How much is renters insurance in Springfield, MA

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In Springfield, MA, the average cost of renters insurance is $319 annually for $40,000 in personal property, $300,000 in liability and a $1,000 deductible. It is $57 more than the state average of $262 per year.

Renters insurance costs may differ depending on the coverage you opt for and the amount of liability coverage included in your policy. If you’re living in a rental property, it’s worth considering this type of insurance to protect your belongings from damages caused by fire, smoke, theft, vandalism and other covered events.

We conducted an in-depth analysis of insurance companies to find the most affordable insurers for renters in Springfield. Continue reading to know the cheapest renters insurance companies in Springfield.

Key Takeaways

According to Insure.com’s data study, renters insurance costs an average of $319 per year or $27 per month in Springfield.
State Farm has the cheapest renters insurance for Springfield renters at $11 per month.
Taking advantage of discounts, such as having a security system or bundling renters insurance with other insurance policies, can help reduce your insurance premiums.

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

The average monthly cost of renters insurance in Springfield is $27, which is $5 more than the state average of $22. This rate is for the coverage limit of $40,000 in personal property, $300,000 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 Springfield pay $17 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 $10 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 Springfield by deductible?

Renters insurance in Springfield costs an average of $228 per year for a $500 deductible and $20,000 in personal property coverage.

The deductible is the amount you pay before your insurance coverage applies. By increasing your deductible, you can lower your insurance premium. For instance, raising your deductible from $500 to $1,000 will save you $24 annually.

The table below shows renters insurance premiums for varying personal property coverage and deductible amounts.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$228	$360	$495
$1,000	$204	$319	$439

Read our guide to know what does renters insurance cover.

Who offers cheap renters insurance in Springfield?

Your quest for the cheapest renters insurance ends here.

State Farm provides the cheapest rates in Springfield, with an annual premium of $136 or $11 per month. Travelers is the second cheapest company, followed by Amica Mutual.

Insure.com’s experts have compared renters insurance quotes from all the national and regional carriers in Springfield 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	$136	$11
Travelers	$201	$17
Amica Mutual	$258	$22
Andover Insurance	$278	$23
Safety Insurance	$285	$24
Allstate	$291	$24
Vermont Mutual	$312	$26
Arbella Insurance	$326	$27
Mapfre Insurance	$552	$46

Tips for reducing the cost of renters insurance

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

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

Final thoughts

Renters insurance in Springfield, MA, 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 Springfield 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.

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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.