How much is renters insurance in Phoenix, NY

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.

The average cost of renters insurance in Phoenix, NY is $265 per year (for insurance coverage of $40,000 in personal property coverage, $300,000 in liability coverage and $1000 as deductible) — that’s $28 less than the state average of $293 a year.

It can be higher or lower depending on the coverage limit you choose and the amount of liability the policy provides. If you live in a rented apartment or home, you should consider buying renters insurance because it protects your personal belongings from damage caused by covered perils such as fire or smoke damage, theft, vandalism and other mishaps.

We did a thorough analysis of renters insurance companies to find the most affordable options for Phoenix renters. Keep reading to find out the cheapest renters insurance companies in Phoenix.

Key Takeaways

The average cost of renters insurance in Phoenix is $265 annually or $22 monthly.
The cheapest option for renters in Phoenix is State Farm, offering coverage at $10 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 Phoenix?

On average, the cost of renters insurance in Phoenix is $22 a month. It’s $2 less than the state average of $24. Renters in Phoenix pay these rates for the coverage limit of $40,000 in personal property coverage, $1,000 deductible and $300,000 in liability protection coverage.

The renters insurance rates vary by city depending on your insurance provider and the coverage limits you choose. For example, renters in Phoenix pay $18 per month for personal property coverage of $20,000 and a $1,000 deductible. However, if you decide to increase the personal property coverage limit to $40,000, you will pay $4 more for renters insurance.

Now, you’ll have to decide how much coverage you need and how much you can afford. However, it is recommended that you choose higher coverage limits if your personal belongings consist of expensive jewelry, furniture and electronics.

How much is renters insurance in Phoenix by deductible?

The average cost of renters insurance in Phoenix is $224 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	$20000 personal property	$40000 personal property	$60000 personal property
$500	$224	$280	$343
$1,000	$214	$265	$323

Read our guide to know what does renters insurance cover.

Who offers cheap renters insurance in Phoenix?

Your quest for the cheapest renters insurance ends here.

State Farm provides the cheapest rates in Phoenix, with an annual premium of $125 or $10 per month. Travelers is the second cheapest company, followed by Allstate.

Insure.com’s experts have compared renters insurance quotes from all the national and regional carriers in Phoenix to create a list of the most affordable insurers. Below is a list of the cheapest renters insurance companies and their average annual and monthly rates.

Renter insurance provider	Average annual rate	Average per month rate
State Farm	$125	$10
Travelers	$133	$11
Allstate	$169	$14
NYCM Insurance	$177	$15
American Family	$192	$16
Nationwide	$226	$19
Chubb Ltd	$284	$24
Farmers	$359	$30
AIG	$1,039	$87
USAA	$232	$19

Tips for reducing the cost of renters insurance

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

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 Phoenix 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 Phoenix to find the best coverage at the lowest price.

Final thoughts

Renters insurance in Phoenix, NY, 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 Phoenix for $40,000 personal property coverage, $300,000 liability coverage, and a $1000 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.