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Cheap renters insurance
Being cheap is okay, find the cheapest renters insurance
Renters insurance helps make sure you don’t have to pay for everything out of pocket if your belongings are stolen or damaged. And while renters insurance is one of the least expensive types of insurance you can buy, it’s still a monthly expense and worth considering the impact it’ll have on your budget.
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.
Cheap renters insurance: Is it worth it?
If you’re just shopping for low-priced insurance because your landlord requires it and you want to pay as little as possible, you can probably find a plan for around $75 a year. We were even able to obtain a quote for $5 per month. 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. Many find that spending a couple of dollars more per month is worth it.
How are rental insurance rates determined?
When an insurance company is creating a rate for you, they’re looking at a few things. Here’re some of the factors they’re considering:
Level of coverage
Do you want $5000 or $40,000 worth of coverage? More coverage costs more money. Pick the minimum coverage you need to replace your belongings.
If you live in a high crime area or an area often hit by natural disasters like wildfires or tornados, you’ll pay a bit more. You may even need to add extra coverage for floods and earthquakes.
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.
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.
Number of policies
The more types of insurance you have with one company, the more likely they are to reduce the cost of your plans.
If you’ve filed claims in the past, your rate may be higher. While this is frustrating, it is a factor that influences your rate.
The insurance company will also run your credit. If your credit is poor or marginal, you may have to pay a higher rate.
6 Ways to save on your renters insurance
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 lowering your deductible.
4. Lower the value of your personal property
You may be paying for more coverage than you need.
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?
If you’ve spent time looking for renters insurance, you’ll see the problem here. Almost every provider says they have the lowest prices. The so-called “as low as” rate advertised on their website might only be available if you live in the middle of Wyoming so you either have to move to Wyoming or the Dakotas or accept a slightly higher rate. Or maybe there’s a unique feature you like about one policy–like bed bug coverage–but it’s only available in Los Angeles.
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 overall cheap renters insurance: State Farm
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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 Mutual
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If you’re a college student without much stuff, Liberty Mutual offers crazy low limits.
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.
Best fast and cheap renters insurance: Lemonade
Get a quote
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.
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