Renters insurance protects everything you own; without it, there’s no coverage in the event of a fire or other loss. While adding an extra monthly bill is hard on a tight budget, it’s easy to find affordable renters insurance.
The average cost of renters insurance nationwide is $347a year, or $29 a month, according to 2022 Insurance.com data for coverage of $40,000 for personal property with $300,000 in liability and a $1,000 deductible.
Vermont Mutual is the cheapest renters insurance out of all companies surveyed at only $133 a year, or $11 a month. Among major insurance companies, the cheapest is Amica Mutual at only $189 a year, or about $16 a month.
Finding cheap renters insurance isn’t hard. Shop around and compare renters insurance quotes, and ask about discounts. Read more below, where we have listed the cheapest renters insurance companies.
- The average cost of renters insurance nationwide is $347 a year, or $29 a month, for $40,000 in personal property coverage and $300,000 in liability with a $1,000 deductible.
- You can get renters insurance for as low as $11 a month, depending on the company, your coverage limits and where you live.
- The cheapest renters insurance company among major insurers is Amica Mutual at $16 a month.
Which company has the cheapest renters insurance?
Most insurance companies that write home insurance also offer renters insurance. Rates can vary widely from company to company, so we’ve gathered 2022 rates from dozens of insurers for you to compare.
The rates below include both large and small insurance companies and are based on a policy with $40,000 in personal property coverage and $300,000 in liability coverage with a $1,000 deductible. The average cost of renters insurance for this coverage is about $29 a month or $347 a year, but these renters insurance companies could offer you a lower rate.
| Company name | Rates |
|---|---|
| Vermont Mutual | $133 |
| North Carolina Farm Bureau | $135 |
| West Bend Mutual | $139 |
| Union Mutual | $150 |
| PEMCO | $155 |
| Tennessee Farmers | $158 |
| MMG Insurance | $159 |
| Cumberland Insurance | $168 |
| Secura Insurance | $169 |
| Mercury Insurance | $169 |
| Donegal | $171 |
| Nodak Insurance | $172 |
| New Jersey Manufacturers | $172 |
| Georgia Farm Bureau | $174 |
| Frankenmuth Insurance | $174 |
| Wisconsin Mutual | $179 |
| Agraria Mutual | $185 |
| Amica Mutual | $189 |
| Kansas Insurance | $190 |
| American National Finance | $195 |
| Universal Insurance Holding | $211 |
| Andover Insurance | $217 |
| Co-operative Insurance | $220 |
| Auto Club | $224 |
| Automobile Club MI | $232 |
| Quincy Mutual | $238 |
| Franklin Mutual | $238 |
| North Star Mutual | $247 |
| Arbella Insurance | $249 |
| IMT Insurance | $257 |
| Indiana Farmers | $259 |
| CSAA Insurance | $263 |
| Island Insurance | $265 |
| Universal Insurance Co | $268 |
| State Farm | $270 |
| Chubb Ltd | $271 |
| USAA | $284 |
| Safety Insurance | $289 |
| Shelter Insurance | $289 |
| Allstate | $292 |
| Progressive | $295 |
| Alfa Corporation | $301 |
| Kentucky Farm Bureau | $303 |
| Farm Bureau Mutual Ins Co of AR | $308 |
| Oregon Mutual | $315 |
| American Family | $320 |
| Nationwide | $323 |
| Western National Mutual | $325 |
| NYCM Insurance | $332 |
| Heritage Insurance Holdings | $334 |
| Country Financial | $338 |
| Farm Bureau | $339 |
| Mutual of Enumclaw | $341 |
| Kemper Insurance | $346 |
| RLI Insurance | $348 |
| Erie Insurance | $354 |
| Mapfre Insurance | $355 |
| Palisades | $357 |
| Oklahoma Farm Bureau | $360 |
| Citizens Property Insurance | $367 |
| New London County Insurance | $367 |
| Westfield Insurance | $396 |
| Ocean Harbor | $397 |
| United Insurance Holdings | $397 |
| Farmers Insurance | $397 |
| FedNat Holding | $399 |
| Marysville Mutual | $399 |
| South Carolina Farm Bureau Mutual | $402 |
| Southern Farm Bureau | $413 |
| Indiana Farm Bureau Grp | $435 |
| IAT Insurance Group | $472 |
| AFR Insurance | $477 |
| National General Insurance | $496 |
| Travelers | $599 |
| Security First Insurance | $600 |
| HCI Group Inc | $615 |
| Auto-Owners | $626 |
| The Hanover | $1,116 |
| Michigan Farm Bureau | $1,314 |
| AIG | $1,340 |
| Pure Companies Grp | $1,463 |
Cheapest renters insurance by state
Renters insurance costs can also vary, depending on where you live. In 2022, Wyoming is the cheapest state for renters insurance, while Louisiana has the highest rates.
Take a look at the average rates by state in 2022 for a renters insurance policy with $40,000 in personal property coverage, $300,000 in liability, and a $1,000 deductible.
| State | Average annual rate, $40,000 personal property, $100,000 liability, $1,000 deductible |
|---|---|
| Alabama | $436 |
| Alaska | $273 |
| Arizona | $348 |
| Arkansas | $501 |
| California | $276 |
| Colorado | $232 |
| Connecticut | $364 |
| Delaware | $280 |
| Florida | $395 |
| Georgia | $411 |
| Hawaii | $247 |
| Idaho | $275 |
| Illinois | $381 |
| Indiana | $370 |
| Iowa | $241 |
| Kansas | $294 |
| Kentucky | $352 |
| Louisiana | $540 |
| Maine | $250 |
| Maryland | $256 |
| Massachusetts | $255 |
| Michigan | $500 |
| Minnesota | $251 |
| Mississippi | $500 |
| Missouri | $334 |
| Montana | $345 |
| Nebraska | $347 |
| Nevada | $317 |
| New Hampshire | $204 |
| New Jersey | $259 |
| New Mexico | $266 |
| New York | $378 |
| North Carolina | $419 |
| North Dakota | $201 |
| Ohio | $330 |
| Oklahoma | $339 |
| Oregon | $323 |
| Pennsylvania | $320 |
| Rhode Island | $479 |
| South Carolina | $439 |
| South Dakota | $241 |
| Tennessee | $404 |
| Texas | $351 |
| Utah | $261 |
| Vermont | $222 |
| Virginia | $317 |
| Washington | $243 |
| Washington, D.C. | $316 |
| West Virginia | $330 |
| Wisconsin | $196 |
| Wyoming | $183 |
How to get cheap renters insurance
One way to get the cheapest renters insurance is to ask about discounts. Many homeowners insurance discounts are also available for renters insurance.
“One of the biggest discounts is the auto and renters bundling discount. If you already have an auto insurance policy and add a renters insurance policy under the same insurance provider, that will likely trigger a discount. In many cases, this discount can cover most if not all of the renters policy premium, essentially giving you the renters coverage for a very low cost," Geico insurance agent Eric Vaden says.
Whether you’re looking for the cheapest renters insurance for an apartment or a house, the best way to save on your renters insurance is to shop around. A renters insurance quote comparison should include three to five companies to help you find the lowest price on renters insurance.
Methodology
Insurance.com commissioned 2022 renters insurance rates through Quadrant Data Services for coverage of $40,000 in personal property, $300,000 in liability and a $1,000 deductible. Rates were fielded across all states and from 85 insurance companies.
