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RENTERS Insurance
RENTERS INSURANCE INSIGHTS

The average cost of renters insurance is $27 a month or about $326 a year. Renter’s insurance protects your personal property and provides liability coverage to you as a tenant at an affordable rate.

Renters insurance rates are super affordable. The average renters insurance coverage is $40,000 for personal property and $100,000 in liability. So how much is renters insurance for $100,000 of liability coverage and $40k for personal property? On average, you’ll pay $27 a month or $326 a year.

That’s a bargain for the protection you get. Your landlord’s insurance policy protects them, not you. Renters insurance is the only way to get coverage in case your personal property is damaged or stolen, and it protects you from lawsuits, too.

On top of that, it will cover hotel costs if you can’t be at home during repairs from a covered claim with additional living expenses coverage.

Read on to learn how much you can expect to pay for renters insurance, get a renters insurance estimate for your own needs, and find out more about how renters insurance works.

KEY TAKEAWAYS
  • The average cost of a renters insurance policy is $27 a month or $326 a year.
  • Your credit history, where you live, and your coverage amount are some of the factors that determine the cost of your renters insurance.
  • Nationwide, State Farm, Travelers, Allstate, and Farmers are the cheapest retners insurance companies.

What is the average cost of renters insurance?

The average cost of renters insurance is $326 a year, or about $27 a month. That’s the national average rate for a policy with recommended coverage levels of $40,000 for personal property coverage, with a $1,000 deductible and $100,000 of liability protection, according to a 2022 Insurance.com rate analysis. But that’s just one set of coverage limits.

Is renters insurance expensive if you buy more protection? Renters insurance rates do go up as you increase coverage, but it depends on the type of coverage. If you want higher liability limits you can increase it to $300,000 for just a dollar more a month.

Increasing your personal property coverage will cost a bit more, but renters insurance remains affordable.

Renters insurance costs at a glance

Renters insurance costs
Cost FactorAverage renters insurance cost
Annual renters insurance cost$326 Per Year
Renters insurance cost per month$27 Per Month
State with most expensive renters insurance rateLouisiana - $388 Per Year
State with least expensive renters insurance rateVermont - $121 Per Year
Cheap renters insurance providerWest Bend - $98 Per 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 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.

RENTERS INSURANCE CALCULATOR

Average renters insurance rates in CALIFORNIA

$40,000
$1,000
$100,000
94404 - Foster City
Personal Property Coverage $40,000, Deductible $1,000 and Liability $100,000.

AVERAGE RATE: $263

HIGHEST RATE: $779 LOWEST RATE: $130

Most & least expensive zip codes for renters insurance in California

Most Expensive

Zip CodeCityHighest Rate
94601Oakland$354
94603Oakland$353
94612Oakland$353
94609Oakland$353

Least Expensive

Zip CodeCityLowest Rate
93433Grover Beach$180
93401Los Ranchos$181
93405San Luis Obispo$181
93402Los Osos$181

How much does renters insurance cost in each state?

The cost of renters insurance by state varies much like any other insurance policy. Compared to the national average of $326 for apartment renters insurance, Mississippi, Louisiana and Oklahoma are the most expensive, at between $540 and $580 a year. Vermont and Wyoming are the cheapest, at about $160 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
State $20,000/ $100,000 $40,000/ $100,000 $40,000/ $300,000 $60,000/ $300,000
Vermont$121$160$169$218
Wyoming$136$165$183$218
North Dakota$133$190$207$258
Alaska$142$195$218$266
Hawaii$148$198$220$281
Washington$158$206$223$281
South Dakota$144$214$231$305
Utah$245$330$244$296
New Hampshire$154$227$247$324
Iowa$224$322$249$321
Oregon$174$232$249$314
Wisconsin$176$252$268$349
Maryland$179$252$269$351
Montana$180$259$280$367
California$205$260$281$338
Pennsylvania$179$261$286$380
Colorado$203$272$292$358
North Carolina$157$288$297$419
DC$209$283$300$395
Idaho$214$287$307$404
Nebraska$214$293$307$399
Florida$192$295$313$410
Maine$191$299$316$429
Virginia$202$302$321$428
Indiana$221$306$324$415
Minnesota$349$312$324$421
New York$209$304$328$430
West Virginia$227$314$328$406
Illinois$230$313$330$417
Arizona$229$308$336$428
New Jersey$223$322$350$451
Tennessee$219$325$350$465
Nevada$242$338$355$449
Connecticut$222$334$359$486
New Mexico$243$338$359$458
South Carolina$245$359$381$495
Delaware$252$371$383$496
Missouri$263$369$386$484
Kentucky$274$367$388$473
Rhode Island$248$377$392$515
Texas$237$379$396$545
Kansas$262$391$404$543
Ohio$262$384$405$522
Arkansas$295$410$428$544
Massachusetts$255$425$443$613
Michigan$334$506$525$678
Georgia$330$511$536$706
Alabama$359$523$542$693
Oklahoma$361$543$561$632
Louisiana$388$571$600$672
Mississippi$374$579$600$800
National average$228$326$341$438

How much is renters insurance per month?

