How to Compare Renters Insurance Quotes for the Best Rate
The average cost of renters insurance is about $13 a month, but if you shop around online and compare quotes from different companies, it could cost even less. When comparing online quotes, you’ll need to use consistent coverage levels to compare quotes accurately. Also, consider the company’s reputation and the level of customer service that they provide to find the best policy for your needs.
MoneyGeek’s Renters Insurance Quotes Comparison
MoneyGeek compared thousands of renters insurance quotes for our sample renter. These numbers can be a starting point for your own online shopping. As you can see, our renter saved $18 a month by going with the cheapest company, Allstate, over the most expensive company. Your quotes may be different, but only comparison shopping can often save you money.
Average Renters Insurance Quotes by Company
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- CompanyAverage Annual Quote
- 2.State Farm$127
The price of renters insurance varies depending on factors such as:
- Coverage limits
- Where you live
- Available discounts
Allstate had the cheapest average rates overall, so checking with them is a good first step.
Compare Renters Insurance Rates by State
Even though the average cost of renters insurance is $13 a month, tenants can pay much more or much less depending on their location. Individual states regulate insurance differently, and states prone to environmental hazards, such as hurricanes or other natural disasters, tend to pay more for insurance.
MoneyGeek gathered quotes and compiled averages by state so that you can compare the average rate for your state. 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.
Average Renters Insurance Quotes by State
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- StateAverage Annual Quote
Compare Renters Insurance Companies in Your State
Why and How to Compare Renters Insurance Quotes
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 at a different company. For example, our renter saved $18 a month just by switching from Nationwide (the most expensive average rates) to Allstate (the cheapest).
Saving money is a top priority for most people, but you also need to compare coverages and customer service reputations. The best renters insurance companies combine the type of coverage you need with affordable rates.
How to Compare Renters Insurance Quotes
When you compare quotes for renters insurance, you’ll need to enter personal information and information about the property you’re renting. The amount of coverage you select, rather than the kind of property you rent, determines your renters insurance rates. Make sure to select coverage limits high enough to protect your personal property and keep those limits consistent across multiple quotes. If you don’t know how much your personal property is worth, start by taking an inventory.
Getting a renters insurance quote requires personal information such as:
- Date of birth
- Number of roommates
- Whether you have any pets
You will also need to provide some info about your rental property, including:
- Type of property (house, apartment, condo, townhouse, etc.)
- Number of units on the property
- Security and safety devices
- Distance to the nearest fire hydrant or fire station
To compare quotes correctly, select the same personal property coverage limits, liability limits and deductible across all insurers. This will ensure you’re using the same coverage when comparing quotes across different companies.
Other Ways to Save On Renters Insurance Quotes
Comparing quotes is the best way to save money on renters insurance, but there are a few other ways you can save.
Once you’ve settled on a company, use these strategies to save even more money.
- StrategyHow You’ll Save
- Select a higher deductibleKeep in mind this will increase your out-of-pocket costs if you need to make a claim, so make sure you have enough cash to cover the deductible.
- Bundle renters insurance with your auto insurance to saveMost companies offer both auto and renters insurance and will offer a discount of up to 15% if you bundle these policies.
- Sign up for automatic bill payMake sure there’s money in your account on the day of the withdrawal.
- Select a lower amount of personal property coverage or personal liability coverageIf you buy a renters insurance policy with personal property coverage limits much higher than the value of your stuff, you’ll be paying extra for unnecessary protection. But make sure you get enough insurance to cover your necessary items.
Get a Renters Insurance Quote Today
Once you 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.
FAQ About Comparing Renters Insurance
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.
Expert Insight on Comparing Renters Insurance Quotes
MoneyGeek interviewed leading experts in the renters insurance field and asked them to weigh on some common questions.
- What are the most important things to look for when comparing online insurance quotes?
- Beyond comparing prices, what should consumers look for in a renters insurance policy?
- What are the biggest mistakes people make when comparing renters insurance quotes online?
Owner & CEO of New Horizon Home Buyers
VP of Property Claims at Mercury Insurance
Home Insurance Expert
Insurance Agent and Agency Owner at Farmers Insurance
Learn More About Renters Insurance
About the Author
- American Kennel Club. "Do You Need Renter’s Insurance For Your Dog?." Accessed November 12, 2020.
- Apartment Hunters. "How Much Do I Need?." Accessed November 11, 2020.
- Insurance Information Institute. "Number of Renters Is On The Rise—But Few Of Them Have Insurance." Accessed November 11, 2020.