Renters insurance: Compare quotes in 2025 

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Renters insurance is an essential safeguard for those who rent their homes. It offers protection for belongings and financial security in case of unexpected events. Whether your personal items are damaged, stolen, or destroyed by a covered peril, renters insurance helps minimize financial loss. It also shields you from liability if someone is injured in your rental unit or if you accidentally damage someone else’s property.

A standard renters insurance policy includes three key components:

1. Personal property coverage: Protects your belongings inside the rental property against damage or loss due to covered events.
2. Loss of use coverage: Covers additional living expenses if your rental unit becomes uninhabitable, requiring you to live elsewhere temporarily.
3. Liability protection: Provides financial coverage for incidents in which you are responsible for injuring someone or damaging their property.

“Renters insurance is designed to provide coverage for personal belongings inside the walls of a rental unit,” says Carolyn Boris, vice president and personal risk services product development manager at Chubb. 

Beyond this, renters insurance offers peace of mind, ensuring that an unexpected event won’t leave you in financial distress. With rates starting as low as $195 per year from companies like State Farm, renters insurance is an accessible and worthwhile investment.

The cheapest renters insurance companies

Purchasing a policy you can afford can make all the difference in maintaining your renters insurance coverage. State Farm offers the most affordable renters insurance, with an average annual rate of $195. Progressive follows closely, providing coverage at $215 per year.

When choosing renters insurance, it’s important to consider more than just cost. The chart below provides a comprehensive comparison of top insurance companies, evaluating key factors like customer service, complaint ratios, financial strength and pricing to help you make an informed decision.

These factors include: J.D. Power customer service scores (where higher is better), complaint ratios from the National Association of Insurance Commissioners (where lower is better), A.M. Best ratings for financial strength and average annual costs for renters insurance coverage. Rates are calculated based on $40,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible.

Compare renters insurance rates by state

The average renters insurance premium is $263, according to our data. However, renters insurance rates vary depending on the state you live in and the amount of coverage you need. Comparing rates by state and coverage level can help you find the best deal. Some states have lower average costs, while others may be more expensive based on factors like local risks and housing costs.

For example, if you live in New York, a policy with $40,000 in personal property coverage, $300,000 in liability coverage and a $1,000 deductible costs an average of $293 per year. Meanwhile, in Hawaii, renters insurance costs $247 for the same amount of coverage. You’ll notice in the charts below that opting for higher coverage limits will result in increased rates.

Below is the average cost of renters insurance by state. The average quotes include personal property and liability coverage with a $1,000 deductible. 

Compare renters insurance by coverage levels

Rates for $100,000 in liability coverage 

When selecting renters insurance, it’s important to consider the cost of liability coverage. The standard included amount is $100,000 in liability protection, which covers you if you’re responsible for accidental injuries or property damage. The cost of this coverage depends on the personal property coverage limit you choose—whether it’s $20,000, $40,000, or $60,000. Below, we break down how rates vary by personal property coverage level across different states.

Rates for $300,000 in liability coverage

Upgrading to $300,000 in liability coverage offers greater protection compared to the standard $100,000. With $300,000 in coverage, you’re better equipped to handle costly claims. The cost of this enhanced protection varies based on the personal property coverage you select—$20,000, $40,000, or $60,000.

Here’s a look at how the rates compare for this increased coverage limit.

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Frequently Asked Questions

Who provides the cheapest renters insurance quotes?

There is no one single company that provides the cheapest renters insurance for every situation. Each company has its own formula for setting rates. So, a company that offers the cheapest rate for one person may not do so for another.

The key is to find an insurer with a formula that is a good match for your profile and insurance needs. The best way to find the renters coverage company with the cheapest rates for you is to get quotes from multiple insurers and find out which one offers the best deal.

Is renters insurance worth it?

Renters coverage is a worthwhile purchase for nearly every renter. For starters, it’s affordable. 

But more importantly, renters insurance can provide you with an enormous amount of financial protection, particularly if someone is hurt – or worse – in your rental unit. 

What does a landlord’s insurance policy cover?

Many people mistakenly believe a landlord’s policy also provides coverage for renters. But this isn’t the case.

The landlord’s policy covers property damage for the structure where you live. But it won’t cover:

• A renter’s possessions
• A renter’s liability for damage or injuries caused to others and their property
• Temporary living expenses if that the rental unit is damaged and remains uninhabitable for a period

What’s the difference between actual cash value and replacement cost?

As the name implies, actual cash value (ACV) coverage pays only for what your property was worth when it was damaged or stolen. So, if you bought a television five years ago for $500, it would be worth significantly less today. While you’d still need to spend about $500 for a new TV, your insurance company will pay only for what the old one is worth, minus your deductible.

Replacement cost coverage, on the other hand, will pay what it actually costs to replace the items you lost, minus the deductible. Replacement cost coverage will cost you more in premiums, but it will also pay out more if you ever need to file a claim.

Let your agent know about any particularly valuable items you have. Jewelry, antiques and electronics might be covered only up to an amount that won’t pay for their replacement.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.

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