How Much Is Renters Insurance?

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The national average of renters insurance is $14 per month. Where you live, your coverage limits and your claim history will have an effect on how much you pay for coverage. Learn how you can lower your renters insurance costs as well as what you should look for when deciding on a policy.

Key Takeaways

  • Renters insurance costs an average of $14 per month.
  • Factors that affect the cost of renters insurance include your coverage limits, deductible, location, claims history, applicable discounts and the insurance company.
  • Having a higher deductible could cause your premium to be lower.
  • A standard renters insurance policy typically includes personal property coverage, liability coverage and additional living expenses coverage.

What Factors Affect the Cost of a Renters Insurance Policy?

The cost of a renters insurance policy can vary depending on various factors, including your coverage limits, deductible and where you live. Here is a more detailed analysis of the factors that affect the cost of renters insurance:

  • Coverage limits: The higher the coverage limit, the more expensive the policy will be. The coverage limit is the maximum amount that the policy will pay out in the event of a covered peril.
  • Deductible: Choosing a higher deductible will result in lower monthly payments. Just be mindful that you will pay more out of pocket before your insurance coverage kicks in if you file a claim.
  • Location: Living in an area that is vulnerable to crime and natural disasters can lead to higher insurance premiums.
  • Previous claims: The more claims on your insurance record, the higher risk you are to renters insurance companies. Insurers increase rates as a result.
  • Credit score: Some insurance companies use credit-based insurance scores when calculating premiums. Higher credit can correlate with cheaper renters insurance rates.
  • Insurance company: Each company uses its own methodology for calculating rates. That’s why you might see one insurer offering a cheaper rate for the same level of coverage.
  • Discounts: You may qualify for more discounts with one company versus another, potentially resulting in a lower rate.
  • Pets: Dogs in particular are considered a potential risk due to the possibility of bites, especially if the dog is considered a high-risk breed like a mastiff or pitbull.

Average Cost of Renters Insurance by State

Renters insurance rates can range from $10 to $21 per month depending on your state, with the national average being $14. The most expensive states to rent are Louisiana ($21), Mississippi ($21) and Alabama ($19).[1]

The below table provides a state-by-state breakdown (including the District of Columbia) of the average cost of renters insurance coverage based on data pulled from the National Association of Insurance Commissioners (NAIC).[1]

State Average Monthly Rate Average Yearly Rate
Alabama $19 $225
Alaska $15 $186
Arizona $14 $164
Arkansas $18 $210
California $14 $171
Colorado $13 $161
Connecticut $15 $180
Delaware $13 $151
District of Columbia $13 $159
Florida $15 $182
Georgia $18 $212
Hawaii $15 $176
Idaho $12 $148
Illinois $13 $157
Indiana $14 $164
Iowa $11 $136
Kansas $14 $162
Kentucky $13 $157
Louisiana $21 $247
Maine $12 $148
Maryland $13 $160
Massachusetts $14 $172
Michigan $15 $181
Minnesota $11 $134
Mississippi $21 $256
Missouri $14 $172
Montana $13 $153
Nebraska $12 $143
Nevada $15 $179
New Hampshire $12 $147
New Jersey $13 $154
New Mexico $15 $180
New York $14 $173
North Carolina $13 $160
North Dakota $10 $116
Ohio $14 $162
Oklahoma $19 $226
Oregon $13 $154
Pennsylvania $13 $152
Rhode Island $15 $183
South Carolina $16 $186
South Dakota $10 $118
Tennessee $16 $187
Texas $18 $216
Utah $13 $147
Vermont $13 $151
Virginia $13 $152
Washington $13 $158
West Virginia $15 $179
Wisconsin $11 $128
Wyoming $12 $146
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Which States Have the Most Affordable Renters Insurance?

North Dakota and South Dakota (both $10 per month) round out the top most affordable states for renters insurance based on the NAIC data.

states with cheapest renters insurance bar graph

Even so, nearly half of all U.S. states charge $13 or cheaper per month on average for renters insurance, which is only slightly above the cheapest pair of states.

