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In Lewiston, the average cost of renters insurance is $169 annually for $40,000 in personal property, $300,000 in liability and a $1,000 deductible. It is $13 less than the state average of $182 per year.
Renters insurance costs can vary based on the coverage you choose and the amount of liability protection included in your policy. If you’re living in a rental, it’s a smart way to protect your personal belongings from things like fire, smoke, theft, vandalism, and other covered incidents.
Let’s take a look at the cheapest renters insurance options in Lewiston.
Key Takeaways
- Renters insurance costs an average of $169 per year or $14 per month in Lewiston.
- State Farm has the cheapest renters insurance for Lewiston renters at $7 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 Lewiston?
The average monthly cost of renters insurance in Lewiston is $14, which is $1 less than the state average of $15. This rate is for a coverage limit of $40,000 in personal property, $300,000 in liability protection and a $1,000 deductible.
Renters insurance rates vary by city depending on the coverage and the insurance company you choose. For example, renters in Lewiston pay $10 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 $4.
Higher coverage limits are recommended if you own valuable items like jewelry, furniture, and electronics.
How much is renters insurance in Lewiston by deductible?
Renters insurance in Lewiston costs $131 per year for a $500 deductible and $20,000 in personal property coverage.
Your deductible is the 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 (e.g., $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 amounts.
| Deductible | $20,000 personal property | $40,000 personal property | $60,000 personal property |
|---|---|---|---|
| $500 | $131 | $185 | $238 |
| $1,000 | $121 | $169 | $218 |
Note: The liability protection coverage is $100,000.
Who offers affordable renters insurance in Lewiston?
State Farm provides the cheapest rates in Lewiston, with an annual premium of $86 or $7 per month. Vermont Mutual is the second-cheapest company, followed by MMG Insurance.
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 | $86 | $7 |
| Vermont Mutual | $100 | $8 |
| MMG Insurance | $125 | $10 |
| Auto-Owners | $138 | $12 |
| Allstate | $145 | $12 |
| Quincy Mutual | $177 | $15 |
| Farmers | $289 | $24 |
| The Hanover | $357 | $30 |
| USAA | $148 | $12 |
Tips for reducing the cost of renters insurance
Below are some tips to help you save on renters insurance in Lewiston:
- Bundle policies. If you have other policies through the same insurer, such as car insurance, bundling it with the same provider can often earn you a discount. Many insurers in Lewiston 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. Consider paying for minor damages yourself to keep your premium low.
- Shop around for quotes. Don’t settle for the first offer. Compare renters insurance rates from multiple providers in Lewiston to find the best coverage at the lowest price.
Renters in Lewiston should purchase renters insurance to protect their personal belongings, provide liability coverage, and cover additional living expenses if their rental becomes uninhabitable due to a covered event. Premiums may differ based on location, coverage amount and individual circumstances, but the peace of mind it offers is worth the investment. You can get an affordable policy that fits your budget by assessing your coverage needs, comparing quotes and taking advantage of available discounts.
Methodology
Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Lewiston in 2023 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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