- How much is renters insurance?
- How much is renters insurance for $100,000 in liability coverage?
- How much is renters insurance for $300,000 liability coverage?
- Renters insurance costs at a glance
- Renters insurance cost by company
- Renters insurance cost by liability coverage
- Renters insurance cost calculator
- How much is renters insurance in your state?
- How much is renters insurance by city?
- How much is renters insurance per month?
- Factors that affect the cost of renters insurance
- How to lower your renters insurance premium
- How to get a renters insurance estimate
- Average renters insurance cost: The bottom line
- Methodology
- Frequently asked questions
How much is renters insurance?
The average cost of renters insurance is $263 a year, or about $22 a month. That’s the national average for a policy with $40,000 of personal property coverage, a $1,000 deductible and $300,000 of liability protection, according to our most recent rate analysis.
Renters insurance rates increase as you add more coverage, but some coverages cost more than others.
How much is renters insurance for $100,000 in liability coverage?
Here’s how a $100,000 renters insurance policy compares to a $300,000 renters insurance policy. You’ll see that when you increase your tenant liability insurance coverage, the increase in cost is minimal. These renters insurance prices all have a $1,000 deductible:
- $20,000 property/$100,000 liability: $177
- $40,000 property/$100,000 liability: $246
- $60,000 property/$100,000 liability: $315
How much is renters insurance for $300,000 liability coverage?
- $20,000 property/$300,000 liability: $193
- $40,000 property/$300,000 liability: $263
- $60,000 property/$300,000 liability: $333
Renters insurance costs at a glance
How much does renters insurance cost on average? We've put together an overview of renters insurance costs below, from the most and least expensive states to the insurance company with the cheapest renters insurance rates.
| Renters insurance rate type | Average renters insurance rate |
|---|---|
| Annual renters insurance cost - national | $263 a year |
| Renters insurance cost per month - national | $22 a month |
| State with the most expensive renters insurance | Louisiana - $504 a year |
| State with the least expensive renters insurance | Wyoming - $136 a year |
| Cheapest renters insurance company | State Farm - $195 a year |
Renters insurance cost by company
Shopping around for renters insurance coverage with multiple renters insurance companies is the best way to get a great deal. USAA is the cheapest at $191 a year, but is only open to military members. State Farm is second-cheapest at $195 a year on average. Here are some average annual renters insurance rates by company:
| Company | Average annual rate |
|---|---|
| USAA* | $191 |
| State Farm | $195 |
| Progressive | $215 |
| Auto-Owners | $223 |
| Allstate | $272 |
| American Family | $274 |
| Erie Insurance | $279 |
| Nationwide | $297 |
| Farmers | $325 |
| Travelers | $421 |
Renters insurance cost by liability coverage
Here is the breakdown by company for $40,000 in personal property coverage, $1,000 deductible and two different levels of liability coverage. State Farm is the cheapest at either coverage level, unless you qualify for USAA.
| Company | $100,000 in liability coverage | $300,000 in liability coverage |
|---|---|---|
| USAA* | $173 | $191 |
| State Farm | $184 | $195 |
| Progressive | $201 | $215 |
| Auto-Owners | $218 | $223 |
| Allstate | $245 | $272 |
| American Family | $257 | $274 |
| Erie Insurance | $253 | $279 |
| Nationwide | $285 | $297 |
| Farmers | $300 | $325 |
| Travelers | $387 | $421 |
* USAA is only available to military members and their families.
Renters insurance cost calculator
What you pay for renters insurance will depend on factors like your credit history, where you live, and the amount of coverage you need. Whether you need apartment insurance or tenant insurance for a single-family home, calculating the cost of renters insurance is easy. The renters insurance calculator below will show you your state's most and least expensive ZIP codes.
To get a personalized renters insurance quote, enter your ZIP code and choose a personal property, deductible, and liability limit.
Renters insurance calculator
Average renters insurance rates in TexasMost & least expensive ZIP codes for renters insurance in Texas
Most expensive
| ZIP code | City | Highest rate |
|---|---|---|
| 78368 | Mathis | $264 |
| 77014 | Houston | $264 |
| 77444 | Guy | $263 |
| 77374 | Thicket | $262 |
Least expensive
| ZIP code | City | Lowest rate |
|---|---|---|
| 75070 | McKinney | $183 |
| 78132 | New Braunfels | $183 |
| 75072 | McKinney | $183 |
| 75013 | Allen | $183 |
How much is renters insurance in your state?
The cost of renters insurance by state varies. Compared to the national average of $263 for apartment renters insurance, Louisiana, Rhode Island and Mississippi are the most expensive, at between $387 and $504 a year. Wyoming is the cheapest, at $136 a year.
