How much is renters insurance in 2023?

Renters insurance costs $29 a month, which is  $347 a year on average for $40,000 in personal property coverage and $300,000 in liability. Renters insurance rates vary by location, but the biggest factor affecting cost is the amount of personal property coverage you need. Renters insurance is a lot cheaper than homeowners insurance, which averages $2,777 a year, because it doesn't cover any part of the building.

Renters insurance covers your personal property if it's damaged, stolen or destroyed by a covered peril. It also provides liability coverage in case you injure someone or damage their property. Neither of these will be covered by your landlord's policy, which is why you need renters insurance.

On top of that, it will cover additional living expenses, like a hotel, if you can’t live at home during repairs from a covered loss.

Read on to learn how much renters insurance costs, get a renters insurance estimate, and find out more about how renters insurance works.

How much is renters insurance?

The average cost of renters insurance is $347 a year, or about $29 a month. That’s the national average for a policy with $40,000 of personal property coverage, with a $1,000 deductible and $300,000 of liability protection, according to Insurance.com's most recent rate analysis. 

Renters insurance rates go up as you increase coverage, but some coverages cost more than others. For example, you can increase your liability to $300,000 for just a dollar more a month on average, while adding more property coverage costs more.

Renters insurance costs at a glance

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 renters insurance cost is easy. The renters insurance calculator below will tell you the most and least expensive ZIP codes in your state.

To get a personalized renters insurance quote, enter your ZIP code and choose a personal property, deductible, and liability limit.

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RENTERS INSURANCE CALCULATOR

Average renters insurance rates in CALIFORNIA

Zip

Personal Property Coverage Covers your personal belongings, such as your furniture, electronics, clothing, artwork, etc. Choose the amount you believe would cover all of your belongings.

$20,000$40,000$60,000 $40,000

Deductible Choose the amount you want to pay out-of-pocket before insurance kicks in. This applies to your dwelling and personal belongings claims.

$500$1,000 $1,000

Liability Covers the medical expenses of people who are hurt while in your home or on your property, as well as damage you caused to others’ property. Also covers legal fees if you are sued by someone hurt in your home or on your property. Limits of $300,000 or $500,000 are recommended.

$100,000$300,000 $100,000

SEARCH

94404 - Foster City

Personal Property Coverage $40,000, Deductible $1,000 and Liability $100,000.

AVERAGE RATE: $275

HIGHEST RATE: $709 LOWEST RATE: $139

Most & least expensive zip codes for renters insurance in California

Most Expensive

Zip Code	City	Highest Rate
94603	Oakland	$370
94621	Oakland	$370
94605	Oakland	$365
94601	Oakland	$365

Least Expensive

Zip Code	City	Lowest Rate
93449	Pismo Beach	$180
93410	San Luis Obispo	$180
93433	Grover Beach	$180
93424	Avila Beach	$181

• Methodology ×

  Insurance.com commissioned Quadrant Information Systems to provide renters insurance rates for nearly every ZIP code in the country from up to six major insurers. The applicant profile is of a married, 35-year-old who has filed no claims in five years. Coverage includes medical payments coverage of $5,000, contents replacement at replacement value and loss of use at 10 percent of personal property limit.

  METHODOLOGY +

Renters insurance cost by state

The cost of renters insurance by state varies. Compared to the national average of $347 for apartment renters insurance, South Carolina, Louisiana, and Rhode Island are the most expensive, at between $439 and $540 a year. Wisconsin is the cheapest, at about $196 a year.

Here are average rental insurance costs by state, so you have an idea of what to expect. Rates are for common coverage levels of: $20,000, $40,000 and $60,000 in personal property coverage, with liability limits of $100,000 and $300,000, all with a $1,000 deductible.

Renters insurance cost by state

How much is renters insurance per month?

Renters insurance starts at around $20 a month, depending on the coverage. Here are monthly renters insurance quotes for a variety of coverage levels and deductibles.

What is the cheapest renters insurance company?

The company that offers the cheapest renters insurance rates for you will depend on where you live and your particular renter profile, as well as how much coverage you buy.

The cheapest renters insurance, according to Insurance.com’s 2022 rate data, is Vermont Mutual at $123 a year for $40,000 in property coverage with $100,000 in liability. However, that company doesn’t operate everywhere. The cheapest major insurance company is Amica at $173 a year.

