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In Waterbury, renters insurance costs an average of $292 per year for $40,000 in personal property coverage, $300,000 in liability coverage, and a $1,000 deductible, which is $27 more than the statewide average of $265.
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 Waterbury? We’ve compared the top companies to help you find the cheapest options.
Key Takeaways
- Renters insurance costs an average of $292 per year or $24 per month in Waterbury.
- Allstate has the cheapest renters insurance for Waterbury renters at $14 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 Waterbury?
The average monthly cost of renters insurance in Waterbury is $24, which is $2 more than the state average of $22. 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 Waterbury pay $17 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 $7.
Higher coverage limits are recommended if you own valuable items like jewelry, furniture, and electronics.
How much is renters insurance in Waterbury by deductible?
Renters insurance in Waterbury 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 $20 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 | $321 | $415 |
| $1,000 | $203 | $292 | $378 |
Note: The liability protection coverage is $100,000.
Who offers cheap renters insurance in Waterbury?
Your search for the cheapest renters insurance company ends here.
Allstate offers the cheapest renters insurance in Waterbury at $168 a year or $14 per month. According to our data, Chubb ranks second on our list followed by Amica.
Below are the average annual and monthly rates of the cheap renters insurance companies in Waterbury.
| Renter insurance provider | Average annual rate | Average per month rate |
|---|---|---|
| Allstate | $168 | $14 |
| Chubb | $178 | $15 |
| Amica | $196 | $16 |
| State Farm | $205 | $17 |
| American Family | $377 | $31 |
| National General | $396 | $33 |
| Travelers | $531 | $44 |
| Farmers | $559 | $47 |
| USAA | $220 | $18 |
Tips for reducing the cost of renters insurance
Here are some tips to help reduce renters insurance costs in Waterbury:
- 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 Waterbury.
- Increase deductible. Opting for a higher deductible can lower your premium in Waterbury, 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 Waterbury from multiple providers to find the best price for the coverage you need.
Renters insurance in Waterbury, 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 Waterbury 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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