How much is renters insurance?

The average cost of renters insurance is $263 a year, or about $22 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. 

Renters insurance costs at a glance

Renters insurance costs
Renters insurance statisticAverage renters insurance rate
Annual renters insurance cost - national$263 a year
Renters insurance cost per month - national$22 a month
State with the most expensive renters insuranceLouisiana - $504 a year
State with the least expensive renters insuranceWyoming - $136 a year
Cheapest renters insurance companyState Farm - $195 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 the cost of renters insurance 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 updated in 2024
Read our full methodology

Renters insurance cost by state

The cost of renters insurance by state varies. Compared to the national average of $263 for apartment renters insurance, Louisiana, Rhode Island and Mississippi are the most expensive, at between $387 and $504 a year. Wyoming is the cheapest, at $136 a year.

Below are the average rental insurance costs by state so you know what to expect. Rates are for personal property coverage of $20,000, $40,000, and $60,000, liability limits of $100,000 and $300,000, and a $1,000 deductible.

$20,000/100,000 liability
$40,000/100,000 liability $40,000/300,000 liability $60,000/300,000 liability
Washington, D.C.$204$260$272$373
North Carolina$172$323$332$455
North Dakota$122$173$190$240
New Hampshire$118$160$173$215
New Jersey$134$190$207$267
New Mexico$146$191$201$244
New York$217$276$293$362
Rhode Island$413$473$479$538
South Carolina$193$272$294$375
South Dakota$133$188$202$257
West Virginia$165$231$248$309

Most expensive states for renters insurance

In some states, you will pay much more for renters insurance than you would in others. The five states with the most expensive renters insurance coverage are: 

StateAnnual cost
Rhode Island$479

Least expensive states for renters insurance

Renters insurance is a relative bargain in some states. The five states with the least expensive renters insurance coverage are: 

StateAnnual cost
New Hampshire$173

Average renters insurance rates by city

The cost of renters insurance also varies by city. Here is what you can expect to pay in some key cities across the U.S. 

CityAverage annual premiumAverage monthly premium
Austin, Texas$203$17
Charlotte, North Carolina$289$24
Chicago, Illinois$286$24
Columbus, Ohio$251$21
Dallas, Texas$227$19
Denver, Colorado$204$17
Fort Worth, Texas$223$19
Houston, Texas$268$22
Indianapolis, Indiana$301$25
Jacksonville, Florida$253$21
Los Angeles, California$324$27
New York, New York$407$34
Oklahoma City, Oklahoma$295$25
Philadelphia, Pennsylvania$406$34
Phoenix, Arizona$279$23
San Antonio, Texas$237$20
San Diego, California$223$19
San Francisco, California$316$26
San Jose, California$308$26
Seattle, Washington$239$20

Renters insurance cost by company

Shopping around for renters insurance coverage is the best way to get a great deal. Here are some average annual renters insurance rates by company: 

CompanyAverage annual rate
State Farm$195
American Family$274
Erie Insurance$279

* USAA is only available to military members and their families.

Renters insurance cost by coverage

Here is the breakdown by company for $40,000 in personal property coverage, $1,000 deductible and two different levels of liability coverage: 

Company$100,000 in liability coverage$300,000 in liability coverage
State Farm$184$195
American Family$257$274
Erie Insurance$253$279

* USAA is only available to military members and their families.

How much is renters insurance per month?

Renters insurance starts at an average of around $22 a month, depending on the coverage. Here are monthly renters insurance quotes for various coverage levels and deductibles.

CoverageAvg renters insurance per month
20,000 with 500 deductible and 100,000 liability and none hurricane$16
20,000 with 500 deductible and 300,000 liability and none hurricane$17
20,000 with 1000 deductible and 100,000 liability and none hurricane$15
20,000 with 1000 deductible and 300,000 liability and none hurricane$16
40,000 with 500 deductible and 100,000 liability and none hurricane$22
40,000 with 500 deductible and 300,000 liability and none hurricane$24
40,000 with 1000 deductible and 100,000 liability and none hurricane$20
40,000 with 1000 deductible and 300,000 liability and none hurricane$22
60,000 with 500 deductible and 100,000 liability and None Hurricane$29
60,000 with 500 deductible and 300,000 liability and none hurricane$30
60,000 with 1000 deductible and 100,000 liability and none hurricane$26
60,000 with 1000 deductible and 300,000 liability and none hurricane$28

What is the cheapest renters insurance company?

The company that offers the cheapest renters insurance rates will depend on where you live, your particular renter profile and how much coverage you buy.

According to’s rate data, the cheapest renters insurance is State Farm at $195 a year for $40,000 in property coverage with $300,000 in liability. 

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: $177
  • $40,000 property/$100,000 liability: $246
  • $60,000 property/$100,000 liability: $315

How much is renters insurance for $300,000 liability coverage?

  • $20,000 property/$300,000 liability: $193
  • $40,000 property/$300,000 liability: $263
  • $60,000 property/$300,000 liability: $333

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 comparable 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 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 $22 a month, or $263 a year. Living in an apartment vs. a house doesn't really affect the cost of insurance, since the building itself isn't covered. Apartment insurance is simply 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.

Average renters insurance cost: The bottom line

As we’ve made clear, the cost of renters insurance depends on several factors, including how much coverage you need and where you live. A basic policy costs around $22 a month.

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 2023 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.