Renters insurance starts at less than $20 a month, depending on the coverage amounts you choose. Here are monthly renters insurance quotes for common coverage levels:

Monthly Renters Insurance Cost
CoverageAvg.renters insurance cost per month
$20,000 property/$100,000 liability$19
$20,000 property/$300,000 liability$21
$40,000 property/$100,000 liability$27
$40,000 property/$300,000 liability$28
60,000 property/$100,000 liability$35
60,000 property/$300,000 liability$37

Who has the cheapest renters insurance?

The company that offers the cheapest rates for you will depend on where you live and your particular renter profile, as well as how much coverage you buy. However, on average, Insurance.com found the following companies were among the cheapest major carriers operating nationwide, of those surveyed:

  • Nationwide
  • State Farm
  • Travelers
  • Allstate
  • Farmers

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.

Renters Insurance Rates by Company
Company$40,000/ $100,000 Liability$40,000/$300,000
West Bend$98$101
Vermont Mutual$119$127
Concord$122$131
Pemco$143$156
Cincinnati Insurance$145$156
MMG$146$154
Nationwide$146$155
Tennessee Farmers$159$165
Umialik$161$177
Co Operative$162$173
Georgia Farm Bureau$166$172
New Jersey Manufacturers$168$187
Nodak$169$179
North Carolina Farm Bureau$169$175
Farmers Union$171$189
Depositors$177$180
State Farm$177$202
Travelers$177$190
Standard Fire$179$191
First Fire & Casualty$182$194
Interinsurance Exchange Of The Automobile Club$183$208
Acuity$185$198
Amica$190$196
Allstate$195$225
Allied$199$207
Universal$202$219
Castle Key$204$224
Patrons Oxford$207$218
Erie$208$220
Farmers$210$229
Farm Bureau Of ID$221$258
Citizens Property$224$224
Phoenix$224$238
First Floridian Auto & Home$228$248
American Family$231$248
Merrimack Fire$233$252
Narragansett Bay$235$273
Arbella$236$289
IMT$239$249
Farm Bureau Prop & Casualty$243$254
Automobile Of Hartford$248$264
American Family$251$263
USAA$254$286
Garrison$258$287
Shelter$260$275
CSAA Insurance Exchange$261$266
Kentucky Farm Bureau$263$269
Great Northern$272$288
Country$277$289
Chubb$279$290
Fidelity$284$314
Amco$285$293
Alfa$291$300
American Select$307$313
Safeco$312$332
Texas Farmers$317$320
Charter Oak Fire$317$327
ASI Lloyds$336$346
Citation$339$339
High Point Preferred$350$355
Mississippi Farm Bureau$350$359
Illinois Farmers$355$367
New York Central Fire$394$423
Commerce$397$417
United Farm Family$400$407
South Carolina Farm Bureau$400$407
Fire Insurance Exchange$402$415
Farm Bureau Gen of Michigan$433$444
United$454$462
Memberselect$485$497
Liberty$488$518
LM$503$521
Foremost$509$528
Metropolitan$535$555
First Liberty$536$553
Louisiana Farm Bureau$560$575
Property Owners$587$599
Hanover$742$759

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. Opt for replacement value on your personal items. Here's why: Replacement 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.
  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 to compare renters insurance rates. Use the same coverage levels for every quote so you can be sure to compare apples to apples. 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 $27 a month, or $326 a year. There are a few things that affect your rates, including:

  • 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 cost for apartment insurance is minimal. These renters insurance prices all have a $1,000 deductible:

  • $20,000 property/$100,000 liability: $228
  • $40,000 property/$100,000 liability: $326
  • $60,000 property/$100,000 liability: $418

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

  • $20,000 property/$300,000 liability: $246
  • $40,000 property/$300,000 liability: $341
  • $60,000 property/$300,000 liability: $438

Renters insurance costs for three life stages

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 $252 a year. A $1,000 deductible brings that down by $24 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 $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.

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 $418, or just about $35 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, 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 endoresements, 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."

How much is 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 $30 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 of a lower-coverage policy from another. Shop around and compare companies to find the best coverage at the best price.

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