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

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Updated: May 22, 2024

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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.

Table of Contents

Compare Renters Insurance Quotes by Company

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.

State FarmAnnual Premium$120
AllstateAnnual Premium$147
NationwideAnnual Premium$178
FarmersAnnual Premium$200
TravelersAnnual Premium$313

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.
Compare Renters Insurance Rates

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

Compare Renters Insurance Rates by State

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.

AlabamaAverage Premium$374
AlaskaAverage Premium$92
ArizonaAverage Premium$234
ArkansasAverage Premium$296
CaliforniaAverage Premium$171
ColoradoAverage Premium$120
ConnecticutAverage Premium$181
DelawareAverage Premium$149

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.

Compare Renters Insurance Quotes by City

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.

Data filtered by:Results filtered by:
CaliforniaCityAdelantoAnnual Premium$157
CaliforniaCityAnaheimAnnual Premium$127
CaliforniaCityAntiochAnnual Premium$145
CaliforniaCityArden-ArcadeAnnual Premium$157
CaliforniaCityBakersfieldAnnual Premium$160
CaliforniaCityBerkeleyAnnual Premium$162
CaliforniaCityBurbankAnnual Premium$157
CaliforniaCityCarlsbadAnnual Premium$135

Compare Renters Insurance Quotes by Personal Property Coverage

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.

$20K Personal Property / $100K LiabilityAverage Annual Premium$177
$50K Personal Property / $100K LiabilityAverage Annual Premium$298
$100K Personal Property / $100K LiabilityAverage Annual Premium$490
$250K Personal Property / $300K LiabilityAverage Annual Premium$955

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.

Compare Renters Insurance Rates

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

What Factors Affect Renters Insurance Quotes?

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.

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 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.

Where to Compare Renters Insurance Quotes

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.

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    Many insurers have streamlined their processes, allowing you to get quotes directly from their websites. This method offers convenience, letting you compare multiple quotes at your own pace and from the comfort of your home.

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    By Phone

    If you prefer a more personal touch or have specific questions, calling an insurer can be beneficial. Speaking directly to a representative provides an opportunity to discuss your needs in detail and get a tailored quote.

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    In Person

    Visiting an insurer's office can be the best approach for those who value face-to-face interactions. This method allows for a comprehensive discussion about your rental situation and ensures you fully understand your coverage options.

How to Compare Renters Insurance Quotes

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.

Understand Each Coverage

Renters insurance covers personal property, personal liability and additional living expenses.

  • Personal property coverage pays to replace or repair your belongings if they get damaged in a covered event.
  • Personal liability coverage pays for your legal liabilities and the associated medical costs if a guest gets injured on your property.
  • Additional living expenses (ALE) coverage pays for temporary housing costs if the property you're renting becomes uninhabitable due to a covered peril.

Familiarizing yourself with each of these coverages is essential to ensure you're adequately protected against potential risks.

Determine Your Personal Property Coverage Limits

The amount of personal property coverage you get should be based on the value of replacing your belongings if they were deemed completely damaged. Take some time to reflect on the value of your belongings by creating a home inventory. By setting an appropriate coverage limit, you ensure that your policy can replace or repair items in the event of a loss.

Determine Your Personal Liability Coverage Limits

Consider your lifestyle when determining your personal liability limits — do you frequently have people over? Do you own a pet? Is your neighbor nearby? These can help you determine how much liability coverage to get. While higher limits are better to cover any risk, you also want to avoid overinsuring. While $100,000 in liability limits is a good starting point, talk to an agent if you’re unsure about your limits.

Explore Renters Insurance Companies in Your Area

Different insurers offer varying coverage options and rates. Research local companies to find those that align with your needs.

Prepare Your Personal Information

Insurers will need details like your address, rental type and safety features. Having this information on hand streamlines the quote process.

Gather and Compare Renters Insurance Quotes

To compare quotes correctly, select the same personal property coverage limits, liability limits and deductibles across all insurers. This will ensure you're using the same coverage when comparing quotes across different companies. Once you've obtained multiple quotes, compare them side by side. Look beyond just the price; consider the coverage details, deductibles and the insurer's reputation.

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.

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Getting a renters insurance quote requires personal information such as:

  • Name
  • Date of birth
  • Number of roommates
  • Whether you have any pets

You will also need to provide some info about your rental property, including:

  • Address
  • Property type (house, apartment, condo, townhouse, etc.)
  • Number of units on the property
  • Security and safety devices
  • Distance to the nearest fire hydrant or fire station

Other Ways to Save On Renters Insurance Quotes

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:

How You’ll Save

Select a higher deductible

Remember that 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 save

Most 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 pay

Make sure there’s money in your account on the day of the withdrawal.

Select a lower amount of personal property coverage or personal liability coverage

If 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'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.

Compare Renters Insurance Rates

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

Frequently Asked Questions 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.

How much money can I save comparing renters insurance?
What information do I need to compare renters insurance quotes?
How do I get a renters insurance quote?

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.

  1. What are the most important things to look for when comparing online insurance quotes?
  2. Beyond comparing prices, what should consumers look for in a renters insurance policy?
  3. What are the biggest mistakes people make when comparing renters insurance quotes online?
Earl L Jones
Earl L JonesInsurance Agent and Agency Owner at Farmers Insurance
Melanie Musson
Melanie MussonHome Insurance Expert with
Christopher O’Rourke
Christopher O’RourkeVP of Property Claims at Mercury Insurance
Erik Wright
Erik WrightCEO, New Horizon Home Buyers

Learn More About Renters Insurance

About Gail Kellner

Gail Kellner headshot

Gail Kellner is a finance writer at MoneyGeek, specializing in life insurance, auto insurance and personal finance. She also has a 23-year experience in the health sector.

Kellner has a Master of Science from Indiana State University and a Bachelor of Arts in Psychology from Western Connecticut State University.