How Much Is Renters Insurance? (2026)

Even if you live in an apartment, you still have ways to protect your personal property from financial loss. While renters insurance is optional, many landlords require tenants to carry a policy to cover losses in the event of an accident, break-in, or other incident. On average, Americans pay between $17 and $28 per month for a renters insurance policy, depending on the amount of coverage they choose.

Protecting your personal belongings, even on a property you don’t own, can save you financial stress if your belongings are stolen or destroyed. Here’s what you need to know about renters insurance and the factors that affect your costs.

How much is renters insurance?

Renters insurance costs an average of $22 per month for $30,000 in property damage coverage. But many factors affect your rate, including where you live, the coverage limits you choose, your deductible, and even which insurer you decide on.

For example, if you have higher-value belongings, you may want to consider a higher coverage limit, but you’ll have to pay more for that coverage. If you live in a city, you’ll likely pay more than someone in the suburbs because of a higher risk of theft.

The table below shows how rates fluctuate based on your coverage limits, according to Insurify data.

Personal Property Coverage Limit	Average Monthly Quote	Average Annual Quote
$15,000	$17	$204
$30,000	$22	$264
$50,000	$28	$336

Renters insurance costs by state

The average cost of a renters insurance premium varies between states. 

Delaware has the lowest average cost for a renters policy, at $15 per month, while Michigan has the highest monthly average, at $39 per month.

Louisiana, Florida, Georgia, Texas, and South Carolina all have higher-than-average rates for renters insurance. These states also have cities within FEMA’s moderate- to high-risk ranges for hurricanes, which likely affects the average cost of insurance.^[1]

States with the lowest renters insurance policy costs include Delaware, Iowa, and South Dakota, as you can see below. Rates are for renters policies with $30,000 in personal property coverage and $100,000 in personal liability coverage.

State	Average Monthly Cost
Alabama	$31
Alaska	$23
Arizona	$26
Arkansas	$35
California	$23
Colorado	$23
Connecticut	$24
Delaware	$15
Florida	$27
Georgia	$32
Hawaii	$25
Idaho	$20
Illinois	$24
Indiana	$26
Iowa	$17
Kansas	$22
Kentucky	$34
Louisiana	$36
Maine	$19
Maryland	$27
Massachusetts	$21
Michigan	$39
Minnesota	$24
Mississippi	$39
Missouri	$28
Montana	$22
Nebraska	$18
Nevada	$20
New Hampshire	$22
New Jersey	$22
New Mexico	$23
New York	$18
North Carolina	$20
North Dakota	$20
Ohio	$24
Oklahoma	$29
Oregon	$21
Pennsylvania	$23
Rhode Island	$22
South Carolina	$27
South Dakota	$16
Tennessee	$29
Texas	$28
Utah	$21
Vermont	$20
Virginia	$19
Washington	$18
Washington, D.C.	$21
West Virginia	$24
Wisconsin	$19
Wyoming	$19

Most expensive cities for renters insurance

Insurance companies consider your location when giving you a renters insurance quote because every city has its own unique risks, including theft rates, weather conditions, and replacement costs.

The most expensive city is Detroit, Michigan, likely due to being a highly populated city with a high theft rate.

Other expensive cities are in hurricane-vulnerable southern states like Georgia, Mississippi, and Louisiana.

City	Average Monthly Quote
Detroit, MI	$79
Jackson, MS	$43
Biloxi, MS	$41
Gulfport, MS	$41
New Orleans, LA	$41
Louisville, KY	$38
Atlanta, GA	$37
Lafayette, LA	$36
Baton Rouge, LA	$35
Covington, KY	$35

Cheapest cities for renters insurance

The cheapest cities for renters insurance range across the U.S., but rural areas generally have cheaper rates. Some reasons may include a low risk of severe weather damage, low theft risk, or low replacement costs.

The cheapest city for renters insurance is Rapid City, South Dakota, at only $13 per month for $30,000 in coverage.

The table below shows the cheapest cities for renters insurance.

City	Average Monthly Quote
Rapid City, SD	$13
Newark, DE	$14
Syracuse, NY	$14
Watertown, SD	$15
Austin, TX	$15
Des Moines, IA	$16
Brookings, SD	$16
Arlington, VA	$16
Casper, WY	$16
Dover, DE	$17

Cost of renters insurance by insurance company

Renters insurance rates are generally affordable regardless of insurer. But some companies offer coverage that’s even more budget-friendly.

