- How much is renters insurance?
- Renters insurance costs at a glance
- Renters insurance cost calculator
- Renters insurance cost by state
- Average renters insurance rates by city
- Renters insurance cost by company
- Renters insurance cost by liability coverage
- How much is renters insurance per month?
- What is the cheapest renters insurance company?
- How to get a renters insurance estimate
- How much is renters insurance for an apartment?
- Average renters insurance cost: The bottom line
- Methodology
How much is renters insurance?
The average cost of renters insurance is $263 a year, or about $22 a month. That’s the national average for a policy with $40,000 of personal property coverage, a $1,000 deductible and $300,000 of liability protection, according to our most recent rate analysis.
Renters insurance rates increase as you add more coverage, but some coverages cost more than others.
Renters insurance costs at a glance
| Renters insurance rate type | Average renters insurance rate |
|---|---|
| Annual renters insurance cost - national | $263 a year |
| Renters insurance cost per month - national | $22 a month |
| State with the most expensive renters insurance | Louisiana - $504 a year |
| State with the least expensive renters insurance | Wyoming - $136 a year |
| Cheapest renters insurance company | State Farm - $195 a year |
Renters insurance cost calculator
What you pay for renters insurance will depend on factors like your credit history, where you live, and the amount of coverage you need. Whether you need apartment insurance or tenant insurance for a single-family home, calculating the cost of renters insurance is easy. The renters insurance calculator below will show you your state's most and least expensive ZIP codes.
To get a personalized renters insurance quote, enter your ZIP code and choose a personal property, deductible, and liability limit.
Renters insurance calculator
Average renters insurance rates in TexasMost & least expensive ZIP codes for renters insurance in Texas
Most expensive
| ZIP code | City | Highest rate |
|---|---|---|
| 78368 | Mathis | $264 |
| 77014 | Houston | $264 |
| 77444 | Guy | $263 |
| 77374 | Thicket | $262 |
Least expensive
| ZIP code | City | Lowest rate |
|---|---|---|
| 75070 | McKinney | $183 |
| 78132 | New Braunfels | $183 |
| 75072 | McKinney | $183 |
| 75013 | Allen | $183 |
Renters insurance cost by state
The cost of renters insurance by state varies. Compared to the national average of $263 for apartment renters insurance, Louisiana, Rhode Island and Mississippi are the most expensive, at between $387 and $504 a year. Wyoming is the cheapest, at $136 a year.
Below are the average rental insurance costs by state so you know what to expect. Rates are for personal property coverage of $20,000, $40,000, and $60,000, liability limits of $100,000 and $300,000, and a $1,000 deductible.
| State | $20,000/$100,000 liability | $40,000/$100,000 liability | $40,000/$300,000 liability | $60,000/$300,000 liability |
|---|---|---|---|---|
| Alaska | $181 | $233 | $257 | $308 |
| Alabama | $225 | $310 | $324 | $411 |
| Arkansas | $247 | $346 | $363 | $464 |
| Arizona | $170 | $237 | $260 | $327 |
| California | $205 | $253 | $271 | $322 |
| Colorado | $135 | $175 | $191 | $232 |
| Connecticut | $187 | $265 | $292 | $370 |
| Washington, D.C. | $204 | $260 | $272 | $373 |
| Delaware | $131 | $170 | $181 | $243 |
| Florida | $159 | $230 | $248 | $324 |
| Georgia | $222 | $334 | $352 | $459 |
| Hawaii | $151 | $231 | $247 | $329 |
| Iowa | $132 | $188 | $203 | $257 |
| Idaho | $127 | $169 | $184 | $225 |
| Illinois | $170 | $227 | $246 | $300 |
| Indiana | $176 | $249 | $269 | $344 |
| Kansas | $167 | $238 | $251 | $322 |
| Kentucky | $136 | $193 | $207 | $260 |
| Louisiana | $316 | $472 | $504 | $675 |
| Massachusetts | $159 | $244 | $262 | $358 |
| Maryland | $172 | $243 | $256 | $335 |
| Maine | $125 | $174 | $190 | $243 |
| Michigan | $230 | $323 | $340 | $433 |
