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The Cheapest and Best Renters Insurance in Fargo

The Companies With the Cheapest Renters Insurance in Fargo

Because companies offer similar core coverages at different rates, the best way for renters in Fargo to save is by shopping around and comparing renters insurance quotes.

MoneyGeek ranked providers to find the cheapest renters insurance for the average consumer. Based on our analysis, the following companies offer the cheapest renters insurance in Fargo:

  • MetLife: $50 per year
  • Allstate: $70 per year

For the above policies, the cost indicated includes $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a $500 deductible. The table below shows how prices change if you require higher personal property coverage limits.

North Dakota renters living outside Fargo can also compare renters insurance in North Dakota as a whole.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:


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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.


What Are the Best Renters Insurance Companies in Fargo?

MoneyGeek found that the best renters insurance companies in Fargo are:

  • Best Overall: MetLife
  • Runner-up: Allstate

To rank providers, MoneyGeek used our own rating system which combines affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. MetLife and Allstate received the highest scores, making them the best renters insurance in Fargo for the average consumer. Based on our research, these two providers also offer unique coverages that are rarely offered by most insurers.





User Satisfaction


Financial Stability

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Geek Quick Take

MetLife received a perfect score for affordability, as well as excellent customer satisfaction and financial stability scores, making it the best renters insurance provider in Fargo overall. All MetLife policies include identity theft coverage.

More About MetLife

Unlike most insurance providers, all MetLife policies include identity theft protection at no added cost. If you own musical instruments and sports equipment, you can also add specialty coverage for these valuable items.





User Satisfaction


Financial Stability

Geek Quick Take
Geek Quick Take

Allstate received high scores in all criteria, making it the second-best renters insurance in Fargo. To save money on your monthly premium, you can opt out of off-premises theft coverage.

More About Allstate

As the second-best option for renters insurance in the city, Allstate has a few coverages that are rarely offered by other providers. Allstate’s identity protection add-on coverage monitors your digital footprint and covers the cost of identity theft. It also allows renters to save money on premiums by allowing them to forgo off-premises theft coverage for a reduced rate.

The Average Cost of Renters Insurance in Fargo for 2024


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The average cost of renters insurance in Fargo is $79 per year or around $7 per month. This is $80 less per year than the national average of $159 per year.

What Factors Impact Renters Insurance Costs in Fargo?

There are many factors that affect the cost of renters insurance. The following are the most important:

  1. Personal property coverage amount. The amount of personal property coverage you select has the greatest impact on your rates. The more personal property you own, the more you’ll pay for renters insurance.
  2. Location. Where you live only slightly impacts that cost of your rates. Those living in crime-prone areas may pay more for renters insurance in Fargo.
  3. Deductible. Choosing a higher deductible will lower your monthly premium, but you’ll have to pay more out of pocket when you file a claim.
  4. ACV vs. RCV. Replacing the cost of lost or damaged items, reimbursements can either be at actual cash value (ACV) or replacement cost value (RCV). ACV reimburses only the depreciated value of the used items, while RCV reimburses you with the equivalent cost to buy a new similar item without considering depreciation. RCV policies cost more than ACV policies as they pay more for claims.
  5. Liability coverage amount. A standard policy has $100,000 in liability coverage. Adding additional liability coverage to your policy will only increase your policy’s cost by a few dollars each year.

Calculate How Much Renters Insurance You Need


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Does My Fargo Neighborhood Impact Cost of Renters Insurance?

Neighborhood locations have only a slight impact on renters insurance rates. MoneyGeek’s research found that the cost of policies in different locations varies by only a few dollars per month.

Understanding Renters Insurance in Fargo

MoneyGeek strongly recommends getting renters insurance in Fargo as an affordable way to protect your assets. While it is not required by law, some landlords may ask you to purchase renters insurance before allowing you to sign a lease.

What Does Renters Insurance Cover in Fargo?

When you’re shopping for renters insurance, make sure that you are selecting the right coverage that meets your needs. According to the FBI, Fargo has a property crime rate of 2,815 per 100,000 inhabitants in 2019. This is approximately 49% above the national average, making it even more important to have renters insurance in Fargo.

The following coverages are usually included in a standard policy. Know that aside from these coverages, renters in Fargo can also add other optional coverages to protect against perils like fire and water damage.

  • Personal property coverage: This protects renters against perils such as fire, vandalism, theft, plumbing issues, electrical malfunctions and some weather-related damages.
  • Additional living expenses: This covers your temporary housing expenses if your home is temporarily uninhabitable after a covered peril.
  • Liability insurance: This covers the expenses related to injuries and other damages that could occur in your rental unit. If there were lawsuits filed, legal expenses and court judgment payments are also covered under this insurance.
  • Medical payments coverage pays for medical expenses related to an injury that happened on your rented property.

What Is Not Covered by Renters Insurance in Fargo?

A renters insurance policy in Fargo protects your personal property and extends to most contents inside the rented property. That said, it does not cover damages related to the building’s structure — your landlord should have a separate policy for this.

Some perils like water damages caused by floods may not be covered. Renters may choose to buy incremental insurance through the National Flood Insurance Program (NFIP).

Additionally, renters insurance policies do not cover your roommates’ possessions, damage from earthquakes, damages to your car, jewelry and other valuables whose cost exceeds the policy limits. It’s important to know what’s included in your policy before completing a purchase.

Frequently Asked Questions About Renters Insurance in Fargo

MoneyGeek answered some of the most commonly asked questions about renters insurance in Fargo.

The average cost of renters insurance in Fargo is $79 per year or approximately $7 per month.

Based on average rates, the cheapest renters insurance providers in Fargo are MetLife at $50 per year, and Allstate at $70 per year.

The best renters insurance company in Fargo is MetLife. The second best option is Allstate.

As renters, you may be wondering if you need to have renters insurance. While it is not required by law, some landlords may ask you to have one. MoneyGeek also suggests purchasing a policy as a low-cost way to protect your assets.

Renters Insurance in Fargo Analysis: Methodology

Moneygeek analyzed hundreds of renters insurance quotes in Fargo to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.

About Mark Fitzpatrick

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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.