Average renters insurance rates by ZIP code | Insurance.com
Go To Top
See how much YOU can save
Home & Renters
Valid Zipcode Required

Want to bundle home and auto insurance for potential discounts?

Average renters insurance rates

By Posted : November 02, 2017

Average renters insurance rates by ZIP code and coverage level

The national average renters insurance rate for a policy with recommended coverage levels of $40,000 for personal property, a $1,000 deductible and $100,000 of liability protection is $197, or about $17 a month, according to an Insurance.com rate analysis. But that’s just one set of coverage limits.  What you pay for renters insurance will vary, based on your credit history, coverage amounts and where you live, among other factors, but is typically very affordable. To get a personalized average renters insurance rate, enter your ZIP code and choose a personal property, deductible and liability limit in the tool below. Read further down if you need help deciding how much coverage you need, or refer to our renters insurance guide and renters insurance basics for more information on what renters insurance covers and how to buy a policy.

Here's a look at available coverage that could be right for you. The details were gathered from various sources, including the Insurance Information Institute (which is a trade group), 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 don't have a lot of valuable possessions  or other assets, then you may find adequate protection with a very bare-bones  policy providing a maximum of $12,000 to replace lost, stolen or damaged items. The coverage would include $100,000 for liability, which is important in case someone is seriously injured in your home and hits you with a lawsuit and legally tries to be reimbursed for medical expenses. A minimum policy like this often has a $500 deductible and usually costs around $100 a year, maybe a little more or less, depending on a few factors, including where you live and your credit history.

If you bumped up your personal property limits to $20,000, the nationwide average cost would be $148, according to Insurance.com’s  rate analysis. You can also reduce the premium by $10 by raising the deductible to $1,000. But keep in mind that you may have to pay out-of-pocket for items not covered within the policy's limit.

Note, however, that such low limits of personal property coverage are not recommended, as 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 would  have about $35,000 in personal belongings.

You can always raise your property limits later if your assets increase. You'd also want to increase liability coverage. More on liability in the "higher-end coverage" section.

Mid-level renters insurance coverage

One size policy rarely fits everyone, but a policy that satisfies the basic needs of many people can be bought for as little as $120 to $190 a year, depending on where you live and other factors, according to the III. A policy typically includes a maximum coverage amount of $25,000 for personal property, a $500 deductible and $100,000 in liability protection.

The III points out 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 $252. Such a policy protects your electronics, clothing and other important items, but may not fully cover highly valuable items like pricey jewelry. You may have to buy a separate "endorsement" for that. More on this later.

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 $15 to $20. Also, insurers suggest raising liability to $300,000 in many cases, which could hike your premium by $50 or more a year.

A policy covering $60,000 in property, with a $1,000 deductible and $300,000 in liability costs $266 a year, on average.

 

Higher-end coverage limits for renters insurance

The policy, of course, depends on your assets and property. For example, a higher-end policy with $100,000 in property coverage and a $500 deductible and $100,000 in liability, costs on average, $402 a year. Not enough protection? Again, for each additional $10,000 in property protection you carry, your premium would likely increase by about $15 to $20. The premiums for wealthier renters can go as high as $500 or even $1,000 a year as they increase coverage.

Liability limits are also important considerations. 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.

What about endorsements for high-value items?

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

To ensure you can replace the jewelry or other expensive items, you can purchase a separate endorsement (also known as a "rider") to fully cover their value. The endorsement's amount is set by you and can come with a separate deductible which is similar in amount as the deductible on your main policy.

"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."

As for the separate deductible, 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."