Renters insurance calculator: Estimate renters insurance cost in 2026

How to use a renters insurance calculator: Step-by-step

The renters insurance calculator estimates your cost based on ZIP code, personal property coverage amount, deductible and liability level. Enter each value below and click Search to see average rates by company in your area. Here's how to use it:

1. Enter your ZIP code. The calculator will provide estimated rates specific to where you live, not just on a state level but for your ZIP code, finding insurance companies that offer coverage in your area.
2. Select the amount of personal property coverage you need. We offer coverage estimates at three different common levels; choose the one closest to what you need, but err on the side of extra coverage by rounding up.
3. Select a deductible. This is the amount you will pay out of pocket if you file a claim, and it impacts how much you pay for renters insurance.
4. Select a liability level. Standard coverage is $100,000, but you can request estimates at a higher level if you choose.

When you hit search, the calculator will find rates by company in your area for the coverage you requested, giving you averages and comparisons to help you find the lowest rates.

How to calculate how much renters insurance you need

You need enough renters insurance to repair or replace all your personal property if anything is damaged in a fire, stolen or vandalized. Here's how to get the right coverage:

1. Take stock of everything you own. List every item room by room, noting the replacement value of each. Include furniture, electronics, clothing, appliances and smaller items such as kitchen goods and linens. Add up the total replacement cost; that total is the minimum personal property coverage amount you need. “A wise first step is to take an inventory of your personal belongings,” says Lynne McChristian, director, Office of Risk Management & Insurance Research and senior instructor at the Gies College of Business, University of Illinois. “Conduct a room-by-room survey of what you own, noting the higher-value items, such as appliances, furniture and electronics. Know how much it would cost you to replace all that stuff – and that is the amount of renters insurance you need.”
2. Take special note of anything that is of high value. Jewelry, art, musical instruments and collectibles may need scheduled personal property coverage.
3. Determine how much personal liability coverage you need. A standard renters insurance policy includes $100,000, but increasing to $300,000 costs very little. Consider your level of risk for a lawsuit.
4. Consider endorsements. Standard renters insurance covers your personal property at actual cash value, but you can add an endorsement to provide replacement cost coverage, which replaces everything at the cost to buy it new today.

How much is renters insurance?

The average cost of renters insurance in the U.S. is $288 a year or $24 a month, based on $40,000 in personal property coverage with a $1,000 deductible and $100,000 in liability coverage. Rates range from $130 a year in Wyoming to $558 a year in Louisiana.

The table below shows the average cost of a renters insurance policy in each state and the difference from the national average.

Average renters insurance rates by company

The cheapest company varies by state, with Mercury Insurance the cheapest in California at $155 a year and State Farm the cheapest in Illinois at $160 a year. Find the cheapest carrier in your state below.

How to estimate renters insurance cost in 2026: An example

Here's a step-by-step look at how to calculate renters insurance coverage needs, which we'll illustrate with the example of a new renter we'll call Gabriel. Gabriel has recently finished college and rented his first apartment, which he has newly furnished. Here are the steps he'll follow to make sure his property is protected:

1. Take an inventory of all your personal belongings. Gabriel makes a list of everything he has in his new apartment, including the new towels and dishes he purchased, his furniture, clothes and electronics. He notes that he has a gold watch that was gifted to him as a college graduation gift, worth $5,000. He determines that he needs $40,000 in personal property coverage and a scheduled personal property endorsement for the watch, since his coverage limits jewelry and watches to $1,500.
2. Consider actual cash value (ACV) vs. replacement cost coverage. Actual cash value (ACV) coverage pays the depreciated value of a damaged or stolen item at the time of the claim, not what it would cost to replace it today. Replacement cost coverage pays the full current cost to replace the item with a new equivalent. Gabriel chooses replacement cost coverage to ensure his belongings are fully replaced if damaged by fire, theft or vandalism.
3. Decide how much liability coverage you want. Gabriel decides to stick with the standard included liability coverage of $100,000, since he doesn't have a lot of assets and has a low-risk lifestyle. He plans to review his coverage annually as he advances in his career and gathers more assets.

Gabriel needs a renters insurance policy with $40,000 in personal property coverage, a scheduled personal property endorsement for his $5,000 watch and $100,000 in liability coverage. With these coverage limits ready, Gabriel can compare renters insurance rates apples to apples across companies.

How to compare renters insurance quotes

Once you have renters insurance quotes in hand, you can review and compare them with these easy steps:

• Review the main coverages to ensure they are the same. You should have the same personal property coverage limits, liability limits and deductible on each quote. Look for replacement cost vs. actual cash value coverage.
• Compare rates and discounts. Beyond the final premium on the quote, look at what discounts were included. Does one company offer a discount another doesn't?
• Look for extras. Some companies include free extras that others charge for. Read through what each policy includes to see if any one options stands out.
• Consider company reputation. Check each company's complaint ratio with your state insurance department and its financial strength rating from AM Best. A company with fewer complaints than the industry average and a financial strength rating of A or better is generally a reliable choice for renters insurance. Our best renters insurance companies of 2026 is a good place to start.

What factors are used to calculate renters insurance rates?

Insurance companies look at the following factors to calculate your renters insurance rates:

• Your ZIP code
• Your coverage amounts  
• Your claims history 
• Weather patterns in your area 
• Theft and crime trends in your ZIP
• Your credit score, in most states

Severe weather, high crime and a history of claims translate to higher rates. Your credit score also affects your renters insurance rate in most states: a lower credit score typically results in higher premiums, while a strong credit score can qualify you for lower rates. 

What does renters insurance cover?

Renters insurance covers three main categories of loss: personal property damage or theft, personal liability and additional living expenses if your rental becomes uninhabitable.

• Personal property coverage pays to repair or replace belongings such as furniture, electronics and clothing if they are damaged by fire, theft, vandalism or other covered events.
• Liability coverage pays for legal costs and damages if someone is injured in your home or if you accidentally damage someone else's property. Standard policies include $100,000; $300,000 is also available.
• Additional living expenses (ALE) coverage pays for temporary housing and related costs if a covered event makes your rental uninhabitable.

Methodology:

Renters insurance rates are fielded in partnership with Quadrant Information Services across all 50 states and Washington, D.C.

Our rate calculator includes data points for

• $20,000, $40,000 and $60,000 in personal property coverage
• $100,000 and $300,000 in liability coverage
• $500 and $1,000 deductibles

Estimates are based on a renter with good credit. Company rate availability varies by state.

Learn more about our data and methodology.

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