How much is renters insurance in Plano, TX

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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 Plano renters. Keep reading to learn which insurers offer the lowest rates in Plano

Key Takeaways

The average cost of renters insurance in Plano is $202 annually or $17 monthly.
The cheapest option for renters in Plano is Progressive, offering coverage at $15 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 Plano?

The average monthly cost of renters insurance in Plano is $17, which is $2 less than the state average of $19. This rate is for the coverage limit of $40,000 in personal property, $100,000 in liability protection and a $1000 deductible.

Renters insurance rates vary by city depending on the coverage and the insurance company you choose. For example, renters in Plano pay $12 monthly for $20,000 in personal property coverage with a $1,000 deductible. If you increase your personal property coverage to $40,000, the cost will rise by $5 more.

You’ll need to determine the right amount of coverage based on your needs and budget. However, opting for higher coverage limits is recommended if you own valuable items like jewelry, furniture and electronics.

How much is renters insurance in Plano by deductible?

The average cost of renters insurance in Plano is $152 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 $11 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	$152	$219	$278
$1,000	$141	$202	$257

Read our guide to know what does renters insurance cover.

Who offers cheap renters insurance in Plano?

Your quest for the cheapest renters insurance ends here.

Progressive provides the cheapest rates in Plano, with an annual premium of $175 or $15 per month. State Farm 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 Plano 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
Progressive	$175	$15
State Farm	$187	$16
Allstate	$210	$18
Nationwide	$228	$19
Texas Farm Bureau	$242	$20
Farmers	$410	$34
USAA	$141	$12

Tips for reducing the cost of renters insurance

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

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

Final thoughts

Renters in Plano, TX should purchase renters insurance to protect their belongings and financial health. The cost of coverage varies based on your location, coverage limits and individual circumstances. To find the best deal, evaluate your coverage needs, compare quotes from different providers and take advantage of any available discounts.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Plano 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.

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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.