How Much Is Renters Insurance? (2024 Rates)

The national average cost of renters insurance is $19 per month, but this varies widely by state.

Daria Kelly Uhlig
Daria Kelly Uhlig
  • Licensed Realtor with 10+ years in personal finance content

  • Contributor to Nasdaq and USA Today

Daria is a licensed Realtor and resort property manager specializing in personal finance, real estate, and insurance topics. In her spare time, she practices photography.

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Katie Powers
Edited byKatie Powers
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Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Updated December 18, 2023 at 11:00 AM PST

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For a small monthly premium, renters insurance protects your personal belongings and other assets. Renters insurance premiums vary widely from one state to the next. For example, Louisiana tenants pay $34 per month but Alaska tenants pay just $5 on average.

Your state and ZIP code play a primary role because risk factors where you live can lead to higher average rates. The area’s vulnerability to natural disasters and the rate of crime — particularly theft — influence how much you pay for renters insurance. The cost of your personal policy will also depend on your coverage limits and type, deductible, insurer, and safety features.[1]

Here’s what you need to know to find the best coverage at the cheapest price.

Quick Facts
  • Renters insurance can cover your living expenses if major damage temporarily forces you out of your home.

  • Renters insurance typically includes personal possessions, liability, and additional living expenses.[2]

  • Some landlords require tenants to carry renters insurance.

Cost of renters insurance by state

Insurance companies partially determine your rates according to the risk associated with your location. If you live in a state prone to frequent severe weather events or in a ZIP code with high rates of crime, you’ll likely face higher renters insurance premiums.

5 states with the cheapest renters insurance

The five states with the lowest renters insurance all have fairly low crime rates, which likely helps keep rates less expensive. Alaska, where renters insurance is the cheapest on average, also experiences a low number of billion-dollar weather events — just eight since 1980.[3]

The following table compares the average monthly costs of renters insurance in the five cheapest states. The costs below reflect insurance policies with $100,000 in liability coverage and personal property coverage worth $30,000.

StateAverage Monthly Cost
Alaska$5
North Carolina$10
Wisconsin$11
Iowa$12
North Dakota$12
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.

5 states with the most expensive renters insurance

Louisiana, the highest-priced state for renters insurance, has an average monthly cost nearly seven times higher than the average for the cheapest state. It also has one of the highest crime rates in the nation and a long list of billion-dollar weather disasters. The other states below are also vulnerable to certain severe weather events.

Below, you can find average costs for the five most expensive states for renters insurance. Costs reflect a $100,000 liability renters insurance policy covering $30,000 in personal property.

StateAverage Monthly Cost
Louisiana$34
Mississippi$24
Arkansas$23
Georgia$22
Texas$20
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.

Cost of renters insurance by company

Although all insurance companies determine rates by considering risk factors, they each have unique ways of measuring risk and weighing specific risk factors. As a result, insurance rates can vary widely by company.

The following companies offer the cheapest renters insurance policies on average.

Insurance CompanyAverage Monthly National Cost
Erie$14
American Family$15
Travelers$17
ASI$17
Allstate$17
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.

Cost of renters insurance by coverage amount

Just like with homeowners insurance, the amount of coverage you select will affect the cost of your renters insurance policy.

A typical renters insurance policy includes three different types of coverage:

  • Personal property coverage

  • Liability coverage

  • Loss of use coverage

Find the average monthly renters insurance cost by coverage amount below. The reflected coverage limits are common throughout the industry.

Personal PropertyPersonal LiabilityLoss of UseAverage Monthly Cost
$30,000$100,00040% of property coverage$19
$50,000$500,00040% of property coverage$29
$100,000$750,00040% of property coverage$41

Renters insurance deductible

Your renters insurance deductible is the out-of-pocket amount you need to pay before your policy kicks in to cover a claim. Typically, your renters insurance company will let you decide your deductible amount, which commonly ranges between $500 and $1,000.[4]

Here’s an example of how that works. If you have a $500 deductible and file a $1,000 claim for water damage to your belongings from a leaking roof, you’ll pay $500 and the insurance company will pay the rest. But if your deductible is $1,000, you’ll have to pay for all the damage out of pocket.

The deductible you choose affects your renters insurance premium. Higher deductibles reduce the insurance company’s risk, so you’ll typically pay less for your policy. However, make sure you can comfortably pay your deductible amount in the event of damage.

What renters insurance covers

The following coverages are part of a renters insurance policy and will provide you with comprehensive financial protection:

  • illustration card https://a.storyblok.com/f/162273/100x100/c922a01b77/house.svg

    Personal property coverage

    Personal property coverage protects your belongings if a covered event damages or destroys them. Covered events include fire, theft, vandalism, explosions, water (other than from a flood), and wind. You have a choice between an actual cash value or replacement cost policy.

  • illustration card https://a.storyblok.com/f/162273/x/4c9753bdbe/medical-payments.svg

    Liability coverage

    If you, your family, or your pet cause damage to a guest or their property, this coverage can kick in. For example, if your dog chews apart a guest’s expensive jewelry, your insurance might cover it. It would also cover legal costs and provide no-fault medical protection to pay medical expenses for an injured party (but not for people who live in the home).