How Much Renters Insurance Do I Need?

The typical tenant will want up to $30,000 of personal property coverage. Choosing the right coverage amount will depend on various factors but especially your area’s local perils and crime rates and the value of your personal belongings.

For example, if you’re renting in an area with a series of break-ins and vandalism, then you may want to bump up your coverage limits. On the other hand, some perils are not covered by a standard renters policy, like earthquakes and floods, so you will need to buy a standalone policy.

You will also want to take inventory of your personal belongings. This can include furniture, electronics, clothing, jewelry and other valuables. Tallying up the total value of your personal belongings can help you determine an appropriate coverage amount. If you own a lot of items and they’re high value, then you’ll likely want to buy more coverage.

What’s Included in Renters Insurance?

A standard renters insurance policy typically includes the following types of coverage if your losses were caused by a covered peril, like fire, burglary, vandalism or windstorm:




Personal Property

Covers your personal belongings like electronics, furniture and clothes

A vandal breaks into your unit and breaks your treasured Christmas Story leg lamp


Provides protection if you’re held legally responsible for another person’s injury or property damage

You spilled water on the floor and a guest suffers a slip-and-fall injury

Additional Living Expenses

Pays for temporary living expenses, such as hotel costs or meals, if your home is temporarily unlivable

The vandals that broke your leg lamp demolished the inside of your unit plus broke your front door and windows

Keep in mind that renters insurance will not cover the actual structure if it is damaged. That should be covered by your landlord's policy.

How To Find Cheap Renters Insurance

Here’s a step-by-step guide to help you get renters insurance when needed.

  1. Understand the type of coverage you need: This includes the amount of coverage that is sufficient for your situation before you start shopping. This can help you get accurate renters insurance quotes from different insurance companies.
  2. Contact multiple insurance companies: Request quotes for the coverage you need so you can compare pricing. Remember that while price is an important factor, choosing a reputable insurance company with good customer service and a strong financial rating is also important. Look for reviews and ratings online before making a decision.
  3. Ask about discounts: You may save money by installing a security camera in your unit, not smoking inside or bundling your renters and auto policy. Your insurer will inform you of other discounts that may be available.
  4. Check with your employer: You may also be able to get a discount through your employer or professional organization.
  5. Get coverage: Your premium will usually be paid every month, every six months or every year.

How to Lower Your Renters Insurance Cost

There are several ways to lower your renters insurance cost such as qualifying for discounts and adjusting your deductible:

  • Increase your deductible
  • Bundle your insurance policies to enjoy a bundling discount
  • Ask about additional discounts like having a claims-free history
  • Compare rates from multiple insurers (be sure to use an apples-to-apples comparison when it comes to coverage)
  • Take steps to reduce risks such as installing smoke detectors or security systems which can lower your premium
  • Review your coverage annually and make sure your policy reflects your needs and budget


Is renters insurance worth it?

Renters insurance is worth it as it provides financial protection for your personal belongings and liability coverage in case of accidents or damages that may occur in your rental property.

Is renters insurance always required?

Renters insurance is not required by law. However, some landlords may require tenants to have renters insurance as a condition of the lease agreement.

Can I bundle renters insurance with my car insurance policy?

Many insurance companies offer bundling options for renters and auto insurance policies. Bundling can also simplify the insurance process by having both policies with the same insurance carrier.

What is the average cost of renters insurance in the US?

The average cost of renters insurance in the US is $14 per month according to the National Association of Insurance Commissioners. Rates can vary widely based on location, coverage limits and the renter's claims history, among other factors.

Can a landlord force you to have renters insurance?

A landlord can require a tenant to have renters insurance as a condition of leasing the property. However, the specific requirements may vary depending on the rental agreement.


  1. National Association of Insurance Commissioners. “Dwelling Fire, Homeowners Owner-Occupied and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report: Data for 2020,” Pages 134-184. Accessed March 7, 2023.

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