Cheapest Renters Insurance | 2020 Insurance Guide – Get a quote online

If you are looking for affordable renter insurance, you are in the right place. This guide will give you an overview of the five cheapest companies in our rating of the best renters insurance companies of 2020, along with tips for saving on renters insurance. Please note that the rates listed below are for illustrative purposes only. You must contact an insurance company or insurance agent directly for applicable quotes. The five cheapest insurance companies of 2020 are: Sample Lemonade Monthly Cost $ 15.42 Online Tools Online Application All rates listed are for illustration purposes only. We recommend that you contact the insurance company or insurance agent directly for applicable quotes. Limonade: Lemonade is the cheapest insurance company of 2020, with an example monthly cost of $ 11.25. Lemonade has an overall rating of 4.3 out of 5 in our rating and is our most popular insurance company overall. Lemonade simplifies signing up and getting an insurance quote for renters, and is versatile, with a wide range of customization options. However, coverage is only available in about half of the country. All rates listed are for illustration purposes only. We recommend that you contact the insurance company or insurance agent directly for applicable quotes. Mutual Freedom: With an example monthly cost of $ 15.50, Liberty Mutual is next on our list of cheapest insurance companies. In terms of overall rating, Liberty Mutual comes in ninth place, with a score of 3.7 out of 5 possible stars. Liberty Mutual may be a good choice for consumers who qualify for the company's rare types of discounts, but the fact that Liberty Mutual does not include water damage in a standard tenant policy could cause some renters look elsewhere. NationwideSample Monthly Cost $ 16.08 Online Tools Online Estimate All rates listed are for illustration purposes only. You must contact the insurance company or insurance agent directly for applicable quotes. National: Nationwide's sample monthly cost is $ 15.66 and gets a score of 3.9 out of 5 to earn sixth place in the overall renter's insurance rating. Nationwide offers numerous discounts and includes stolen credit card coverage as part of a standard policy, although the insurance customers of the company's renters report lower satisfaction than customers with other types of policies. Sample Travelers Monthly Cost $ 11.08 Online Tools Online Application All rates listed are for illustration purposes only. You must contact the insurance company or insurance agent directly for applicable quotes. Travelers: Travelers have a monthly renter insurance sample cost of $ 17, but its overall rating of 3.7 out of 5 places travelers at the bottom of our renter insurance rating. Travelers offer an easy-to-use website and application for renters insurance, although the company's standard renters policy excludes natural disasters that most competitors cover. You must contact the insurance company or insurance agent directly for applicable quotes. Erie Insurance: Erie has an example monthly cost of $ 17.41 and ranks second in our overall rating with a score of 4.0 out of 5 possible stars. The company has an excellent financial solidity index and the grouping of renters insurance with car insurance gets a significant discount. However, it only sells policies in a handful of states and its online resources are limited. As we found the cheapest renter insurance companies To determine the cheapest renter insurance providers, 360 reviews created a standard plan that includes property / content and liability coverage with a $ 500 deductible. We collected quotes from 4 different locations for this standard plan – Chicago; Cleveland; Glendale, Wisconsin; and Indianapolis – to get a better picture of the price changes between the different areas. We compared the median of the four quotes that we collected for each company and classified them from least expensive to most expensive. All information was accurate as of February 10, 2020. How much does the rental insurance cost? For example, the monthly costs of the renters' insurance companies ranged from $ 11.25 per month for Lemonade to $ 23.58 per month for the American family. However, there are many variables within those sample monthly costs and the renter's insurance quotes are unlikely to match exactly these. If you are wondering how much insurance the renter is for you and your family, here are some factors to consider besides simply finding the cheapest insurance company. In general, renters insurance policies include coverage for compensation for loss or destruction of your personal property, liability for certain types of accidents that may occur on the rental property and additional living expenses if you are forced to move. temporarily from the rental property due to a disaster, such as a fire. When you receive renter insurance quotes, you can increase your limits or add additional coverage for all three of these types of coverage. Common options include higher political limits for family-owned assets, additional coverage for specific valuable assets (which will typically not be optional if you want to cover those items), coverage for specific catastrophes such as floods or earthquakes, coverage for inventories of small businesses or businesses stored at the rental property, additional liability coverage and higher limits for additional living expenses. These policy add-ons will increase your premiums, but the increase may be offset by a discount for purchasing more than one type of insurance policy with the same company, often known as a multipolicy discount. next that affects a tenants insurance quote is the deductible or the amount to be paid out of your own pocket before receiving compensation for losses. As explained by State Farm, a lower deductible means higher premiums, but also higher compensation when filing a claim. A higher deductible will reduce your premiums, but it means that you will pay more before receiving compensation for your claim. Finally, your position is a factor in your renters' insurance costs, as illustrated by a 2018 survey of the Institute Information Insurance which showed data on the average insurance costs of renters up to 2017. In some states, a Average renters insurance policy simply costs more than in other states, due to state regulations and other factors. The study shows that in 2017 Mississippi renters faced the highest average insurance premiums for renters at $ 258 per year and renters in North Dakota enjoyed insurance premiums for lower average renters, with an average $ 120 annual fee. How much renter insurance do I need? When determining the insurance coverage for renters you need, keep in mind that there are three main types of coverage: personal effects, personal liability and additional living expenses. You will likely be able to adjust the policy limits for all three types. However, understanding the value of your belongings is particularly important for buying the right amount of renter insurance, and experts generally advise creating an inventory to help you with this step.
Write a detailed list of all your belongings, including clothes, furniture, appliances, sheets and towels, electronics and sports and hobby equipment.
If you have acquisition dates and prices, include them.
Particularly valuable items, such as jewelry, works of art and collectibles, must be noted separately.
Valuables generally require extra coverage and documentation, such as receipts or expert reports, based on the requirements of your policy.
Next, you'll need to make sure that the limit of your policy is high enough to cover the total value of all your belongings. You'll also need to decide if you want a real cash value policy or a replacement value policy, according to Geico. An actual cash value policy is a bit cheaper, but consider the value of your goods as they sit and you will be refunded on that value if you file a claim. An example of how this may not be enough renter insurance is in the case of IT equipment and mobile devices, which quickly depreciate and will likely cost you much more to replace than you are actually refunded. That's why most renters should consider a replacement value policy, which will compensate you for replacing your old items with their new equivalents. According to the Insurance Information Institute, a replacement cost policy will add only about 10 percent to the premiums. You'll also have to pay a little more for additional coverage, known as "riders" or "floaters", to cover those particularly valuable items listed in your inventory. The Best Insurance Companies For Renters Selling insurance for renters based primarily on price is not necessarily a winning strategy. Consumers should consider economic affordability when evaluating renters' insurance policies, but also evaluate important aspects such as the specific coverage offered and the quality of customer service. Higher rated companies may be better for a variety of reasons, even if they are more expensive, such as greater financial strength or greater customer satisfaction. They may also have more savings opportunities or discounts, which could make them cheaper for you in the long run. Also, while renters' insurance policies are often similar from one company to another, there are important differences. Depending on your situation, it's probably worth a slightly higher premium to make sure you have the specific coverage you need to make sure your priorities are met. After all, the point of renters insurance is tranquility. To help you find the renter insurance company that best meets your needs, here are our best renter insurance companies of 2020. Other guides for renter insurers. The 360 ​​reviews have an unbiased approach to our recommendations. When you use our links to purchase products, we may earn a commission, but this does not affect our editorial independence in any way.