Average Cost of Renters Insurance (2025)
Renters pay between $19 and $41 per month for renters insurance.
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Written byAngela Brown
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17+ years in insurance and personal finance writing
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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 $19 and $41 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.
Quick Facts
Renters in Alaska have the lowest average renters insurance premiums.
Renters insurance companies can use your credit history as part of a larger credit-based insurance score to set your renters insurance rate.
Louisiana, Mississippi, and South Carolina have some of the nation’s highest rental insurance rates.
Cost of renters insurance in 2024
Like homeowners insurance, you can add renters insurance to your auto policy or purchase it separately. Renters insurance policies are typically significantly less expensive than homeowners and auto insurance policies. For example, the average rate for liability-only car insurance is $105 per month, and the average rate for homeowners insurance is $198 per month, according to Insurify data.
Renters insurance rates fall significantly below these marks, and you may be able to save time and money if you bundle your rental insurance policy with your auto insurance company. Here, you can see the average rental insurance rates based on specific coverage amounts.
Personal Property/Personal Liability | $30,000/$100,000 | $50,000/$500,000 | $100,000/$750,000 |
|---|---|---|---|
| Average Cost | $19 | $29 | $41 |
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Renters insurance costs by state
The average cost of a renters insurance premium varies between states.
Alaska has the lowest cost for a renters policy, at $5 per month, while Louisiana has the highest monthly average, at $34 per month. Most of the states with the highest average cost for personal property coverage are all in the southern U.S.
Louisiana, Mississippi, 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 Alaska, North Carolina, and Wisconsin, as you can see below.
State  | Monthly Cost (30K Property/100K Liability) |
|---|---|
| Alabama | $18 |
| Alaska | $5 |
| Arizona | $18 |
| Arkansas | $23 |
| California | $19 |
| Colorado | $15 |
| Connecticut | $20 |
| Delaware | $14 |
| Florida | $18 |
| Georgia | $22 |
| Hawaii | $15 |
| Idaho | $15 |
| Illinois | $20 |
| Indiana | $18 |
| Iowa | $12 |
| Kansas | $15 |
| Kentucky | $18 |
| Louisiana | $34 |
| Maine | $15 |
| Maryland | $16 |
| Massachusetts | $19 |
| Michigan | $16 |
| Minnesota | $14 |
| Mississippi | $24 |
| Missouri | $19 |
| Montana | $19 |
| Nebraska | $19 |
| Nevada | $18 |
| New Hampshire | $14 |
| New Jersey | $15 |
| New Mexico | $18 |
| New York | $15 |
| North Carolina | $10 |
| North Dakota | $12 |
| Ohio | $16 |
| Oklahoma | $18 |
| Oregon | $16 |
| Pennsylvania | $12 |
| Rhode Island | $16 |
| South Carolina | $20 |
| South Dakota | $12 |
| Tennessee | $18 |
| Texas | $20 |
| Utah | $15 |
| Vermont | $12 |
| Virginia | $16 |
| Washington | $12 |
| Washington, D.C. | $13 |
| West Virginia | $19 |
| Wisconsin | $11 |
| Wyoming | $18 |
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.
Both Erie and American Family have policies that average $15 and below per month. Some of the biggest insurance companies, including Allstate, USAA, State Farm, and Nationwide, offer some of the lowest renters insurance costs, averaging less than $20 monthly.
Here, you can see the average rates available from many of the nation’s top insurance companies.
Insurance Company | Monthly Cost (30K Property/100K Liability) |
|---|---|
| Erie | $14 |
| American Family | $15 |
| Travelers | $17 |
| ASI | $17 |
| Allstate | $17 |
| USAA | $18 |
| Auto-Owners Insurance Co | $18 |
| State Farm | $18 |
| Farmers | $19 |
| Chubb | $19 |
| Nationwide | $20 |
| Allied | $25 |
| Encompass | $26 |
| Country | $31 |
How insurers calculate 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 risks factors.[2]
Some of the most common factors insurers consider include:
Location: The insurance company will 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 will want at least a basic home inventory to determine how much coverage you need. Your coverage amount will affect the premium.
Deductible: Insurance companies will set your premium based on the risk you’re willing to take. Your premium cost 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.
How to get cheaper renters insurance
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.
How much renters insurance coverage you need
Renters often need help trying to assess how much insurance coverage they need. The first thing you should look at is your personal belongings. Do you have anything expensive or irreplaceable?
You’ll want to make sure you can afford to replace your most important personal items as well as clothing if everything is destroyed. Take a notebook and pen, and make a list of all the items you own. Pay special attention to any electronics, artwork, jewelry, appliances, and other items that could cost a lot to replace.
In addition to your personal possessions, you’ll want to consider liability costs for damages, legal fees, or medical bills if you or a roommate (or family member) are at fault for an accident, injury, or property damage on site.
Most standard renters insurance policies offer coverage up to $100,000, which is likely enough for most renters. You should aim to have enough renters insurance to replace your most important items. If you have expensive valuables like art, jewelry, or vehicles, you may opt for additional coverage such as an umbrella policy.
You should also consider how much of a deductible you can afford and set aside that amount in an emergency fund if you ever need to use it. A higher deductible means that you’ll pay more out of pocket if an incident occurs, but you’ll pay less up front.
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Cost of renters insurance FAQs
If you’re still looking for more information about the cost of renters insurance, here are answers to a few of the most frequently asked questions.
Do you need short-term rental insurance?
Short-term rental insurance may benefit property owners who plan to rent out a home that’s currently unoccupied. But you should check with your landlord’s insurance policy to see what your insurance company offers.
Does renters insurance cost more with high-value items?
You may need to purchase more coverage if you have many high-value items. You’ll have higher rates because you must buy a higher coverage amount.
Is renters insurance worth it?
Everyone’s situation is different, but renters insurance can be very helpful if there’s a fire or another unexpected incident that you can’t afford to pay for. Renters insurance can also offer protection if your pet bites someone or a guest injures themselves while visiting you.
Does the cost of renters insurance depend on your credit score?
Insurance companies will review your credit history before determining your rates. But the insurance company cares more about your risk as a consumer than the actual number on your credit report. Your credit history will factor into your insurance score, which could affect the cost of your policy.[3]
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Sources
- FEMA. "National Risk Index."
- Insurance Information Institute. "Renters Insurance."
- Experian. "Does Credit Affect Renters Insurance?."
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Angela Brown
Angela Brown is a freelance writer with 17 years of professional writing and editing experience.
She specializes in finance, real estate, and insurance content. Angela uses her experience to
create easy-to-understand content that helps consumers understand tough topics better. When
she’s not working, she enjoys spending time with her family and planning vacations.
Angela has been a contributor at Insurify since October 2022.
15+ years in content creation
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
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