How Much Is Renters Insurance?

Many people wrongly assume that a landlord’s policy will protect them if something terrible happens, but that is just not true. Only a renter’s policy will cover you if you need to replace or repair your belongings, up to limits, if they are damaged or stolen. A landlord’s policy would not pay for your things, nor would it pay for lodgings if you have no choice but to stay in a hotel if your apartment became uninhabitable after a fire or other covered event. The good news is that renters insurance is more affordable than home insurance because it only covers your things, not the structure of a building. Another great fact is that your belongings are covered by renters insurance even when they are stolen out of a car or elsewhere, as long as they are cataloged in your home inventory. Did your bike get stolen? It’s covered by renters insurance.

The cost of renters insurance can vary from state to state, but on average it can range from $12 to $37 per month or $139 to $442 annually. How much you pay depends on a variety of factors that insurers take into account when calculating your rates.

What Factors Affect the Costs of a Renters Insurance Policy?

Factors that could affect how much your renters insurance policy will cost include:

  • The state you live in
  • The location of your residence (areas with high rates of crime and instances of natural disasters can increase renters insurance premiums)
  • Your insurer
  • How much coverage is needed and types of valuables
  • The type and amounts of coverage you need
  • Your policy deductible
  • Your insurance claims history
  • Your credit history
  • Riders, if any
Keeping an ongoing list tracking your personal inventory is highly effective.

Average Renters Insurance Cost by State

The average cost of renters insurance nationwide is $19 per month, but this price may be different depending on where you live, especially if you live in an area that has a high likelihood for storms, flooding, fires, theft and earthquakes. Below are the average monthly and annual renters insurance rates for 2021:

State

Monthly Rate on Average

Annual Rate on Average

Alabama

$29

$346

Alaska

$16

$187

Arizona

$17

$204

Arkansas

$30

$360

California

$16

$195

Colorado

$15

$180

Connecticut

$19

$228

Delaware

$20

$245

Florida

$29

$348

Georgia

$25

$300

Hawaii

$19

$224

Idaho

$16

$192

Illinois

$14

$168

Indiana

$20

$240

Iowa

$17

$204

Kansas

$17

$204

Kentucky

$18

$218

Louisiana

$37

$442

Maine

$13

$156

Maryland

$16

$191

Massachusetts

$16

$192

Michigan

$34

$408

Minnesota

$15

$176

Mississippi

$27

$318

Missouri

$22

$260

Montana

$14

$168

Nebraska

$14

$172

Nevada

$18

$216

New Hampshire

$12

$139

New Jersey

$16

$195

New Mexico

$22

$264

New York

$13

$150

North Carolina

$17

$200

North Dakota

$15

$185

Ohio

$20

$237

Oklahoma

$30

$360

Oregon

$15

$180

Pennsylvania

$14

$168

Rhode Island

$16

$193

South Carolina

$19

$230

South Dakota

$14

$162

Tennessee

$22

$260

Texas

$26

$312

Utah

$12

$144

Vermont

$14

$168

Virginia

$16

$192

Washington

$15

$180

West Virginia

$19

$228

Wisconsin

$15

$180

Wyoming

$12

$148

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Which States Have the Most Affordable Renters Insurance?

New York and Maine round out the top five most affordable states for renters insurance. New York has the highest proportion of renters of any state in the country, so strong competition for renters insurance helps lower rates.

states with the most affordable renters insurance rates against national average in bar graph

How Much Is Renters Insurance in the Largest Us Cities?

If you live in one of the country’s 25 largest metropolitan areas, you can find the average cost of renters insurance in your city below. Atlanta is the most expensive at $269 per year on average (about $22 per month), while Columbus is the most affordable at $137, or about $11 per month, on average.

City

Average monthly cost

Average annual cost

Atlanta

$22

$269

Austin 

$14

$172 

Charlotte

$12

$143 

Chicago 

$18

$215

Columbus 

$11

$137

Dallas

$17

$206

Denver

$14

$171

El Paso

$15

$179

Fort Worth

$19

$225

Houston

$22

$262

Indianapolis

$15

$177

Jacksonville

$13

$161

Las Vegas

$15

$174

Los Angeles

$21

$256

Louisville

$15

$176

Memphis

$16

$187

New York City

$15

$174

Oklahoma City

$18

$219

Philadelphia

$15

$179

Phoenix

$16

$193

San Antonio

$18

$216

San Diego

$16

$197

San Francisco

$20

$236

San Jose

$18

$211

Seattle

$12

$144

Your belongings are covered even when they are stolen out of a car or elsewhere, as long as they are cataloged in your home inventory.

How Much Renters Insurance Do I Need?

Figuring out how much renters insurance you need can depend on different factors like the value of your possessions and how much liability coverage you want. The first step is taking a home inventory of your personal property so you can get an idea of the amount of coverage you need and how much it is likely to cost.

Taking a home inventory

You may not have a clear idea of the true value of your assets, which is why keeping an ongoing list tracking your personal inventory is highly effective. Different insurers will have different limits on how much coverage they will offer for your valuables, so you may want to consider additional insurance to protect those items. Here are some tips on what to include in your home inventory:

  • Detailed descriptions of each item of belonging, especially valuable items, electronics, jewelry and more
  • Photographs/Videos of your possessions
  • Receipts with date, location, and amount of purchase
  • Serial numbers, model type, and manufacturer
  • Current monetary value of items, including any updates and appraisals

Liability coverage

If someone is hurt on your property, liability insurance can help cover their medical costs and your legal fees, if necessary. For example, if someone slips and falls in your backyard or gets hurt in your pool, they may sue you to help them mitigate their expenses.

FAQs

Is renters insurance worth it?

Renters insurance is a reliable and cost-effective way to cover losses from certain perils like fire, theft, storms and other damage to your residence. It also offers liability coverage to protect you in case someone is injured at your place.

Is renters insurance always required?

Renters insurance isn't required unless your building or landlord requires it. Even if it is not required, however, you should consider purchasing a renters insurance policy to protect your belongings and if someone is hurt in your home.

Can I bundle renters insurance with auto insurance?

Most major insurers will allow you to bundle renters insurance with car insurance. Bundling allows you to save money.

Key Takeaways

  • Renters insurance will pay for your personal possessions up to the coverage limit.
  • It provides a safety net in the event of stolen property, or damage due to fire or storms.
  • Renters insurance can reimburse you for a hotel stay if your rental becomes uninhabitable.

Protect yourself from damages to your possessions by entering your zip code below and answering a few questions to receive free renters insurance quotes for the lowest rates in your area.

Get a Free Renters Insurance Quote.