- How much is renters insurance for $100,000 in liability coverage?
- Renters insurance cost for $100,000 in liability coverage by company
- How much is renters insurance with $100,000 of liability in your state?
- Renters insurance cost for $100,000 in liability coverage by credit profile
- What does $100k in renters liability insurance cover?
- How much renters insurance do you need?
- Why do landlords require $100k in liability insurance?
- Methodology
- FAQ: Renters insurance for $100,000 liability coverage
How much is renters insurance for $100,000 in liability coverage?
The average cost of renters insurance with $40,000 in personal property coverage and $100,000 in liability insurance with a $1,000 deductible is $23 a month.
As with all types of insurance, the details of your policy will impact on your costs. For renters insurance, your location is an especially important detail that insurance companies consider. Your deductible and coverage level can also significantly impact your costs.
The table below outlines what you can expect to pay based on the amount of personal property on the policy and the deductible, all with $100,000 in liability coverage.
| Coverage level | Average monthly cost | Average annual cost |
|---|---|---|
| $20,000 with $500 deductible | $17 | $209 |
| $20,000 with $1,000 deductible | $16 | $193 |
| $40,000 with $500 deductible | $24 | $294 |
| $40,000 with $1,000 deductible | $23 | $270 |
| $60,000 with $500 deductible | $31 | $378 |
| $60,000 with $1,000 deductible | $29 | $347 |
People ask
Is $100,000 liability coverage enough?
How much liability coverage you need depends on your net worth and risks. If you don't have a lot of assets and aren't in a high-risk situation, $100,000 may be enough.
Renters insurance cost for $100,000 in liability coverage by company
State Farm is the cheapest renters insurance company at $15 a month for $100,000 in liability coverage with $40,000 in personal property coverage. USAA offers renters insurance at $16 a month if you are eligible.
The table below highlights how much you can expect to pay for a renters insurance policy with $40,000 in property protection, $100,000 in liability coverage, and a $1,000 deductible at top renters insurance companies.
| Company | Average monthly cost | Average annual cost |
|---|---|---|
| State Farm | $15 | $186 |
| Progressive | $19 | $225 |
| Nationwide | $23 | $279 |
| Allstate | $22 | $264 |
| American Family | $24 | $287 |
| Farmers | $28 | $337 |
| Travelers | $40 | $486 |
| USAA* | $16 | $192 |
*USAA only provides coverage to military members, veterans and their families.
How much is renters insurance with $100,000 of liability in your state?
As with most types of insurance, your location is a key factor in determining your renters insurance rates.
The table below includes different rates for each state, each with $40,000 in personal property protection and a $1,000 deductible.
| State | Average monthly premium | Average annual premium |
|---|---|---|
| Alaska | $21 | $246 |
| Alabama | $31 | $369 |
| Arkansas | $32 | $385 |
| Arizona | $21 | $252 |
| California | $23 | $278 |
| Colorado | $17 | $205 |
| Connecticut | $25 | $300 |
| Washington, D.C. | $22 | $265 |
| Delaware | $16 | $194 |
| Florida | $17 | $203 |
| Georgia | $28 | $335 |
| Hawaii | $20 | $235 |
| Iowa | $17 | $200 |
| Idaho | $15 | $181 |
| Illinois | $23 | $274 |
| Indiana | $21 | $247 |
| Kansas | $20 | $241 |
| Kentucky | $16 | $195 |
| Louisiana | $47 | $558 |
| Massachusetts | $18 | $210 |
| Maryland | $20 | $239 |
| Maine | $16 | $194 |
| Michigan | $38 | $454 |
| Minnesota | $18 | $210 |
| Missouri | $19 | $226 |
| Mississippi | $34 | $404 |
| Montana | $22 | $264 |
| North Carolina | $36 | $427 |
| North Dakota | $15 | $184 |
| Nebraska | $25 | $300 |
| New Hampshire | $12 | $148 |
| New Jersey | $18 | $221 |
| New Mexico | $15 | $185 |
| Nevada | $21 | $247 |
| New York | $26 | $311 |
| Ohio | $20 | $234 |
| Oklahoma | $24 | $283 |
| Oregon | $23 | $273 |
| Pennsylvania | $25 | $298 |
| Rhode Island | $46 | $549 |
| South Carolina | $24 | $292 |
| South Dakota | $16 | $195 |
| Tennessee | $24 | $291 |
| Texas | $18 | $211 |
| Utah | $19 | $228 |
| Virginia | $21 | $254 |
| Vermont | $14 | $164 |
| Washington | $19 | $231 |
| Wisconsin | $14 | $171 |
| West Virginia | $19 | $226 |
| Wyoming | $11 | $130 |
Top 5 most expensive states for $100,000 in liability coverage: Renters insurance
