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Renters insurance costs an average of $29 per month or $347 per year for $300,000 of liability coverage and $40,000 in personal property coverage, based on 2022 Insurance.com data. Your rates will vary based on where you live and how much coverage you need, among other factors.

Renters insurance is the only way to get coverage for your personal property, which isn't covered by your landlord's insurance, if it's damaged or stolen. It provides liability coverage in case you injure someone or damage their property, too.

On top of that, it will cover hotel costs if you can’t live 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 $29 a month or $347 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.
  • Amica Mutual and State Farm are among the cheapest major insurance companies for renters insurance.

What is the average cost of renters insurance?

The average cost of renters insurance is $347 a year, or about $29 a month. That’s the national average rate 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 2022 rate analysis. But that’s just one set of coverage limits.

Renters insurance rates go up as you increase coverage, but it depends on the type of coverage. For example, you can increase your liability to $300,000 for just a dollar more a month on average, while adding extra property coverage costs a bit more.

Renters insurance costs at a glance

Renters Insurance Costs
Cost factorAverage renters insurance cost
Annual renters insurance cost$347 Per Year
Renters insurance cost per month$29 Per Month
State with most expensive renters insurance rateLouisiana - $540 Per Year
State with least expensive renters insurance rateWyoming - $183 Per Year
Cheap renters insurance providerVermont Mutual - $130 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: $275

HIGHEST RATE: $709 LOWEST RATE: $139

Most & least expensive zip codes for renters insurance in California

Most Expensive

Zip CodeCityHighest Rate
94603Oakland$370
94621Oakland$370
94605Oakland$365
94601Oakland$365

Least Expensive

Zip CodeCityLowest Rate
93449Pismo Beach$180
93410San Luis Obispo$180
93433Grover Beach$180
93424Avila Beach$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 $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 based on Insurance.com’s most recent data, 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

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
Wisconsin$131$183$196$249
North Dakota$132$185$201$251
Wyoming$136$165$183$218
New Hampshire$139$186$204$252
Massachusetts$150$234$255$349
Hawaii$151$231$247$330
Vermont$155$202$222$292
South Dakota$156$228$241$312
Maine$156$232$250$324
Colorado$162$216$232$286
Washington$163$224$243$303
New Jersey$171$234$259$328
Maryland$172$243$256$336
Utah$180$241$261$323
Alaska$182$245$273$330
Idaho$187$254$275$335
Delaware$190$267$280$387
Kansas$191$281$294$382
New Mexico$192$249$266$322
Pennsylvania$199$292$320$426
California$207$257$276$329
Virginia$211$296$317$416
West Virginia$217$308$330$418
Oregon$217$303$323$415
Missouri$220$307$334$410
Texas$223$333$351$454
Oklahoma$226$323$339$427
Nevada$226$300$317$397
Iowa$226$325$241$308
North Carolina$228$410$419$565
Montana$228$322$345$447
Arizona$230$316$348$434
Washington D.C$233$302$316$429
Nebraska$233$331$347$445
Connecticut$233$332$364$465
Florida$237$374$395$538
Indiana$241$343$370$475
Georgia$261$391$411$539
Tennessee$266$376$404$522
New York$267$353$378$468
Illinois$270$357$381$376
Kentucky$276$329$352$379
Minnesota$283$242$251$307
Alabama$298$417$436$554
Ohio$300$304$330$420
Arkansas$340$481$501$629
Michigan$344$483$500$615
Mississippi$348$476$500$645
South Carolina$359$403$439$572
Louisiana$375$509$540$721
Rhode Island$392$469$479$548

How much is renters insurance per month?

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

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

What company 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.

The cheapest renters insurance, according to Insurance.com’s 2022 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 Mutual 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:

Renters Insurance Rates by Company
Company nameAverage annual rates
Nationwide$308
State Farm$260
Travelers$567
Allstate$283
Farmers$390
Company name$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
PEMCO$143$155
MMG Insurance$151$156
Tennessee Farmers$153$159
Mercury$156$158
Secura Insurance$153$169
New Jersey Manufacturers$153$172
Cumberland Insurance$157$169
Donegal$161$168
Frankenmuth Insurance$157$174
Nodak Insurance$161$171
Georgia Farm Bureau$166$172
Wisconsin Mutual$168$174
Amica Mutual$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
Progressive$271$284
USAA$265$295
Shelter Insurance$276$289
Farm Bureau Mutual Ins Co of AR$292$292
Allstate$283$308
Kentucky Farm Bureau$295$301
Alfa Corporation$294$303
American Family$300$315
Oregon Mutual$296$320
Nationwide$308$323
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
Palisades$350$355
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
Farmers$390$413
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
Travelers$567$615
Auto-Owners$696$626
The Hanover$1,109$1,116
Michigan Farm Bureau$1,276$1,314
AIG$1,340$1,340
Pure Companies Group$1,463$1,463

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 $29 a month, or $347 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: $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

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 $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.

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