Actual Cash Value (ACV)
This pays for what your belongings are actually worth, including a deduction for depreciation. It comes with a lower premium, but likely won't pay enough to replace damaged or lost items.
Replacement cost coverage costs more in premiums but could save you money in the long run. This comprehensive coverage pays for the value of a new equivalent item.
Frequently Asked Questions About Cheap Renters Insurance
Through in-depth research of the industry, we created a comprehensive rating system to rank renters insurance providers. We researched each company by gathering cost information and requesting quotes, combing through policy information, secret shopping and reading customer reviews to understand the customer service experience, and accessing financial reliability scores.We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies:
- Cost: 40%
- Availability and ease of use: 25%
- Coverage: 20%
- Brand trust:: 15%
We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice. See our full methodology here
We at the MarketWatch Guides Team gathered renters insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.
The sample renter our quotes are based on is a 30-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:
- Personal property: $30,000
- Loss of use: $9,000
- Liability: $100,000
- Medical payments: $1,000
For each provider, we gathered a quote for 50% of the ZIP codes in every state the provider is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider.
In some cases, cost data for a top renters insurance company isn’t offered in Quadrant’蝉 database. To gather price information for these providers, we manually pulled quotes directly from insurers’ websites or representatives. We used the same sample homeowner demographics and comparable policy details for more than 20 ZIP codes across the U.S.
Our sample rates are for informational purposes only. Actual premiums will vary.*AM Best rating accurate as of July 2023. AM Best disclaimer