Average renters insurance cost in Lincoln, NE

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In Lincoln, the average cost of renters insurance is $280 annually for $40,000 in personal property, $300,000 in liability and a $1,000 deductible. It is $1 less than the state average of $281 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 Lincoln.

Key Takeaways

The average cost of renters insurance in Lincoln is $280 annually or $23 monthly.
The cheapest option for renters in Lincoln is State Farm, offering coverage at $12 per month.
Renters can reduce their insurance costs by taking advantage of discounts, such as installing a security system or bundling policies.

What is the average cost of renters insurance per month in Lincoln?

On average, renters in Lincoln pay $23 per month for renters insurance, which is equals to the state average of $23. The policy includes $40,000 in personal property, $300,000 in liability protection and a $1,000 deductible.

The cost of renters insurance in Lincoln varies depending on your insurance company and the coverage limit you buy. Renters in Lincoln typically pay $16 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 $7 in your monthly premium.

Choosing higher coverage limits is a good idea if you own valuable items like jewelry, electronics, or furniture.

How much is renters insurance in Lincoln by deductible?

Renters insurance in Lincoln costs an average of $223 per year for a $500 deductible and $20,000 in personal property coverage.

The deductible is the amount you pay before your insurance coverage applies. By increasing your deductible, you can lower your insurance premium. For instance, raising your deductible from $500 to $1,000 will save you $26 annually.

The table below shows renters insurance premiums for varying personal property coverage and deductible amounts.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$223	$317	$419
$1,000	$197	$280	$371

Note: The liability protection coverage is $100,000.

Who offers affordable renters insurance in Lincoln?

State Farm provides the cheapest rates in Lincoln, with an annual premium of $146 or $12 per month. Iowa Farm Bureau is the second-cheapest company, followed by Nationwide.

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	$146	$12
Iowa Farm Bureau	$187	$16
Nationwide	$207	$17
Farmers Mutual of Nebraska	$231	$19
American Family	$248	$21
Farmers	$351	$29
Travelers	$568	$47
USAA	$162	$14

Tips for reducing the cost of renters insurance

Here are some tips to help reduce renters insurance costs in Lincoln:

Bundle insurance policies. If you have other insurance policies, such as car insurance, consider bundling them with the same insurer. Many insurers offer discounts for bundling in Lincoln.

Increase deductible. Opting for a higher deductible can lower your premium in Lincoln, but make sure you’re comfortable with the amount you’d pay out-of-pocket in case of a claim.

Choose the right coverage. Review your policy regularly to ensure you don’t have extra coverage. For example, you might not need as much coverage for personal property if you don’t own many valuables.

Avoid small claims. Filing too many small claims can increase your rates over time. Consider paying for minor damages out-of-pocket instead of claiming them through insurance.

Shop around. Don’t settle for the first quote you receive. Compare renters insurance quotes in Lincoln from multiple providers to find the best price for the coverage you need.

Renters insurance in Lincoln, offers valuable protection for renters at an affordable price. While premiums can vary depending on location, coverage amount and individual circumstances, the peace of mind it provides is worth the investment. By understanding your coverage needs, comparing quotes and taking advantage of discounts, you can find an affordable policy that suits your budget.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Lincoln 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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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.