| Minnesota | $157 | $203 | $211 | $256 |
| Missouri | $150 | $210 | $231 | $285 |
| Mississippi | $250 | $367 | $387 | $511 |
| Montana | $181 | $256 | $275 | $354 |
| North Carolina | $172 | $323 | $332 | $455 |
| North Dakota | $122 | $173 | $190 | $240 |
| Nebraska | $193 | $266 | $279 | $351 |
| New Hampshire | $118 | $160 | $173 | $215 |
| New Jersey | $134 | $190 | $207 | $267 |
| New Mexico | $146 | $191 | $201 | $244 |
| Nevada | $179 | $233 | $246 | $304 |
| New York | $217 | $276 | $293 | $362 |
| Ohio | $167 | $231 | $252 | $317 |
| Oklahoma | $187 | $266 | $281 | $352 |
| Oregon | $195 | $266 | $287 | $358 |
| Pennsylvania | $171 | $249 | $274 | $362 |
| Rhode Island | $413 | $473 | $479 | $538 |
| South Carolina | $193 | $272 | $294 | $375 |
| South Dakota | $133 | $188 | $202 | $257 |
| Tennessee | $196 | $272 | $290 | $370 |
| Texas | $143 | $214 | $226 | $293 |
| Utah | $139 | $183 | $200 | $241 |
| Virginia | $161 | $217 | $235 | $298 |
| Vermont | $133 | $166 | $182 | $227 |
| Washington | $151 | $205 | $222 | $276 |
| Wisconsin | $111 | $153 | $167 | $211 |
| West Virginia | $165 | $231 | $248 | $309 |
| Wyoming | $105 | $126 | $136 | $162 |
Most expensive states for renters insurance
In some states, you will pay much more for renters insurance than you would in others. The five states with the most expensive renters insurance coverage are:
| State | Annual cost |
|---|---|
| Louisiana | $504 |
| Rhode Island | $479 |
| Mississippi | $387 |
| Arkansas | $363 |
| Georgia | $352 |
Least expensive states for renters insurance
Renters insurance is a relative bargain in some states. The five states with the least expensive renters insurance coverage are:
| State | Annual cost |
|---|---|
| Wyoming | $136 |
| Wisconsin | $167 |
| New Hampshire | $173 |
| Delaware | $181 |
| Vermont | $182 |
Average renters insurance rates by city
The cost of renters insurance also varies by city. Here is what you can expect to pay in some key cities across the U.S.
| City | Average annual premium | Average monthly premium |
|---|---|---|
| Austin, Texas | $203 | $17 |
| Charlotte, North Carolina | $289 | $24 |
| Chicago, Illinois | $286 | $24 |
| Columbus, Ohio | $251 | $21 |
| Dallas, Texas | $227 | $19 |
| Denver, Colorado | $204 | $17 |
| Fort Worth, Texas | $223 | $19 |
| Houston, Texas | $268 | $22 |
| Indianapolis, Indiana | $301 | $25 |
| Jacksonville, Florida | $253 | $21 |
| Los Angeles, California | $324 | $27 |
| New York, New York | $407 | $34 |
| Oklahoma City, Oklahoma | $295 | $25 |
| Philadelphia, Pennsylvania | $406 | $34 |
| Phoenix, Arizona | $279 | $23 |
| San Antonio, Texas | $237 | $20 |
| San Diego, California | $223 | $19 |
| San Francisco, California | $316 | $26 |
| San Jose, California | $308 | $26 |
| Seattle, Washington | $239 | $20 |
Renters insurance cost by company
Shopping around for renters insurance coverage is the best way to get a great deal. Here are some average annual renters insurance rates by company:
| Company | Average annual rate |
|---|---|
| USAA* | $191 |
| State Farm | $195 |
| Progressive | $215 |
| Auto-Owners | $223 |
| Allstate | $272 |
| American Family | $274 |
| Erie Insurance | $279 |
| Nationwide | $297 |
| Farmers | $325 |
| Travelers | $421 |
* USAA is only available to military members and their families.
Renters insurance cost by liability coverage
Here is the breakdown by company for $40,000 in personal property coverage, $1,000 deductible and two different levels of liability coverage:
| Company | $100,000 in liability coverage | $300,000 in liability coverage |
|---|---|---|
| USAA* | $173 | $191 |
| State Farm | $184 | $195 |
| Progressive | $201 | $215 |
| Auto-Owners | $218 | $223 |
| Allstate | $245 | $272 |
| American Family | $257 | $274 |
| Erie Insurance | $253 | $279 |
| Nationwide | $285 | $297 |
| Farmers | $300 | $325 |
| Travelers | $387 | $421 |
* USAA is only available to military members and their families.
How much is renters insurance per month?
