Best and Cheapest Renters Insurance in Montgomery, AL (2024)

State Farm is the best and cheapest renters insurance company in Montgomery, Alabama, with a MoneyGeek score of 96 and an average annual premium of $141 for $20,000 in personal property coverage.

The best homeowners insurance balances service quality and affordability. Depending on your needs, other providers may be best, such as Travelers for service quality, which has an annual premium of $346. MoneyGeek also found the best and cheapest renters insurance in Alabama for those who live elsewhere in the state.

The best renters insurance providers in Montgomery for a policy with $20,000 in personal property coverage are:

• State Farm: MoneyGeek score of 96 out of 100 ($141 per year)
• Auto-Owners: MoneyGeek score of 92 out of 100 ($149 per year)

State Farm balances cost effectiveness with service quality, scoring perfectly for affordability (55 out of 55) and customer satisfaction (30 out of 30).

In Montgomery, State Farm offers the cheapest renters insurance at $141 annually for $20,000 in personal property coverage.

• State Farm: $141 per year
• Auto-Owners: $149 per year

Personal property coverage helps replace or repair your belongings if damaged, lost or stolen. Cheap renters insurance policies often have lower personal property coverage limits. Higher coverage limits can lead to higher monthly costs but offer better protection if you have many personal belongings.

The cheapest renters insurance providers in Montgomery for $20,000 in personal property coverage with a $2,000 deductible are:

• State Farm: $132 per year
• Auto-Owners: $132 per year

A deductible is the amount you pay out of pocket before your insurance covers the rest. Higher deductibles usually mean lower premiums, while lower deductibles result in higher premiums. Balancing these factors ensures adequate coverage when filing a claim. Renters should consider their financial situation and potential risks when selecting a deductible.

Travelers offers the best renters insurance for service quality in Montgomery, with an average annual premium of $346 for $20,000 in personal property coverage.

• Travelers: MoneyGeek score of 95 out of 100 ($346 per year)
• Nationwide: MoneyGeek score of 95 out of 100 ($200 per year)

Great customer service is crucial for renters seeking insurance because it ensures a smooth and supportive experience, particularly during claims. Efficient service means your case is handled quickly and effectively, reducing stress and helping you recover faster. MoneyGeek evaluates insurers based on customer satisfaction from J.D. Power surveys, which assess satisfaction with policy offerings, price, billing and claims.

State Farm offers the best renters insurance in Montgomery, with an annual premium of $317 for $100,000 in personal property coverage.

• State Farm: MoneyGeek score of 96 out of 100 ($317 per year)
• Auto-Owners: MoneyGeek score of 89 out of 100 ($400 per year)

Renters with many belongings need higher personal property coverage to financially protect items like furniture, electronics and clothing from theft, damage or loss. Higher coverage can increase premiums, so find a provider that balances cost with excellent service. High-value items like jewelry or art may need additional coverage beyond standard policies.

For renters with military backgrounds in Montgomery, the top insurance providers for a policy with $20,000 in personal property coverage are:

• USAA: MoneyGeek score of 100 out of 100 ($128 per year)
• State Farm: MoneyGeek score of 96 out of 100 ($141 per year)

USAA offers products tailored to those with a military background, including discounts and coverages suited to the military lifestyle. While USAA isn't the cheapest in the city, its specialized offerings make it a strong choice for military members.

In Montgomery, Nationwide is the best renters insurance company for those with a poor credit score between 542 and 577. It offers an average annual premium of $333 for a policy with $20,000 in personal property coverage.

• Nationwide: MoneyGeek score of 96 out of 100 ($333 per year)
• State Farm: MoneyGeek score of 95 out of 100 ($309 per year)

Renters with poor credit often pay higher insurance rates due to the increased risk of claims and missed payments. Improving your credit score and using discounts can help lower these premiums over time.

Montgomery's average cost of renters insurance is $223 annually ($19 monthly), lower than Alabama's average of $261 but higher than the national average of $145. These rates are based on a policy with $20,000 in personal property limit, $100,000 in liability limit and a $1,000 deductible.

Renters insurance costs can vary depending on the amount of personal property coverage you choose. Consider using a personal property coverage calculator to estimate your needs and find a suitable policy.

The cost of renters insurance in Montgomery depends on several factors. Understanding them can help you find a policy that fits your budget and needs.

• Location: Crime rates and weather risks in your area can affect your premium.
• Coverage amount: Higher coverage limits increase your insurance costs.
• Deductible: A higher deductible lowers your monthly premium but means higher out-of-pocket costs in a claim.
• Claims history: A history of claims may lead to higher premiums due to increased perceived risk.
• Credit score: A better credit record can result in lower premiums.

Renters insurance covers personal property, liability and additional living expenses. It protects financially against theft, fire and other unforeseen events. Liability coverage helps in case of lawsuits for injuries or property damage.

Here's what renters insurance covers:

• Personal property coverage: Protects your belongings like furniture and electronics against fire, theft or vandalism. For example, if a fire damages your apartment in Alabama, your renters insurance will cover the cost to replace your items.
• Personal liability coverage: Covers legal and medical expenses if you're found responsible for injury or property damage to others. For instance, if a guest slips and falls in your Alabama rental, your insurance can cover their medical bill.
• Loss of use coverage: Pays for additional living expenses if your rental becomes uninhabitable due to a covered event. For example, if a storm in Alabama damages your apartment and you need to stay in a hotel, loss of use coverage can help cover the costs.

While renters insurance provides a financial safety net, it doesn't cover every situation:

• Natural disasters: Standard policies typically exclude damage from earthquakes or floods.
• Roommate's belongings: Personal property coverage usually doesn't extend to a roommate's possessions unless they're listed on the policy.
• High-value items: Expensive items like jewelry or electronics may require additional coverage if their value exceeds the policy limit.
• Business equipment: Property used for business purposes is generally not covered under standard renters insurance.
• Pest damage: Damage from pests like bed bugs or rodents is usually not covered.
• Car theft: While personal property stolen from your car may be covered, the theft of the vehicle itself is not.

Selecting the best renters insurance provider in Montgomery depends on your coverage needs and budget. Below are answers to frequently asked questions to help you make an informed decision.