How much is renters insurance for $100,000 in liability coverage?

How much is renters insurance for $100,000 in liability coverage?

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. 

For a renter seeking a policy with $40,000 in property protection and $100,000 in liability insurance with a $500 deductible, the average monthly cost is $20. 

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. 

How much is renters insurance for $100,000 in liability coverage 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. 

Most expensive states for $100,000 in liability coverage for renters insurance

Rhode Island and Louisiana residents pay the most for renters insurance, at an average cost of $39 per month. Here are the five most expensive states for renters insurance:

• Rhode Island
• Louisiana
• Arkansas
• Michigan
• North Carolina

Least expensive states for $100,000 in liability coverage for renters insurance

Wyoming residents pay the least for renters insurance coverage, at an average cost of $10 per month. Here are the five least expensive states for renters insurance:

• Wyoming
• New Hampshire
• North Dakota
• Idaho
• Delaware

Renters insurance cost for $100,000 in liability coverage by company

Every insurance company has a slightly different method of determining rates, which leads to different costs from company to company. In general, renters find the cheapest insurance option with State Farm. USAA offers cheaper rates to those who are eligible. Since every situation is unique, it’s a good idea to shop around. 

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. 

*USAA only provides coverage to military members, veterans and their families.

Renters insurance cost for $100,000 liability coverage by deductible

Higher deductibles lead to a lower premium in most cases. That trend holds true with renters insurance, but the difference is often minimal.

On average, renters who opt for a $500 deductible pay $22 per month. But renters who opt for a $1,000 deductible pay an average of $20 per month. 

The table below breaks down the average cost by deductible for a renters insurance policy with $40,000 in property protection and $100,000 in liability coverage. 

Renters insurance cost for $100,000 in liability coverage for your credit profile

When insurance companies factor in credit profiles, renters with higher credit scores get lower rates. On the other end of the scale, renters with a poor credit history pay more for insurance. 

For example, renters with excellent credit histories pay an average of $16 per month for insurance, while renters with a poor credit history pay an average of $61 per month for coverage. 

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.

How much renters insurance do you need?

You need enough renters insurance to cover all of your personal property. How much coverage that is will be based on the value of your personal belongings. That includes everything from your TV to the dishes in your kitchen.

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.

Additionally, you need enough liability protection to cover your assets.

Methodology

Insurance.com commissioned renters insurance rates in 2023 from Quadrant Data Services. Rates were fielded in all ZIP codes with personal property coverage of $20,000, $40,000, and $60,000, liability at $100,000, and deductibles of either $500 or $1,000.

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 $21 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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