Find the Cheapest Renters Insurance Quotes in Your Area
With the widespread availability of online quote tools, it's easier than ever to instantly get cheap renters insurance rates online for your home or apartment.
One of the best ways shoppers can get cheaper renters insurance is to compare providers online. You can find insurers with our tool at the top of the page, and you can compare insurer prices using their own online quote tools. Beyond comparison shopping, you can usually obtain a cheaper renters insurance premium from an individual insurer by picking appropriate coverage limits, adjusting your deductible or qualifying for discounts.
In general, renters insurance is reasonably affordable, with an average cost of $187 per year (about $16 per month), but the lowest renters insurance premiums are even cheaper.
Find Cheap Renters Insurance Online by Shopping Around
The single best way to get cheap renters insurance rates is to shop around. However, you should take care to understand what individual renters insurance policies cover, as the least expensive renters insurance policies may not have all the features of their competitors. But many companies offer largely similar coverage at different price points, and finding the cheapest option may simply be a matter of finding the company that prices your policy in the most affordable way.
There are a variety of factors that affect the price of renters insurance policies, but the most influential one is the amount of personal property coverage you select. When shopping across insurance companies, you should always keep coverage limits consistent to ensure you're making a like-for-like comparison.
Other features—including but not limited to your location, credit history and lifestyle choices—may also marginally alter the cost of a policy. Renters insurance companies weigh these factors to varying degrees when offering you an online quote, and some companies may be a better fit for your profile than others. This means that shopping between renters insurance companies can result in you getting the same—or similar—coverage for a cheaper price.
How to Get Renters Insurance Quotes Online
Most renters insurance companies have an online quote tool on their websites for getting a renters insurance quote instantly. We recommend starting with the websites of the insurers we've deemed the best renters insurance companies in the country. If an insurer does not have an online quote tool, you will have to talk to an agent to get a quote on a policy.
As we discuss below, in order to get the best inexpensive renters insurance for you, you should be ready to select coverage limits, know what discounts you could be eligible for and understand how coverage could differ between policies.
Buying Cheap Renters Insurance Online: A Checklist
Although we believe comparison shopping is the most important strategy for finding cheap renters insurance online, there are a variety of steps you can take to ensure that with any given insurer, you're getting the cheapest renters insurance for your apartment or home.
Steps you can take to get cheap renters insurance...
- Pick appropriate coverage limits by making an inventory of your personal belongings
- Take advantage of all available discounts
- Understand what policies cover and how that coverage works
Make an Inventory of Your Personal Belongings
Making a home inventory is the best way to ensure you select appropriate personal property coverage limits and get the best balance between price and coverage.
Creating a home inventory, though time consuming, is a simple and necessary step in buying renters insurance. It involves making a list of all your belongings and their associated dollar values to approximate the total value of everything you own. The more information you collect—including receipts, photos, and makes and models of items—the better. These days, it's easy to take photos of and make a list documenting all your personal belongings with your smartphone. There are also a variety of home inventory apps available that make it easy to catalog all your things.
When buying a renters insurance policy, you should select personal property coverage limits slightly above that value to ensure you're fully covered. For example, if you have a renters insurance policy with $30,000 in property coverage, but you only own $14,000 worth of stuff, you're paying extra for unnecessary coverage. In this case, personal property coverage limits of $15,000 would be more appropriate. Selecting limits appreciably higher than the value of your stuff results in you paying higher premiums for protection that won't go to use.
Take Advantage of Available Discounts
For any given renters insurance company, there are generally a variety of ways to get premium discounts. These can range from savings for purchasing multiple insurance policies to discounts for having a low risk profile. Some of these benefits will immediately be applied to your premium when you get an online quote, while others may only be available after talking to an insurance agent.
Discounts for buying multiple insurance policies with the same company are some of the most common in the market. Customers who qualify for what's called a multi-policy discount—such as those who buy both auto and renters insurance—can obtain substantial savings, sometimes as much as 10% off their total combined premium.
Shoppers with low risk profiles can also get a cheaper premium. If you have a claim-free history, meaning you haven't made an insurance claim in recent years, insurance providers will often offer you a cheaper rate. You may receive further savings for each additional year you remain a claim-free customer. Renters with strong credit scores are also rewarded, as insurance companies have found that those with exceptional credit histories tend to make fewer insurance claims.
Tenants who improve the security of their rental home or apartment are also likely to get a discount. Insurance carriers tend to reward policyholders who have installed smoke alarms, burglar alarms, home security systems or some combination thereof.
Understand What Your Policy Covers...
Different renters insurance companies offer distinct coverages. Although there is a standard list of perils covered by most renters insurance companies, you should always make sure to understand exactly what type of coverage you're paying for. If a renters insurance company is protecting you from an unnecessary risk, it may be cheaper to go with another option.
For example, Jetty is a renters insurance company that includes bedbug coverage in its policies, providing limited financial reimbursement for the cost of exterminating the pests. But in certain situations you might already be covered for bedbugs, and this coverage would be redundant. In New York City, for example, landlords are legally obligated to pay to eradicate an infestation, so bedbug coverage through your renters policy is unnecessary.
...And How That Coverage Works
Beyond your limits, renters insurance policies cover your risks in different ways and to varying extents. Two important components of a renters insurance policy are its deductible and the valuation method for your personal belongings. Insurance companies often have the option of altering both of these components, and each can have a notable effect on your final premium.
Your deductible is the dollar amount you are responsible for covering in the event you make a claim. The lower your deductible, the more expensive your renters insurance policy will be, as your insurer will be responsible for higher payments to you if you do make a claim. When buying renters insurance online, you'll usually be able to select deductibles ranging from $100 to $2,500.
Another important coverage detail is how your policy values your belongings. Renters insurance companies may cover your stuff on either an actual cash value (ACV) or replacement cost value (RCV) basis. Under RCV, your damaged property will be replaced with items of the same like kind and quality after a covered event. Under ACV, the insurance company will account for the wear and tear of your personal belongings when reimbursing you, and pay you a lower amount for your claim.
Some renters insurance companies stick to one of these valuation methods, while others offer shoppers a choice between ACV or RCV coverage. If you choose RCV coverage, your renters insurance policy will often be more expensive, given that your insurer will be paying you more in the event you make a claim. If you choose ACV, you'll pay less money for insurance, but you'll also get less money back if unexpected damage befalls your property.