Average renters insurance cost in South Portland, ME

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

In South Portland, renters insurance costs an average of $161 per year for $40,000 in personal property coverage, $300,000 in liability coverage, and a $1,000 deductible, which is $21 less than the statewide average of $182.

It can be higher or lower depending on the coverage limit you choose and the amount of liability the policy provides. If you rent, you should consider buying renters insurance because it protects your personal belongings from damage caused by covered perils such as fire or smoke damage, theft, vandalism and other mishaps.

Looking for affordable renters insurance in South Portland? We’ve compared the top companies to help you find the cheapest options.

Key Takeaways

The average cost of renters insurance in South Portland is $161 annually or $13 monthly.
The cheapest option for renters in South Portland is State Farm, offering coverage at $7 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 South Portland?

The average monthly cost of renters insurance in South Portland is $13, which is $2 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 South Portland 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 $3.

Higher coverage limits are recommended if you own valuable items like jewelry, furniture, and electronics.

How much is renters insurance in South Portland by deductible?

Renters insurance in South Portland costs an average of $126 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 $9 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	$126	$175	$226
$1,000	$117	$161	$206

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

Who offers affordable renters insurance in South Portland?

State Farm provides the cheapest rates in South Portland, with an annual premium of $84 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	$84	$7
Vermont Mutual	$100	$8
MMG Insurance	$125	$10
Auto-Owners	$147	$12
Allstate	$149	$12
Quincy Mutual	$194	$16
Farmers	$223	$19
The Hanover	$261	$22
USAA	$161	$13

Tips for reducing the cost of renters insurance

Below are some tips to help you save on renters insurance in South Portland:

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 South Portland 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 South Portland to find the best coverage at the lowest price.

Renters in South Portland 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 South Portland 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.

How much is renters insurance in other cities?

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.