How to Compare Renters Insurance Quotes for the Best Rate (2024)

While the average cost of renters insurance is $177 per year or $15 per month, individual circumstances can influence this rate. To secure the right renters insurance, you’ll need to find a balance between affordable premiums, good coverage and excellent service — which is why comparing quotes is so important. Through rate comparisons, you get to gauge the market, understand the range of offerings and ultimately select a policy that aligns with both your financial and protective needs.

• Compare Renters Insurance Quotes by Company
• Compare Renters Insurance Rates by State
• Compare Renters Insurance Quotes by City
• Compare Renters Insurance Quotes by Personal Property Coverage
• What Factors Affect Renters Insurance Quotes?
• Why and How to Compare Renters Insurance Quotes
• Get a Renters Insurance Quote Today
• Frequently Asked Questions About Comparing Renters Insurance
• Expert Advice on Home Insurance Calculator

Shopping around can save you a few dollars to hundreds. Case in point, our sample renter saved $16 a month by going with the cheapest company, State Farm, over the most expensive company, Travelers.

To help you compare quotes, MoneyGeek compared thousands of renters insurance quotes for our sample renter. These numbers can be a starting point for your own online shopping and help you find the cheapest renters insurance.

Finding the right renters insurance provider is a blend of research and understanding your unique needs. It's not just about the cost but also the quality and reliability of service. Some things to consider when comparing renters insurance providers include:

• Prioritize Your Needs: Ensure your renters insurance provider's coverage options align with your needs.
• Look At The Provider's Reputation: Opt for providers known for prompt claim settlements.
• Review Customer Feedback: Always review genuine customer experiences. Check out testimonials online about the provider's claims process, coverage offerings and customer service.
• Financial Stability: A strong financial background indicates reliability. This means that if you make a claim, the insurer can adequately handle your claims.

Even though the average cost of renters insurance is $15 a month, tenants can pay much more or less depending on their location. Individual states regulate insurance differently, and those prone to environmental hazards, such as hurricanes or other natural disasters, tend to pay more for coverage.

MoneyGeek gathered quotes and compiled averages by state so that you can compare the average rates in your area. This still might not reflect what you’ll pay, though. Your credit and claims history will affect your rates, as well as how much coverage you select.

Your state's geographical nuances and environmental challenges are instrumental in determining your renters insurance rates. From different crime rates and population densities to varying flood, earthquake and hurricane risks, each factor plays a role in the premiums you might be quoted.

• State Regulations: Each state has its own insurance commission that sets guidelines that affect policy offerings and pricing.
• Environmental Hazards: States frequently hit by natural disasters like hurricanes, earthquakes or wildfires often have higher premiums due to increased risk.
• Local Construction Costs: Insurance rates might also be elevated in areas with high rebuilding costs.
• Crime Rates: States or regions with higher crime rates can see a surge in premiums due to potential property threats.
• Population Density: Densely populated areas might face higher rates due to increased risks like fires or theft.

Always keep these factors in mind, as they offer valuable insights into the insurance landscape of your specific location.

Beyond your state, renters insurance premiums also change by city due to varying rates of theft, population density and more. For instance, in Huntsville, Alabama, renters insurance costs an average of $210 per year, which is $88 more than the cost in Mobile.

Aside from changing on a state level, renters insurance premiums also vary on a city level due to localized risks. Factors like city-specific crime rates, proximity to emergency services, local building costs and even neighborhood claims histories can influence premiums. Each city has unique challenges and benefits, which insurers consider when determining rates.

Check out the table below to see how rates can change in your city and state.

All renters insurance policies include personal property coverage, which pays to replace any of your belongings that get damaged due to a covered peril. The higher your personal property limits, the higher your premium. For instance, a policy with $20,000 in personal property costs an average of $177, which is $313 less than a policy with $100,000 limits.

Opting for the lowest personal property coverage limit might seem like an immediate win for your wallet, but it's essential to think long-term. While you'll enjoy initial cost savings, this decision could leave you vulnerable in the event of significant loss or damage.

For example, in events like a fire or theft, minimal coverage might not fully cover the replacement costs of your valuables, leading to expenses that outweigh any initial premium savings. It's always wise to strike a balance between affordable premiums and comprehensive protection to safeguard your financial well-being.

Renters insurance quotes are carefully calculated based on factors unique to you, which can help insurers gauge the level of risk associated with insuring your rented space and belongings. It's worth noting that insurers might weigh these factors differently, which is why you might receive different quotes from different providers.

Some factors that insurers consider include:

• Location of Your Rental: Areas prone to natural disasters or high crime rates might increase premiums. Conversely, living in a safer neighborhood could reduce your costs.
• Value of Personal Belongings: The total value of the items you wish to insure plays a significant role. The higher the value, the more coverage you'll need, which can influence the quote.
• Type of Coverage: Opting for basic coverage might cost less, but comprehensive policies that cover a wider range of incidents will generally have higher premiums.
• Deductible Amount: Choosing a higher deductible can lower your premium, but it means you'll pay more out-of-pocket in the event of a claim.
• Rental Property Type: Whether you're renting an apartment, condo or single-family home can affect your quote. Some properties might be deemed riskier than others.
• Claims History: If you've made multiple claims in the past, insurers might view you as a higher risk, leading to a higher quote.

The best way to save money on renters insurance is to shop around and compare quotes from different companies. Sometimes, policies with the same coverage limits will be much less expensive with another company. For instance, State Farm saved our renter $16 a month over Travelers, the most expensive insurance company.

Saving money is a top priority for most people, but you must also compare coverages and customer service reputations. The best renters insurance companies combine the type of coverage you need with affordable rates.

Typically, insurers offer quotes in one of three ways: online, by phone or in person. While obtaining a quote might differ from one insurer to another, their websites usually clarify how they cater to potential clients.

Whether you're sourcing quotes online, in person or over the phone, it's essential to understand how to compare quotes first. Typically, you'll be asked to provide your personal information, details about the property you're renting and your desired coverage. Once you've gathered the necessary information, you can start collecting and comparing quotes from different providers.

Follow the step-by-step below to start comparing renters insurance quotes.

By following these steps, you're well on your way to securing a renters insurance policy that provides both peace of mind and financial protection.

Comparing quotes is the best way to save money on renters insurance, but you can save a few other ways. Once you’ve settled on a company, employ these strategies to save even more money:

Once you've collected your personal information and decided on your personal property coverage and liability limits, it's time to get a renters insurance quote. Use our tool to compare renters insurance rates, or visit insurer websites and gather individual quotes yourself.

Many people have no idea where to begin when shopping for renters insurance, so they forgo it altogether. According to the Insurance Information Institute, only 37% of renters have insurance. It’s a much better idea to protect yourself by getting renters insurance. These are some of the most common questions people have about renters insurance.