Renters insurance starts at an average of around $22 a month, depending on the coverage. Here are monthly renters insurance quotes for various coverage levels and deductibles.
| Coverage | Avg renters insurance per month |
|---|---|
| $20,000, $100,000 liability, $500 deductible | $16 |
| $20,000, $300,000 liability, $500 deductible | $17 |
| $20,000, $100,000 liability, $1,000 deductible | $15 |
| $20,000, $300,000 liability, $1,000 deductible | $16 |
| $40,000, $100,000 liability, $500 deductible | $22 |
| $40,000, $300,000 liability, $500 deductible | $24 |
| $40,000, $100,000 liability, $1,000 deductible | $20 |
| $40,000, $300,000 liability, $1,000 deductible | $22 |
| $60,000, $100,000 liability, $500 deductible | $29 |
| $60,000, $300,000 liability, $500 deductible | $30 |
| $60,000, $100,000 liability, $1,000 deductible | $26 |
| $60,000, $300,000 liability, $1,000 deductible | $28 |
What is the cheapest renters insurance company?
The company that offers the cheapest renters insurance rates will depend on where you live, your particular renter profile and how much coverage you buy.
According to Insurance.com’s rate data, the cheapest renters insurance is State Farm at $195 a year for $40,000 in property coverage with $300,000 in liability.
How much is renters insurance for $100,000 in liability coverage?
Here’s how $100,000 renters insurance policies compare to $300,000 renters insurance policies. You’ll see that when you increase your liability coverage, the increase in cost is minimal. These renters insurance prices all have a $1,000 deductible:
- $20,000 property/$100,000 liability: $177
- $40,000 property/$100,000 liability: $246
- $60,000 property/$100,000 liability: $315
How much is renters insurance for $300,000 liability coverage?
- $20,000 property/$300,000 liability: $193
- $40,000 property/$300,000 liability: $263
- $60,000 property/$300,000 liability: $333
How to get a renters insurance estimate
To get the right coverage at the best price, prepare before you buy with the following steps:
- Create an inventory of your personal items. List the items and their purchase price. While big-ticket items are important to note, don’t forget things like linens, dishes, and clothing; the cost to replace them can really add up. This total is what you need for personal property coverage.
- Choose replacement cost coverage. Standard policies include actual cash value (depreciated) coverage, but the upgrade to replacement cost is worth it. Replacement cost coverage policies cover the actual cost of replacing your possessions rather than a depreciated value. That means your 10-year-old TV is insured at the cost of buying a comparable brand-new TV today.
- Choose a deductible. Deductibles usually range from $500 to $2,500. This is the amount you pay out before your policy kicks in to pay for the repair or replacement of your belongings. The higher your deductible is, the lower your rate will be, but the trade-off is that you have to pay that amount when you file a claim before your policy pays out. For most tenants, a $500 or $1,000 deductible on apartment rental insurance is recommended.
- Decide how much liability insurance you want. Liability insurance protects you if you’re liable for injuries or damages and will even provide legal assistance if you’re sued. $100,000 is the common choice for renters insurance, but it costs very little to triple the protection to $300,000.
- Compare quotes. Make sure to compare renters insurance quotes from several companies. Use the same coverage levels for every quote so you can compare renters insurance rates on an apples-to-apples basis. Remember to check company ratings—the cheapest isn’t always the best.
How much is renters insurance for an apartment?
The average cost of renters insurance for an apartment is $22 a month, or $263 a year. Living in an apartment vs. a house doesn't really affect the cost of insurance, since the building itself isn't covered. Apartment insurance is simply renters insurance. However, security elements in an apartment building can make a difference to your rates. The main things that affect the cost of renters insurance are:
- Where you live. Some areas have higher rates due to weather or crime rates.
- Coverage level. The amount of coverage you buy will affect what you pay.
- Your deductible. The higher your deductible, the lower your rate will be.
- Riders and endorsements. Some personal property, like jewelry or art, requires a rider that increases your renters insurance premium.
- Your insurance company. Rates can vary a lot by company, so it pays to shop around.
- Your credit history. Insurance companies also take into account your credit history, and it can affect how much you pay.
Average renters insurance cost: The bottom line
As we’ve made clear, the cost of renters insurance depends on several factors, including how much coverage you need and where you live. A basic policy costs around $22 a month.
Because renters insurance rates don’t go up all that much when you increase coverage, it’s always best to overestimate your needs than to find yourself underinsured. And because rates vary by company, you might get more coverage from one insurer at the same price as a lower-coverage policy from another. Shop around and compare companies to find the best coverage at the best price.
Methodology
Insurance.com commissioned renters insurance rates in 2023 from Quadrant Data Services. Rates were fielded in all ZIP codes with personal property coverage ranging from $20,000 to $60,000, liability at $100,000 and $300,000 and deductibles of either $500 or $1,000. Content is updated for 2024.
