Average renters insurance rates for top 60 college cities and towns

You have a lot on your mind when you’re off to college, and insurance probably isn’t at the top of the list. But college students living in a rental apartment or house should consider renters insurance

Not only does renters insurance protect your possessions in case they are damaged or stolen, but it also protects you from a liability claim if you’re held responsible for injuring someone else or damaging their property.

Fortunately, renters insurance for college students is not expensive. In fact, the average cost for renters insurance is just $29 a month, or nearly $347 a year, according to Insurance.com rate data.

Average renters insurance rates for top college cities and towns

Insurance.com created a list of 60 towns and cities either known for having large student populations or for being home to many of the country’s most well-known colleges and universities, or both.

In the table below you can see how much renters insurance costs, on average, in your college town or city, for a renters policy with coverage levels of $40,000 for personal property, a $1,000 deductible and $100,000 of liability protection. 

Greenville, Berkeley, New York, Atlanta, Philadelphia, Providence and New Orleans are the priciest, while Madison, Hanover, Fargo, Burlington, and Boulder are the most affordable. Can't find your city or town on the list? If you want to know rates for anywhere in the country for 75 different coverage levels, use our average renters insurance rates tool to find out.

Renters insurance rates for college students by company

Like other types of insurance, the best way to save on renters coverage is to compare prices among companies. Refer to the table below, which shows rates by company for a policy of $40,000 in personal property coverage with a $1,000 deductible and $100,000 in liability.

Enter your state in the search field to see what you can expect to pay in your location.

Why college students need renters insurance

A lot of young people skip renters insurance, believing they do not need it. But that can be a mistake, says Justin Herndon, spokesperson for Allstate.

Contrary to popular belief, a landlord’s insurance policy will not reimburse renters if their stuff is damaged or stolen. Renters need their own policy to get such protection.

Some students think the items they have are not valuable enough to insure. But Herndon says even little things -- clothes kitchenware, linens -- add up. 

He adds that the average renter owns $30,000 worth of stuff. Although college students likely own less than that, they might own more than they think.

“Don’t underestimate how much stuff you actually own,” he says. “If you’ve got a laptop, you’ve probably got a smartphone. If you’ve got a guitar, you’ve probably got an amp.”

Typically, a policy will reimburse you if your goods are damaged due to:

• Fire
• Water damages
• Theft
• Vandalism

At least a portion of your renters insurance also covers you away from home. So, if you travel to Canada or study in Europe, your renters insurance will cover you if someone steals that laptop.

“Wherever you go, your insurance coverage travels with you,” Herndon says.

In addition, renters insurance can protect you from a costly lawsuit or other costs if someone hurts themselves in your apartment.

“If someone’s injured at your place, it could cover their medical expenses,” Herndon says.

Renters insurance also can reimburse temporary living expenses – such as paying for a hotel room – if your apartment becomes uninhabitable due to fire, flood or another situation.

Renters insurance for college students: Frequently asked questions

Methodology

Insurance.com commissioned Quadrant Information Systems in 2022 to provide renters insurance rates for $40,000 of personal property with $300,000 in liability and a $1,000 deductible. Rates are for a person with good credit. More than 16 million quotes were analyzed from over 148 companies and in 34,000 ZIP codes.