How much is renters insurance in Melbourne, FL

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

Your renters insurance premium could be higher or lower depending on the coverage and liability limits you select. Purchasing renters insurance is a good idea, as it helps protect your personal property from damage or loss due to events like fire, smoke, theft and vandalism.

After carefully evaluating renters insurance companies, we’ve compiled a list of the most affordable insurers for Melbourne renters. Keep reading to learn which insurers offer the lowest rates in Melbourne

Key Takeaways

The average cost of renters insurance in Melbourne is $213 annually or $18 monthly.
The cheapest option for renters in Melbourne is Nationwide, offering coverage at $12 per month.
Renters can reduce their insurance costs by taking advantage of discounts, such as discounts for installing a security system or bundling policies.

What is the average cost of renters insurance per month in Melbourne?

On average, renters in Melbourne pay $18 per month for renters insurance, which is $3 less than the state average of $21. The policy includes $40,000 in personal property, $300,000 in liability protection and a $1,000 deductible.

The cost of renters insurance in Melbourne varies depending on your carrier and the coverage limit you select. Renters in Melbourne typically pay $13 monthly for $20,000 in personal property coverage and a $1,000 deductible. If you decide to increase your coverage to $40,000, you’ll see an increase of $5 more in your monthly premium.

You’ll need to decide on the coverage that best fits your needs and budget. However, choosing higher coverage limits is a good idea if you own valuable items like jewelry, electronics, or furniture.

How much is renters insurance in Melbourne by deductible?

The average cost of renters insurance in Melbourne is $165 annually for a $500 deductible and $20,000 in personal property coverage

The deductible is the amount you pay out-of-pocket before your insurance kicks in. If you raise your deductible, your premiums will decrease. For example, if you maintain $20,000 in personal property coverage but increase your deductible from $500 to $1,000, you’ll save $10 every year on your insurance.

Here are the renters insurance premiums for different personal property coverage and deductible amounts.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$165	$233	$304
$1,000	$155	$213	$277

Read our guide to know what does renters insurance cover.

Who offers cheap renters insurance in Melbourne?

Your search for the cheapest renters insurance company ends here.

Nationwide offers the cheapest renters insurance in Melbourne at $140 a year or $12 per month. According to Insure.com’s data analysis, FedNat Holding ranks second on our list followed by Universal Insurance Holding.

Our experts at Insure.com evaluated renters insurance quotes from all the big and small insurance companies in Melbourne and put together a list of the most affordable insurance carriers.

Below are the average annual and monthly rates of the cheap renters insurance companies in Melbourne, FL.

Renter insurance provider	Average annual rate	Average per month rate
Nationwide	$140	$12
FedNat Holding	$177	$15
Universal Insurance Holding	$181	$15
Security First Insurance	$185	$15
State Farm	$195	$16
Citizens Property Insurance	$196	$16
Travelers	$197	$16
Allstate	$199	$17
Progressive	$227	$19
Amer Integrity Ins Co of FL	$236	$20
HCI Group Inc	$447	$37

Tips for reducing the cost of renters insurance

Below are some tips to help you save on renters insurance in Melbourne:

Bundle policies: If you have other insurance, such as car insurance, bundling it with the same provider can often earn you a discount. Many insurers in Melbourne offer savings for bundling policies.

Increase your deductible: Choosing a higher deductible can lower your premium, but ensure you’re prepared to cover the higher out-of-pocket costs if you need to file a claim.

Choose the right coverage amount: Regularly review your renters insurance to avoid paying for more coverage than you need. For example, you might opt for lower personal property coverage if you don’t own high-value items.

Limit small claims: Filing multiple small claims can drive up your rates. If possible, consider paying for minor damages out of pocket to keep your premium low.

Shop around for quotes: Don’t settle for the first offer. Compare renters insurance rates from multiple providers in Melbourne to find the best coverage at the lowest price.

Final thoughts

Renters insurance in Melbourne, FL, offers valuable protection for renters at an affordable price. While premiums can vary depending on location, coverage amount and individual circumstances, the peace of mind it provides is worth the investment. By understanding your coverage needs, comparing quotes and taking advantage of discounts, you can find an affordable policy that suits your budget.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Melbourne for $40,000 personal property coverage, $300,000 liability coverage, and a $1,000 deductible. The data presented are those with a good credit tier alignment.

How much is renters insurance in other cities

Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.