Renters insurance cost by company

Renters insurance rates vary by company just like they do from state to state. The table below shows the cost of renters insurance by company for both large, national companies and some smaller ones. As you can see, the larger companies don’t always have the best deal on renters insurance; however, smaller companies may not be available in all areas.

First, here’s a look at the major renters insurance carriers operating nationwide for $40,000 in property coverage/$100,000 liability, of those surveyed:

How to get a renters insurance estimate

To get the right coverage at the best price, prepare before you buy with the following steps:

1. 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.
2. 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 to buy a brand new TV today.
3. 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.
4. Decide how much liability insurance you want. Liability insurance protects you if you’re liable for injuries or damages, and will even provide for 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.
5. Compare quotes. Make sure to compare renters insurance quotes from several companies. Use the same coverage levels for every quote so you can be sure to 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 $29 a month, or $347 a year. Living in an apartment or a house doesn't really affect the cost of insurance, since the building itself isn't covered. Apartment insurance is simple renters insurance. However, security elements on 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.

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: $241
• $40,000 property/$100,000 liability: $329
• $60,000 property/$100,000 liability: $414

How much is renters insurance for $300,000 liability coverage?

• $20,000 property/$300,000 liability: $260
• $40,000 property/$300,000 liability: $347
• $60,000 property/$300,000 liability: $437

How much renters insurance do you need?

Whether you need apartment renters insurance for your first place, or you’re renting a home with your family, the needs of tenants vary through life’s stages. Below we provide advice for each state, gathered from sources including the Insurance Information Institute, United Policyholders (a consumer group), and William F. Harris, an independent insurance agent in Los Angeles.

Minimum renters insurance coverage

If you are a college student living off-campus, or are in your first apartment and don't have a lot of valuable possessions or other assets, the basics will likely be fine. Minimal personal property coverage of $12,000 with $100,000 in liability and a $500 deductible costs about $100 a year.

Increased personal property limits of $20,000 increases the rate to $280 a year. A $1,000 deductible brings that down by $260 a year but may not be worth it if you have a claim.

Note, however, that the average person has at least $35,000 worth of property, according to State Farm. Many other insurance companies echo this, saying a typical renter with a two-bedroom apartment has about $35,000 in personal belongings.

Mid-level renters insurance coverage

For a young family that has acquired more stuff, a policy with at least $50,000 in property coverage and $100,000 or more in liability protection is recommended. In general, for each additional $10,000 personal property coverage you carry, your premium might increase by $20 to $25. Also, insurers suggest raising liability to $300,000 in many cases, which could hike your premium by $50 or more a year.

Renters often increase the deductible to $1,000 while raising the property coverage to $50,000 or $60,000. The higher deductible helps to keep the premium from rising significantly. For example, the national average renters rate for $60,000 in property coverage, a $1,000 deductible and $100,000 in liability is $414, or just about $34 a month. Increasing liability to $300,000 is a minor increase of only about $2 a month.

Higher-end coverage limits for renters insurance

If you’re renting a large house and have a lot of personal property, you may need more coverage. As you increase the amount of personal property coverage, rates will go up. To ensure you’re properly protected, make sure you have an accurate inventory of your belongings.

Although insurers recommend $300,000 in liability protection for most people, you probably want higher limits if you have lots of savings or other valuable assets. You may want to buy an umbrella policy, which generally provides $1 million in coverage that pays out once your liability benefits are exhausted.

Are there renters insurance endorsements for high-value items?

A standard renters insurance policy includes coverage for jewelry and other high-value items (furs, watches, and collectibles, among other items). But there are limits on how much your policy covers, which is specified in the contract. For example, the Insurance Information Institute (III) notes that in a typical policy, stolen jewelry is only covered up to $1,500.

Just like homeowners insurance endorsements, renters insurance offers endorsements (or riders) for high-value items. You’ll need an appraisal to prove the value of each item.

"These valuable items need to be 'scheduled,' which means a separate (endorsement) policy for each item," explains III spokesperson Lynne McChristian. "For instance, insurance for jewelry is about one to two percent of the value of the item, so insuring a $50,000 diamond ring could cost between $500 and $1,000 annually."

She adds that "you have the opportunity to select which deductible works best for you and your budget, and the higher the deductible amount means the lower your policy cost (for the endorsement). But it does mean you pay more out-of-pocket if you have a loss."

Renters insurance: The bottom line

As we’ve made clear, the cost of renters insurance depends on a few factors, including how much coverage you need and where you live. You can expect to pay around $29 a month for a basic policy.

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 2022 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 2023.