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Cheap renters insurance
Being cheap is okay, find the cheapest renters insurance
Renters insurance is one of those things that all of us renters should probably have but we really don’t want to pay a lot for. That’s why having cheap renters insurance satisfies our sense of security while appealing to our tight budgets.
Fortunately, you can get affordable renters insurance that offers adequate coverage and low rates. Most standard policies don’t cost more than $15 per month. With a bit of tweaking, we’ve even seen policies that run for as low as $5 per month.
So read on to discover some policies that are both cheap but good!
Cheap renters insurance: Is it worth it?
There is a plan for around $60 a year ($5 a month) for people who are just shopping for low-priced insurance because your landlord requires it and you want to pay as little as possible.
But is saving a few bucks on insurance worth it? Keep in mind that most only charge about $15-$20 per month for standard coverage on average.
If you are never planning on filing a claim and only want apartment insurance to satisfy your lease agreement you can obtain low-coverage / high-deductible insurance for under $10 per month. But if something does happen and you end up being sued for property damage or bodily injury, you could be faced with paying a $5,000 deductible before your insurance kicks in.
Factors that affect how your renters insurance premium is calculated
When an insurance company is creating a rate for you, they’re looking at a few things. Here are some of the factors they consider:
1. The more stuff you have the higher your premium will be
Do you want $5000 or $40,000 worth of coverage? More coverage costs more money. Take inventory of all your belongings, bike, TV, bed, etc, add up their value to decide how much coverage you actually need.
2. Living in large urban areas or places prone to natural disaster will cause your premium to increase
If you live in a high-crime area or an area often hit by natural disasters like flooding or tornados, you’ll pay a bit more. You may even need to add extra coverage for natural disasters like hurricanes.
3. The higher your deductible the lower your premium will be
This is the amount you pay out-of-pocket before the renters insurance policy pays anything. The higher your deductible, the lower your premium. Just be careful to not set the deductible higher than you can comfortably pay.
4. Replacement cost vs. actual cash value
This one is a little tricky but important. “Actual Cash Value” is when your insurer reimburses you for how much your items are worth today. Because anything you buy tends to lose value (“depreciate”) over time, this type of policy means you’ll have to add in some of your own money to buy a new item to replace the old one.
“Replacement cost” means your provider reimburses you for the cost to fully replace (at the current going rate) whatever was damaged or stolen.
5. Bundling your renters insurance with other policies can save you money
The more types of insurance you have with one company, the more likely they are to reduce the cost of your plans.
6. The fewer claims you file the cheaper your renters insurance will be
If you’ve filed claims in the past, your rate may be higher. While this is frustrating, it is a factor that influences your renters insurance premium rate because insurance companies consider you to be higher risk.
7. A good credit scores can mean better insurance rates
Some renters insurance companies will run a credit check on you when determining your premium. If your credit is poor or marginal, you may have to pay a higher rate.
6 Ways to save on your renters insurance premium
While there are many factors that may raise your rate, there are ways to lower your rate too. Many renters insurance companies offer multi-policy discounts, safety discounts, and more ways to save. Here are some of the most common:
1. Policy discounts:
- Safety discount: If you have things like deadbolts, fire sprinklers, and smoke detectors.
- Claim-free discount: If you haven’t made a claim in a year or more.
- Association discount: If you are a member of the military, are retired or are a member of a credit union.
2. Policy bundles
If you use the same carrier for renters and auto insurance, you’ll get a discount.
3. Raise your deductible
Many people have renters insurance for years and never have a claim. If that’s you, consider saving on monthly premiums by increasing your deductible.
4. Lower the value of your personal property
You may be paying for more coverage than you need. Take inventory of all your belongings and add up the value.
5. Pay for a full year
Some insurers will give you a discount when you pay for a full year’s worth of insurance premiums in advance or if you set up autopay.
6. Shop around
Sometimes insurance goes up a little bit each year or your situation changes. If you shop around, sometimes you can find an equivalent policy with a new company, for a lower cost.
“One of the biggest benefits of buying a renters insurance policy is the multipolicy discount for your auto by adding this policy. In California, as an example, the cost of a renter’s policy might run $12 per month, but the discount on your auto insurance for having a second insurance policy could save you $12 to $30 each month on the auto policy.”
— John Espenschied, Owner, Insurance Brokers Group, Chesterfield, MO
Who has the cheapest renters insurance?
There’s no easy answer to that question. Many factors go into calculating your renters insurance premium like age, gender, zip code, credit score, are you married, do you have a pet, etc, hopefully you get the point. We’ve definitely found that Lemonade seems to beat most other renters insurance companies in terms of cost.
Because there can be a lot of options and providers, we’ve put together a small list of affordable insurance companies to help you out. We’ll walk you through State Farm, Farmers, Nationwide, Liberty Mutual, and Lemonade policy options.
Top (cheap) rental insurance companies
Best, fastest and cheap renters insurance: Lemonade
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If you need insurance today, Lemonade’s mobile app can help.
Lemonade is a newer provider, and they’re popular with customers who want cheap insurance in a hurry. The Lemonade app has discounts and protection levels that allow you to adjust your coverage for lower rates. They’re not available everywhere yet (so far 27 states), but depending on where you live, you could pay between $5 and $15 per month with Lemonade.
Best overall cheap renters insurance: State FarmGet a Quote
State Farm provides lots of affordable, high-value policies with plenty of discount options, averaging around $14-18/month. We were able to obtain a quote for under $10.
If you’re already a State Farm customer, you can probably reduce your rates by bundling your coverage. And they have an online form that allows you to adjust your coverage and lower your rates as needed. For those who prefer to work with agents in person, State Farm also has local offices across the U.S.
Best cheap apartment insurance: Farmers
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Farmers’ renters insurance has discounts and endorsements that work in your favor if you live in an apartment in a big city.
For example, if you’re in New York City, you might get Farmers insurance for as low as $12 per month. You’ll get discounts for having a security system or a fire alarm, and if you don’t smoke. The deductible is charged at 1% of the claim which may also help you save money.
Best cheap and customizable renters insurance: Nationwide
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If you want to add on specific or unique coverage types, Nationwide can help you out.
With Nationwide, your coverage could range from the average of $15 to $25 or more, but that largely depends on the add-ons you choose. We were able to obtain a quote for average coverage for about $17 per month.
Best cheap renters insurance for college students: Liberty MutualGet a quote
They sell policies for as low as $5 per month when you need less than $10,000 worth of protection. However, you may not be able to get this rate if you live in a high-risk area and be prepared to present your SSN to get a quote.
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