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's most recent rate analysis. 

Renters insurance rates increase as you add more coverage, but some coverages cost more than others. For example, you can increase your liability to $300,000 for just a dollar more monthly on average, while adding more personal property coverage has a greater impact on your rates.

Renters insurance costs at a glance

Renters insurance costs
Renters insurance statisticAverage renters insurance rate
Annual renters insurance cost - national$347 a year
Renters insurance cost per month - national$29 a month
State with the most expensive renters insuranceLouisiana - $540 a year
State with the least expensive renters insuranceWyoming - $183 a year
Cheapest renters insurance companyVermont Mutual - $130 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 renters insurance cost 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 Texas
$20,000 $40,000 $60,000
$100,000 $300,000
$1,000 $500

Most & least expensive ZIP codes for renters insurance in Texas

Most expensive

ZIP CodeCityHighest Rate

Least expensive

ZIP CodeCityLowest Rate
78132New Braunfels$183
Data refreshed as of May 2024
Read our full 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.

Below are the average rental insurance costs by state so you know 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 liability $40,000/100,000 liability $40,000/300,000 liability $60,000/300,000 liability
North Dakota$132$185$201$251
New Hampshire$139$186$204$252
South Dakota$156$228$241$312
New Jersey$171$234$259$328
New Mexico$192$249$266$322
West Virginia$217$308$330$418
North Carolina$228$410$419$565
Washington D.C$233$302$316$429
New York$267$353$378$468
South Carolina$359$403$439$572
Rhode Island$392$469$479$548

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 various coverage levels and deductibles.

Monthly renters insurance cost
CoverageAverage renters insurance cost per month
$20,000 property/$500 deductible/$100,000 liability$22
$20,000 property/$500 deductible/$300,000 liability$23
$20,000 property/$1000 deductible/$100,000 liability$20
$20,000 property/$1000 deductible/$300,000 liability$22
$40,000 property/$500 deductible/$100,000 liability$29
$40,000 property/$500 deductible/$300,000 liability$31
$40,000 property/$1000 deductible/$100,000 liability$27
$40,000 property/$1000 deductible/$300,000 liability$29
$60,000 property/$500 deductible/$100,000 liability$38
$60,000 property/$500 deductible/$300,000 liability$40
$60,000 property/$1000 deductible/$100,000 liability$34
$60,000 property/$1000 deductible/$300,000 liability$36

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:

Renters insurance rates by company
Company Average annual rate
State Farm$260
Company $40,000/$100,000 liability $40,000/$300,000 liability
Vermont Mutual$123$133
North Carolina Farm Bureau$129$135
West Bend Mutual$133$139
MMG Insurance$151$156
Tennessee Farmers$153$159
Secura Insurance$153$169
New Jersey Manufacturers$153$172
Cumberland Insurance$157$169
Frankenmuth Insurance$157$174
Nodak Insurance$161$171
Georgia Farm Bureau$166$172
Wisconsin Mutual$168$174
Amica $173$179
Co-operative Insurance$173$185
Agraria Mutual$171$189
Union Mutual$144$220
Kansas Insurance$183$190
American National Finance$189$195
Universal Insurance Holding$192$211
Andover Insurance$198$217
Franklin Mutual$224$224
Automobile club MI$221$232
Auto Club$219$238
Quincy Mutual$226$238
IMT Insurance$239$249
Indiana Farmers$245$257
Universal Insurance Co$252$259
CSAA Insurance$248$263
Island Insurance$251$265
Safety Insurance$252$268
Arbella Insurance$236$289
Chubb Ltd$258$271
State Farm$260$270
Shelter Insurance$276$289
Farm Bureau Mutual Ins Co of AR$292$292
Kentucky Farm Bureau$295$301
Alfa Corporation$294$303
American Family$300$315
Oregon Mutual$296$320
Western National Mutual$313$325
Farm Bureau$320$332
RLI Insurance$318$334
NYCM Insurance$316$348
Country Financial$328$339
Kemper Insurance$325$346
Heritage Insurance Holding$317$354
Oklahoma Farm Bureau$334$338
Mutual of Enumclaw$330$341
Erie Insurance$327$360
Citizens Property Insurance$357$357
Mapfre Insurance$347$367
New London County Insurance$362$367
Farm Bureau$363$367
Ocean Harbor$372$397
FedNat Holdings$382$399
United Insurance Holding$388$397
Marysville Mutual$392$396
Southern Farm Bureau$393$397
South Carolina Farm Bureau Mutual$392$399
Westfield Insurance$390$402
Indiana Farm Bureau$428$435
IAT Insurance Group$467$472
AFR Insurance$471$477
National General Insurance$491$496
Security First Insurance$572$599
HCI Group$582$600
The Hanover$1,109$1,116
Michigan Farm Bureau$1,276$1,314
Pure Companies Group$1,463$1,463

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.

According to’s rate data, the cheapest renters insurance 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.

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 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 of buying 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 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 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.

How much renters insurance do you need?

Renters insurance covers your personal property if it's damaged, stolen or destroyed by a covered peril. It also provides personal liability coverage in case you injure someone or damage their property. Your landlord's insurance will cover neither of these.

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.

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

You may need more coverage if you’re renting a large house and have a lot of personal property. 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 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 2024.