Home Home insurance Renters insurance Renters insurance cost North Dakota Fargo, ND Average renters insurance cost in Fargo, ND By Insure.com's Editor | Posted on November 1, 2023 Why you should trust Insure.com Quality Verified At Insure.com, we are committed to providing honest and reliable information so that you can make the best financial decisions for you and your family. All of our content is written and reviewed by industry professionals and insurance experts. We maintain strict editorial independence from insurance companies to maintain editorial integrity, so our recommendations are unbiased and are based on a comprehensive list of criteria. The average cost of renters insurance in Fargo, ND is $151 per year (for insurance coverage of $40,000 in personal property coverage, $100,000 in liability coverage, and $1000 as deductible) — that’s $2 less than the state average of $153 a year.It can be higher or lower depending on the coverage options you choose and the amount of liability the policy provides. If you live in a rented apartment or home, you should consider buying renters insurance because it protects your personal belongings from damage caused due to covered peril such as fire or smoke damage, theft, vandalism, and other mishaps. We did a thorough analysis of renters insurance companies to find the most affordable options for Fargo renters. Keep reading to find out the cheapest renters insurance companies in Fargo.What is the average cost of renters insurance per month in Fargo?On average, the cost of renters insurance in Fargo is $13 a month. Renters in Fargo pay these rates for the coverage limit of $40,000 personal property coverage, $1,000 deductible and $100,000 liability protection coverage.The renters insurance rates vary by city depending on your insurance provider and the coverage limits you decide. For example, renters in Fargo pay $9 per month for personal property coverage of $20,000 and $1,000 deductible. However, if you decide to increase the personal property coverage limit to $40,000, you will pay $4 more than for renters insurance.Now, you’ll have to decide how much coverage you need and how much you can afford. However, it is recommended, if your personal belongings consist of expensive jewelry, furniture, and electronics, you should choose higher coverage limits.How much is average renters insurance in Fargo by deductible?The renters insurance cost in Fargo is $120 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 company 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 $10 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$120$166$213$1,000$110$151$192Note: These rates are specifically for the coverage of $100,000 liability protection.Read our guide to know what does renters insurance cover.Who offers cheap renters insurance in Fargo?Your search for the cheapest renters insurance company ends here.State Farm offers the cheapest renters insurance in Fargo at about $115 a year or $10 per month. According to Insure.com data analysis, American Family ranks second on our list followed by Nodak Insurance.Our experts at Insure.com evaluated renters insurance quotes from all the big and small insurance companies in Fargo 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 across Fargo, ND.(Note: USAA offers insurance only to members of the military, veterans and their immediate families.)Renters insurance providerAverage annual rateAverage monthly rateState Farm$115$10American Family$125$10Nodak Insurance$131$11Farmers$137$11Allstate$138$12Country Financial$161$13Agraria Mutual$171$14North Star Mutual$177$15Auto-Owners$202$17MethodologyInsure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Fargo, ND, for $40,000 personal property coverage, $100,000 liability coverage, and a $1000 deductible. 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