  • illustration card https://a.storyblok.com/f/162273/100x100/e5213a7025/loss-of-use.svg

    Loss of use coverage

    Also known as additional living expenses coverage, this protects you if a covered event badly damages or destroys your rented home and you have to live elsewhere temporarily. It covers the costs of a hotel or short-term rental, meals, and even commuting expenses if you’re staying farther away from work.

Pros and cons of renters insurance

Tenants can often choose for themselves whether to get renters insurance, but some landlords require it as part of their leasing agreements. It’s important to consider all the relevant drawbacks and benefits before you buy a policy.

Pros
  • Very inexpensive

  • Provides comprehensive protection for your assets

  • Covers your belongings even when they’re off the property[5]

Cons
  • Liability protection excludes your own damages and injuries

  • Low additional living expenses coverage limits

  • Roommates usually aren’t covered under your policy

Factors that affect renters insurance rates

A number of factors influence your insurance rates, including:

  • Location: Insurance companies consider crime rates in your ZIP code, distance from emergency services, and how vulnerable your area is to natural disasters.

  • Credit: Renters insurance companies use your credit history to calculate a credit-based insurance score. Low scores indicate a higher probability of filing a claim, so the insurance agency will charge higher rates.

  • Claims: Previous claims make you riskier to insure and increase your renters insurance rate.

  • Coverage limits: Your coverage limits determine how much the insurer might have to pay out for claims. Higher limits mean larger claims and more expensive rates.

  • Deductible: As with coverage limits, the more the insurer might have to pay on claims, the more they’re likely to charge you. Higher deductibles usually mean lower rates.

  • Other factors: Having pets — especially certain dog breeds — or potentially dangerous amenities, like a pool or hot tub, can result in higher renters insurance rates.

How to get cheap renters insurance

With so many insurance companies to choose from, finding the one with the cheapest rates for the coverage you need can be tricky. Here’s how to do it:

  • Comparison shop. You can request quotes from insurer websites or use a price-comparison platform to get personalized quotes from several insurance companies at the same time. Comparing multiple quotes can help you find the cheapest coverage.

  • Choose lower coverage limits. Renters insurance with lower coverage limits costs less. Consider decreasing your limits, but don’t go so low as to leave yourself underinsured.

  • Choose a higher deductible. Higher deductibles mean lower premiums because you pay more out of pocket. To be safe, put the amount of the deductible into a savings account in case you have to file a claim.

  • Install safety devices. Having safety equipment like deadbolts, security systems, and fire sprinklers in the home can reduce your premium.

  • Bundle your renters and auto policy. Many insurance companies offer discounts when you have more than one policy with them.

  • Stick with your insurance company. Insurance companies sometimes offer loyalty discounts, so finding a good insurer and sticking with it can save you money over time.

Renters insurance FAQs

Determining how much renters insurance you need depends on your location, personal property, and more, but coverage is typically inexpensive. The following information should answer your remaining questions about renters insurance.

  • How much renters insurance do you need?

    It’s a good idea to purchase enough renters insurance to cover the replacement cost of your personal property. You should have enough liability insurance to protect your financial and other material assets, so consider purchasing enough to cover your net worth in case a serious incident results in a major lawsuit.

  • Does landlord insurance cover a renter’s property?

    The landlord’s insurance covers the building structure and the landlord’s personal property. It doesn’t cover the personal property of tenants. You need to buy your own coverage if you want to protect your personal belongings.

  • Is renters insurance cheaper in an apartment, condo, or house?

    Renters insurance rates factor in the location of a building and the building’s features and characteristics, such as building materials, safety equipment, and whether it has potentially dangerous amenities.

    However, if the insurance company finds that a multifamily property poses a different level of risk than a single-family detached property, it might charge a different rate based on that difference in risk. You may want to speak with a renters insurance agent about specific properties you’re considering.

  • Should you get renters insurance?

    Yes. Renters insurance is an excellent investment. For about the price of a monthly streaming subscription, you can protect your personal belongings and your other assets from catastrophic losses due to an unexpected emergency. Coverage is usually inexpensive, and shopping around for coverage will help ensure that you get a low rate.

Sources

  1. Experian. "7 Factors That Impact Your Renters Insurance Cost." Accessed November 20, 2023
  2. Insurance Information Institute. "Renters Insurance." Accessed November 20, 2023
  3. National Centers for Environmental Information. "Billion-Dollar Weather and Climate Disasters." Accessed November 20, 2023
  4. Insurance Information Institute. "Your renters insurance guide." Accessed November 20, 2023
  5. National Association of Insurance Commissioners. "Renting Your Home? Protect Your Belongings with Renters Insurance." Accessed November 20, 2023
Daria Kelly Uhlig
Daria Kelly Uhlig

Daria Uhlig is a freelance writer and editor with over a decade of experience creating personal finance content. Her work appears on USA Today, Nasdaq, MSN, Yahoo Finance, Fox Business, GOBankingRates and AOL. As a licensed Realtor and resort property manager, she specializes in real estate topics, including landlord, homeowners and renters insurance. In her spare time, Daria can be found photographing people and places on Maryland's Eastern Shore. Connect with her on LinkedIn.

Katie Powers
Edited byKatie PowersAuto and Life Insurance Editor
Photo of an Insurify author
Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

Featured in

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