How much is renters insurance in Wilmington, MA

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

Key Takeaways

The average cost of renters insurance in Wilmington is $223 annually or $19 monthly.
The cheapest option for renters in Wilmington is State Farm, offering coverage at $11 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 Wilmington?

On average, renters in Wilmington pay $19 per month for renters insurance, which is $3 less than the state average of $22. The policy includes $40,000 in personal property, $300,000 in liability protection and a $1,000 deductible.

The cost of renters insurance in Wilmington varies depending on your carrier and the coverage limit you select. Renters in Wilmington 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 $6 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 Wilmington by deductible?

The renters insurance cost in Wilmington is $165 per year for a $500 deductible and $20,000 as personal property coverage.

A deductible is an amount you agree to pay before your insurance coverage kicks in. If you increase your deductible limit, your insurance cost will go down. For instance, if the personal property coverage is the same, i.e., $20,000, but you increase your deductible limit from $500 to $1,000, you will pay $13 less every year for insurance.

Below are the renters insurance rates for different personal property coverage and deductible amount.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$165	$248	$336
$1,000	$152	$223	$302

Read our guide to know what does renters insurance cover.

Who offers cheap renters insurance in Wilmington?

Your search for the cheapest renters insurance company ends here.

State Farm offers the cheapest renters insurance in Wilmington at $133 a year or $11 per month. According to Insure.com’s data analysis, Travelers ranks second on our list followed by Vermont Mutual.

Our experts at Insure.com evaluated renters insurance quotes from all the big and small insurance companies in Wilmington 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 Wilmington, MA.

Renter insurance provider	Average annual rate	Average per month rate
State Farm	$133	$11
Travelers	$133	$11
Vermont Mutual	$155	$13
Andover Insurance	$210	$18
Allstate	$238	$20
Safety Insurance	$254	$21
Amica Mutual	$261	$22
Arbella Insurance	$282	$24
Mapfre Insurance	$282	$24

Tips for reducing the cost of renters insurance

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

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

Final thoughts

Renters in Wilmington, MA 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 Wilmington 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.