Home Home insurance Renters insurance Renters insurance cost Maine South Portland, ME Average renters insurance cost in South Portland, ME View Carriers Please enter valid zip Compare top carriers in your area Written by Insure.com's EditorPosted on: November 1, 2023 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. The average cost of renters insurance in South Portland, ME is $154 per year (for insurance coverage of $40,000 in personal property coverage, $100,000 in liability coverage, and $1000 as deductible) — that’s $18 less than the state average of $172 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 South Portland renters. Keep reading to find out the cheapest renters insurance companies in South Portland.What is the average cost of renters insurance per month in South Portland?On average, the cost of renters insurance in South Portland is $13 a month. Renters in South Portland 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 South Portland 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 South Portland by deductible?The renters insurance cost in South Portland is $121 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 $8 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$121$166$216$1,000$113$154$199Note: 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 South Portland?Your search for the cheapest renters insurance company ends here.Vermont Mutual offers the cheapest renters insurance in South Portland at about $100 a year or $8 per month. According to Insure.com data analysis, State Farm ranks second on our list followed by MMG Insurance.Our experts at Insure.com evaluated renters insurance quotes from all the big and small insurance companies in South Portland 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 South Portland, ME.(Note: USAA offers insurance only to members of the military, veterans and their immediate families.)Renters insurance providerAverage annual rateAverage monthly rateVermont Mutual$100$8State Farm$107$9MMG Insurance$125$10Auto-Owners$147$12Allstate$149$12USAA$154$13Quincy Mutual$194$16The Hanover$259$22MethodologyInsure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in South Portland, ME, for $40,000 personal property coverage, $100,000 liability coverage, and a $1000 deductible. 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