State Farm has the cheapest average rate, at $15 per month for a $30,000 policy. Other cheap insurers include Lemonade, Amica, and Allstate.

Here, you can see the average rates available from many of the nation’s top insurance companies.

Insurance Company	Average Monthly Cost: 30K Property/100K Liability
State Farm	$15
Lemonade	$18
Amica	$22
Allstate	$23
Progressive	$26
GEICO	$27
The Hartford	$27
Assurant	$28
American Family Insurance	$34
Liberty Mutual	$34
Farmers	$39

What affects the cost of renters insurance?

Renters insurance policies operate similarly to auto insurance and life insurance. Insurance companies look at your applicable risk factors and other information to determine how likely you are to file a claim. They then assign an insurance rate based on those risk factors.^[2]

Some of the most common factors insurers consider include:

• Location: Insurers look at your ZIP code and consider if it’s in a high-crime area or if your property sits in a flood zone or an area at risk for other natural disasters.

• The value of your stuff: Most insurance companies want at least a basic home inventory to determine how much coverage you need. Your coverage amount will affect the premium.

• Deductible: Insurance companies set your premium based on the risk you’re willing to take. Your premium will be lower if you have a higher deductible because you’ll pay more out of pocket before your coverage kicks in.

• Liability: Renters policies also include liability coverage, which pays for injuries and medical expenses for visitors injured at your home. Basic policies typically include around $100,000 of coverage.

• Cash value: When you choose your policy, you’ll need to decide between an actual cash value policy and a replacement cost policy. The payouts vary widely, and you’ll see a lower premium cost for actual cash value coverage versus replacement cost coverage because actual cash value takes depreciation into account when reimbursing you for your losses. Replacement cost policies reimburse you at the original value of your objects, meaning the insurer will pay more to cover your claim.

What renters insurance covers

Renters insurance covers four main things: personal property, personal liability, medical payments, and loss of use. For example, if a fire damages your possessions, your renters insurance would help pay for them, but it wouldn’t cover any damage to your apartment.

Landlord insurance covers the physical structure of your apartment, but it’s your landlord’s responsibility to have. Home insurance is for people who have a mortgage on their house, and it covers both possessions and the physical structure of the home.

Here’s how the components of renters insurance work:

• Personal property: Renters insurance covers your personal property up to your coverage limits. If a peril damages or destroys your items, renters insurance will pay to replace them.

• Personal liability: Personal liability kicks in if someone sues you if they get an injury on your property or if you damage someone else’s property. It may also pay for damage your pet causes.

• Medical expenses: Medical expenses coverage will help pay for medical bills if someone gets hurt in your apartment.

• Additional living expenses: Also known as loss of use, additional living expenses helps pay for accommodations and food if your apartment is uninhabitable after a covered peril.

How much renters insurance coverage you need

The most common coverage amount for renters insurance is $30,000 in property damage coverage, which is typically enough for most renters. You should aim to have enough renters insurance to replace your most important items.

It’s a good idea to make a home inventory and keep receipts for big purchases, like electronics. If you have expensive valuables like art or jewelry, you may opt for additional coverage — such as an umbrella policy.

How to lower renters insurance costs

If you’re looking for an affordable renters insurance policy, here are a few things you can do to get the best rates possible while getting the coverage you need:

• 

  Opt for a lower coverage amount

  If you don’t have very expensive items in your home, or you can cover some of the replacement costs, you may choose a lower coverage amount. This reduces the financial risk for your insurer and will save you money each month.

• 

  Bundle your insurance policies

  Talk to your insurance agent about adding a renters insurance policy to an existing policy. Often, insurance companies will provide a discount for one or both policies.

• 

  Choose a cash value policy

  Actual cash value coverage considers depreciation when paying out for a loss on a personal item. In contrast, a replacement cost policy will pay the total cost to replace an item ignoring depreciation. This makes replacement cost protection more expensive for the insurer and actual cash value coverage cheaper for you.

• 

  Add a security system

  By adding security features like an alarm system, smoke detectors, and cameras to protect your home, you may save money on your renters insurance policy.

• 

  Compare rates

  No matter what type of insurance policy you’re looking for, it’s a good idea to compare rates from multiple insurers to help ensure you get the most coverage for the cost. Consider looking at products from at least three different renters insurance companies to ensure you get the best renters insurance for your needs.

Renters insurance FAQs