Average Cost of Renters Insurance (2024)
The average cost of renters insurance in the United States is $18 per month, or $215 per year.
Find Cheap Renters Insurance Quotes in Your Area
Average renters insurance cost by state
The average cost of renters insurance is $18 per month nationwide, but what you pay may differ based on where you live. That's because the chance of events such as fire, storms and theft, also called perils, varies from place to place.
States with the most expensive renters insurance
The top five most expensive states for renters insurance are all in the Southeast.
Louisiana has the highest average renters insurance quotes. On average, you'll pay $34 per month or $409 per year.
Renters living in Mississippi, Alabama, Georgia and Florida also pay high rates. In those states, rates range from $27 to $31 per month on average.
Renters insurance is more expensive in these states because they regularly experience hurricanes and other natural disasters.
Other factors that impact your renters insurance quote include the age and condition of your building. If you live in an old or poorly maintained apartment or house, you may pay more for renters insurance.
States with the cheapest renters insurance quotes
Renters in New Hampshire, South Dakota and Maine pay the lowest rates in the country, at around $12 per month. Renters insurance may be cheaper in these states because they experience fewer natural disasters.
Iowa and Wisconsin round out the top five most affordable states for renters insurance.
Compare cheap renters insurance in your area
Average cost of renters insurance in major cities
The average cost of renters insurance is $21 per month across 48 major cities in the United States.
That's about $3 per month more than the overall national average. However, renters in Seattle, Los Angeles, New York and Chicago pay cheaper rates — between $14 and $16 per month.
Cost of renters insurance by city
City | Average monthly rate |
|---|---|
| Albuquerque, N.M. | $21 |
| Anaheim, Calif. | $15 |
| Atlanta | $30 |
| Austin, Texas | $17 |
| Baltimore | $18 |
Average renters insurance rates by company
Lemonade usually has the cheapest renters insurance quotes. A Lemonade renters insurance policy costs under $12 per month, or about $140 per year on average.
You can also get affordable rates from State Farm, Travelers, Amica and Nationwide.
Compare cheap renters insurance in your area
Average renters insurance cost by company
Company | Average monthly rate | |
|---|---|---|
| Lemonade | $12 |
| State Farm | $14 |
| Travelers | $17 |
| Amica | $17 |
| Nationwide | $18 |
What factors affect the cost of renters insurance?
Renters insurance quotes are based on several factors, including:
Claims and credit history
You'll pay a higher rate for renters insurance if you've made a claim before. That's because renters insurance companies believe you're more likely to make a claim in the future if you've made one in the past.
Home and renters insurance claims can stay on your insurance record for five to seven years.
Not all claims are viewed equally. Insurance companies consider the type of claim you filed and the settlement amount when determining your insurance quotes. Large claim amounts and liability claims are the most likely to raise your renters insurance rates.
You may get more expensive renters insurance quotes if you have a poor credit score. Insurance companies have found that renters with lower credit scores tend to file claims more often than those with higher credit scores. That makes it riskier for them to insure people with poor credit, which leads to higher rates for renters with lower credit.
Coverage choices
The amount of coverage you get directly affects your renters insurance rate. That means you can lower your monthly costs by choosing a smaller amount of coverage. However, it's important that you have enough coverage to replace all of your property.
It rarely makes sense to get the cheapest coverage option with renters insurance. That's because you won't pay much more for a higher versus a lower coverage level.
For example, you can buy $15,000 of personal property coverage for $15 per month, or $25,000 for $19 per month in Dallas. That means you'll pay just $4 more per month for an extra $10,000 of coverage.
How much is personal property insurance for renters?
Personal property coverage | Average monthly rate |
|---|---|
| $15,000 | $15 |
| $25,000 | $19 |
| $50,000 | $29 |
Quotes are for a renter living in Dallas with $100,000 of liability coverage and a $500 deductible.
In addition, your landlord may require you to get a policy with a minimum amount of liability coverage.
Increasing your personal property coverage costs much more than raising your liability limits. Expanding renters liability coverage from $100,000 to $300,000 raises the average cost of renters insurance by around 7%.
How much is personal liability insurance for renters?
It only costs around $1 per month to increase personal liability coverage from $100,000 to $300,000. Upgrading from $300,000 to $500,000 of liability insurance also costs around $1 more per month.
