Cost is one of the main factors that differentiates providers, as most insurers offer policies with similar core coverages at different rates. MoneyGeek compared quotes from several providers in the city and found that the companies offering the cheapest renters insurance in Portland are:
- USAA: $67 per year (only available to those with military backgrounds and their families)
- MetLife: $69 per year
Those eligible for USAA will receive policies that include coverages for floods and earthquakes, which you typically have to purchase separately. The insurer also reimburses items at replacement cost, which means they’ll pay for new items of the same kind and quality, rather than the item’s depreciated value.
The policies MoneyGeek used for this analysis have $20,000 worth of personal property coverage, $100,000 of liability coverage and a $500 deductible. You can see how rates change if you adjust your limits using the table below.
Renters living outside of Portland can also compare renters insurance rates for Maine.