For example, State Farm charges $9.73 per month on average, whereas Lemonade charges $13.33 per month and Allstate charges $13.39. Basic coverage options and policy benefits can vary between each company, which could account for price differences. You can better understand which providers offer the best mix of coverage and affordability by getting quotes from a few insurance companies.

Average Monthly Renters Premium by Provider

Use the chart below to find out how much you can expect to pay for different amounts of personal property coverage for some of the top renters insurance companies.

Location

Your rental location is one of the most important factors insurance companies use when determining your rates. For example, average annual renters insurance premiums in Louisiana are $308, while the annual average premium in Wyoming is $96.

Location data is not limited to a city or state. Most insurance companies use ZIP code data — and sometimes your exact address — to calculate insurance rates. Areas with high crime rates often drive insurance rates higher.

Likewise, an area with a history of natural disasters like tornadoes or hurricanes can spike your rates. On a micro level, your rental’s distance from a fire department can affect your premium cost. The further you live from emergency services, the more you will likely pay for renters insurance.

Discover the Top Renters Insurance Companies in Your State

Coverage and Deductible Choices

In most cases, you can customize your insurance policies to adjust your renters insurance rate. Your policy selections can affect how much you pay for renters insurance coverage. For example, opting for additional coverage for more expensive items, like jewelry, will increase your cost. You can usually choose between actual cash value coverage and replacement cost coverage to protect your belongings. Here are the differences:

• Actual cash value coverage considers depreciation when determining the value of your belongings. For example, if your older model TV is damaged in an accident, your insurance company will pay you for the value of the TV minus depreciation over time. This coverage is generally standard on renters insurance policies.

• Replacement cost coverage is usually more expensive than cash value coverage. With replacement cost coverage, the insurance company doesn’t depreciate the value of your belongings. That means the insurer pays the full amount to replace your old TV with a similar model after a covered accident.

The deductible you choose also affects your premium. A renters insurance deductible is the amount you have to pay out-of-pocket before your insurance policy kicks in. For example, if your deductible is $1,000 and a fire destroys $2,000 worth of furniture in your home, you’re responsible for paying the first $1,000 before your insurance pays the remaining $1,000. Choosing a higher deductible usually lowers insurance rates. Similarly, a lower deductible typically increases rates.

Credit Score

While insurance companies don’t rely on your credit score like a bank, credit card company or other lender might, providers might pull a report to calculate your premium. Your credit score can help underwriters determine financial risk factors when deciding what to charge for renters insurance. You may qualify for lower rates if you have a higher credit score, but a lower score could mean paying more for renters insurance.

Claims History

When a covered event happens, such as a fire in your kitchen or an incident of vandalism, your renters insurance helps cover the cost of replacing your possessions. But after you file a claim for a covered loss, your insurer may raise your rates.

Insurance carriers raise rates after paying claims due to a potential risk of the policyholder filing another claim in the future. For example, if your dog bites a guest and you file a claim, your rates may increase. In the eyes of the insurance company, your dog has bitten a guest once, so the dog may do it again.

Likewise, renters insurance covers theft in most situations. But once an insurer pays your claim, it may see your apartment at a higher risk for future theft and raise your rates. Your provider can also decline to renew your policy based on your insurance claims history.

Comparing renters insurance quotes is straightforward, but there are some things to consider before requesting quotes, such as:

• How much renters insurance coverage do you need?
• How high (or low) do you want to set your deductible?
• Do you need special coverage for jewelry, collectibles or other valuable items?
• Do you need added coverage for high-risk events like earthquakes or floods?
• What is your monthly budget?
• Are you looking for additional benefits, like discounts or identity theft protection?

Once you know what you want from a renters insurance policy, you can gather prices. Many renters insurance providers have online quote wizards to help you get an insurance premium quote in minutes. Other companies may require you to call a local agent or insurance agency for pricing information.

Try to get quotes for policies that offer similar coverage and deductible options. The more similar the coverage, the easier it is to compare policy benefits and costs. Requesting quotes from multiple carriers gives you a better chance of finding affordable renters insurance with the coverage you need.

With an average monthly cost of $14.27, renters insurance is one of the most affordable insurance policies available. However, you can save money on your policy in several ways. Try these tips to lower your renters insurance cost:

• Ask about discounts:Many renters insurance companies offer discounts to help lower your premium. You may have to ask an insurance agent what discounts are available, while other companies may automatically apply discounts to your policy. Common renters insurance discounts include staying claims-free, opting for paperless documents and paying your policy annually. Some policies also offer discounts for having safety devices like security systems, fire alarms or a secured building entrance.

• Bundle policies: You can save money on your insurance costs if you purchase multiple types of insurance. Most insurance companies offer a multi-policy discount if you have both your renters insurance and at least one other policy, like your auto policy, through the same provider. Auto insurance is the most common bundling deal, so if you already have car insurance, ask the company if it also supplies rental protection.

• Reduce risks: Reducing the risk of an accident can help you stay claims-free and keep your rates from increasing. Common hazards for renters include theft and fire. Security systems and heavy-duty locks can help prevent theft and related property damage. Unplugging high-voltage appliances and checking your smoke detectors can also help lower the fire risk.

• Adjust your deductible: An easy way to decrease your renters insurance premium is to increase your deductible. A higher deductible usually means lower insurance rates since you’re taking on more risk for the insurance company. But as a result, you’ll have to pay more out-of-pocket before insurance kicks in if you need to file a claim.

Comparing renters insurance quotes can help you determine the best rate and coverage for your budget. Insurance companies consider multiple factors when deciding premium rates, and some companies charge higher premiums than others. Your location is one of the biggest factors in your insurance rates. For example, renters in areas with higher crime rates may pay higher premiums.

You can save money on your renters insurance policy through discounts, multi-policy bundling or adjusting your deductible. Comparing renters insurance quotes from multiple providers is another smart way to save money on renters insurance. When you compare similar policies from multiple insurance companies, it’s easy to see what company offers a better value.

Collecting multiple quotes also allows you to compare each company’s coverage limits, deductible options, exclusions and endorsem*nt options. This can make it easier to determine the exact coverage that fits your needs as a renter. We recommend requesting quotes from at least three insurers before purchasing a renters insurance policy.

Through in-depth research of the industry, we created a comprehensive rating system to rank renters insurance providers. We researched each company by gathering cost information and requesting quotes, combing through policy information, secret shopping and reading customer reviews to understand the customer service experience, and accessing financial reliability scores. We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies:

• Cost: 40%
• Availability and ease of use: 25%
• Coverage: 20%
• Brand trust: 15%

We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice. See our full methodology here

A.M. Best Disclaimer