Personal liability coverage | Average monthly rate |
|---|---|
| $100,000 | $15 |
| $300,000 | $16 |
| $500,000 | $17 |
Quotes are based on a renter living in Dallas with $25,000 of personal property coverage and a $500 deductible.
Deductible amount
Your renters insurance deductible is the amount you must pay to replace your things if you file a claim. A typical renters insurance deductible is $500 or $1,000, but most companies offer a range of options.
You should choose a deductible amount based on how much you can afford to pay out of pocket if you suffer a loss.
Average cost of renters insurance by deductible
Deductible | Average monthly rate |
|---|---|
| $250 | $18 |
| $500 | $17 |
| $1,000 | $15 |
Quotes are based on a renter living in Dallas with $25,000 of personal property coverage and $100,000 of liability coverage.
Choosing a higher deductible means you'll pay less each month for insurance, but you'll have to pay a larger share of the costs if you make a claim. Lower deductibles mean better protection, but at a higher monthly cost.
Your valuables
High-value items like jewelry or art are usually covered up to lower, category-specific limits, or excluded altogether. Endorsements are upgrades to your renters policy that you can buy to add or increase coverage for valuable items.
Common items you may need to add or expand coverage for include:
- Computers and electronics worth over $1,000
- Firearms worth more than $2,500
- Jewelry worth more than $1,000
- Musical instruments worth more than $500
- Sports equipment worth over $500
Adding extra coverage increases the cost of your renters insurance policy. However, that coverage might be necessary if you have valuables that aren't protected by a basic policy. Make sure to review what limits and coverages you're getting before you buy a renters insurance policy.
How to save money on renters insurance
Research available discounts and compare renters insurance quotes to find the cheapest rates.
Qualify for discounts
Renters insurance companies don't typically offer a lot of discounts. However, you can save money by choosing a company that offers discounts you can easily qualify for. Some of the most common renters insurance discounts are:
- Bundling discount
- Claim-free discount
- Home security discount
- Online purchase discount
- Payment discount
Compare renters insurance quotes online
Renters insurance prices vary based on your location, personal information, the amount of coverage you need and your claims history. For that reason, the cheapest company for you may differ from the most affordable option in your state. It's always a good idea to get renters insurance quotes from multiple companies to ensure you get the best rate available.
Frequently asked questions
How much does renters insurance cost?
The average cost of renters insurance is $18 per month. However, the price you'll pay for renters insurance depends on how much coverage you need and where you live.
What is renters insurance?
Renters insurance covers your personal property and it will pay for medical and legal costs if someone gets hurt in your home. Plans also usually pay for living costs like hotel stays if you can't stay at your place for a covered loss. {"content":"You're not able to use your home for a reason specifically mentioned in your renters insurance, such as a fire or certain types of repairs.","icon":"","label":"","triggerText":"covered loss."}
How much is renters insurance in Florida?
The average price of renters insurance in Florida is $27 per month, or $321 per year. Florida ranks as the fifth-most expensive state for renters insurance.
How much renters insurance do I need?
The amount of renters insurance you need depends on how much stuff you have. Your landlord may also require a certain amount of coverage.
How much does renters insurance from State Farm cost?
Renters insurance from State Farm costs $14 per month, on average. However, rates from State Farm range from $7 per month to $34 per month, depending on the state you live in.
Methodology
ValuePenguin collected hundreds of renters insurance quotes from across the county to calculate the average cost of coverage in every state. Quotes came from 12 companies, although not every company was available in every state.
Renters quotes are for an unmarried 25-year-old man who lives alone with no pets. He has never filed a claim and has good credit. He has the following coverage limits:
Coverage | Limits |
|---|---|
| Personal property | $30,000* |
| Personal liability | $100,000 |
| Guest medical protection | $1,000 |
| Deductible | $500 |
*Liberty Mutual only offers a maximum of $25,000 of personal property coverage.
To determine the difference in cost for varying levels of coverage, quotes were gathered from four insurance companies for an apartment in Dallas. Those quotes are for the same 25-year-old man with no pets.
Data on the percentage of renters with insurance came from the Insurance Information Institute's 2020 Triple-I Consumer Poll.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.