Louisiana and Rhode Island residents pay the most for renters insurance, at an average cost of $47 per month. Here are the five most expensive states for renters insurance:
- Louisiana: $47/month
- Rhode Island: $46/month
- Michigan: $38/month
- North Carolina: $36/month
- Mississippi: $34/month
Top 5 least expensive states for $100,000 in liability coverage: Renters insurance
Wyoming residents pay the least for renters insurance coverage, at an average cost of $11 per month. Here are the five least expensive states for renters insurance:
- Wyoming: $11/month
- New Hampshire: $12/month
- Vermont: $14/month
- Wisconsin: $14/month
- Idaho: $15/month
Renters insurance cost for $100,000 in liability coverage by credit profile
- Renters with excellent credit histories pay an average of $17 per month for insurance
- Renters with a poor credit history pay an average of $71 per month for coverage.
- Credit can be used in most states to calculate insurance rates.
The table below illustrates how renters with different credit histories see different rates for a renters insurance policy with $40,000 in property protection, $100,000 in liability coverage and a $1,000 deductible.
| Credit history | Average monthly premium | Average annual premium |
|---|---|---|
| Excellent | $17 | $204 |
| Good | $23 | $270 |
| Fair | $30 | $363 |
| Poor | $71 | $853 |
What does $100k in renters liability insurance cover?
Liability insurance covers you up to $100,000 for:
- Injuries to others for which you are responsible, on or off your property
- Damage to the property of others for which you are responsible, on or off your property
- Injuries or property damage caused to others by a child or pet
- Injuries or property damage to others anywhere in the world
- Certain costs beyond the liability limit, including costs to defend you in court
Liability insurance will not cover:
- Costs above the $100,000 limit, except as outlined in your policy; court and some other costs are not included in the limit
- Any injuries or damage caused by a motor vehicle accident
- Intentional damage or injuries
People ask
What if I don’t have enough liability coverage?
If you don't have enough liability coverage to pay a settlement, you will be responsible for any costs above your liability limit.
How much renters insurance do you need?
You need enough renters insurance to cover:
- All of your personal property, including everything from your TV to the dishes in your kitchen.
- High-value items beyond the limits on property like jewelry, art and musical instruments
- Your assets in the form of liability coverage
To determine how much coverage you need, take an inventory of all of your personal belongings and add up their value if you had to replace them today, not what you paid for them. To ensure your renters insurance protects you for the replacement cost of your property, add a replacement cost endorsement to your policy.
Why do landlords require $100k in liability insurance?
Landlords can require a certain amount of liability coverage on a renters insurance policy to protect them from being held responsible for your negligence.
It's important to note that landlords also carry their own liability insurance, and if the negligence is on their part, caused by something for which they are responsible, that would fall on their policy.
Methodology
We collect our data in partnership with Quadrant Information Services, which fielded renters insurance rates in all 50 states and Washington, D.C.
Unless otherwise noted, averages are based on:
- $40,000 in personal property coverage
- $300,000 in liability coverage
- $1,000 deductible
- Good credit
Learn more about our data and methodology.
FAQ: Renters insurance for $100,000 liability coverage
How much is renters insurance for $100,000 in California?
A renters insurance policy with $100,000 of liability coverage costs an average of $23 per month in California. This is for a policy with $40,000 in property protection and a $1,000 deductible.
What is the minimum coverage for renters insurance?
There is no minimum required renters insurance coverage. Most renters insurance policies come with a minimum of $100,000 in liability coverage. However, the limit on personal property coverage may range from $10,000 to $75,000 or more. You’ll have to decide what level of coverage best suits your needs.
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