Below are the average rental insurance costs by state so you know what to expect. Rates are for personal property coverage of $20,000, $40,000, and $60,000, liability limits of $100,000 and $300,000, and a $1,000 deductible.
| State | $20,000/$100,000 liability | $40,000/$100,000 liability | $40,000/$300,000 liability | $60,000/$300,000 liability |
|---|---|---|---|---|
| Alaska | $181 | $233 | $257 | $308 |
| Alabama | $225 | $310 | $324 | $411 |
| Arkansas | $247 | $346 | $363 | $464 |
| Arizona | $170 | $237 | $260 | $327 |
| California | $205 | $253 | $271 | $322 |
| Colorado | $135 | $175 | $191 | $232 |
| Connecticut | $187 | $265 | $292 | $370 |
| Washington, D.C. | $204 | $260 | $272 | $373 |
| Delaware | $131 | $170 | $181 | $243 |
| Florida | $159 | $230 | $248 | $324 |
| Georgia | $222 | $334 | $352 | $459 |
| Hawaii | $151 | $231 | $247 | $329 |
| Iowa | $132 | $188 | $203 | $257 |
| Idaho | $127 | $169 | $184 | $225 |
| Illinois | $170 | $227 | $246 | $300 |
| Indiana | $176 | $249 | $269 | $344 |
| Kansas | $167 | $238 | $251 | $322 |
| Kentucky | $136 | $193 | $207 | $260 |
| Louisiana | $316 | $472 | $504 | $675 |
| Massachusetts | $159 | $244 | $262 | $358 |
| Maryland | $172 | $243 | $256 | $335 |
| Maine | $125 | $174 | $190 | $243 |
| Michigan | $230 | $323 | $340 | $433 |
| Minnesota | $157 | $203 | $211 | $256 |
| Missouri | $150 | $210 | $231 | $285 |
| Mississippi | $250 | $367 | $387 | $511 |
| Montana | $181 | $256 | $275 | $354 |
| North Carolina | $172 | $323 | $332 | $455 |
| North Dakota | $122 | $173 | $190 | $240 |
| Nebraska | $193 | $266 | $279 | $351 |
| New Hampshire | $118 | $160 | $173 | $215 |
| New Jersey | $134 | $190 | $207 | $267 |
| New Mexico | $146 | $191 | $201 | $244 |
| Nevada | $179 | $233 | $246 | $304 |
| New York | $217 | $276 | $293 | $362 |
| Ohio | $167 | $231 | $252 | $317 |
| Oklahoma | $187 | $266 | $281 | $352 |
| Oregon | $195 | $266 | $287 | $358 |
| Pennsylvania | $171 | $249 | $274 | $362 |
| Rhode Island | $413 | $473 | $479 | $538 |
| South Carolina | $193 | $272 | $294 | $375 |
| South Dakota | $133 | $188 | $202 | $257 |
| Tennessee | $196 | $272 | $290 | $370 |
| Texas | $143 | $214 | $226 | $293 |
| Utah | $139 | $183 | $200 | $241 |
| Virginia | $161 | $217 | $235 | $298 |
| Vermont | $133 | $166 | $182 | $227 |
| Washington | $151 | $205 | $222 | $276 |
| Wisconsin | $111 | $153 | $167 | $211 |
| West Virginia | $165 | $231 | $248 | $309 |
| Wyoming | $105 | $126 | $136 | $162 |
Most expensive states for renters insurance
Renters insurance is most expensive in Louisiana at $504 a year, followed by Rhode Island at $479. The five states with the most expensive renters insurance coverage are:
| State | Annual cost |
|---|---|
| Louisiana | $504 |
| Rhode Island | $479 |
| Mississippi | $387 |
| Arkansas | $363 |
| Georgia | $352 |
Least expensive states for renters insurance
The cheapest state for renters insurance is Wyoming at $136 a year, followed by Wisconsin at $167. The five states with the least expensive renters insurance coverage are:
| State | Annual cost |
|---|---|
| Wyoming | $136 |
| Wisconsin | $167 |
| New Hampshire | $173 |
| Delaware | $181 |
| Vermont | $182 |
How much is renters insurance by city?
The cost of renters insurance also varies by city. Rates range from $203 a year in Austin, Texas, to $407 a year in New York City. Here is what you can expect to pay in some key cities across the U.S.
| City | Average annual premium | Average monthly premium |
|---|---|---|
| Austin, Texas | $203 | $17 |
| Charlotte, North Carolina | $289 | $24 |
| Chicago, Illinois | $286 | $24 |
| Columbus, Ohio | $251 | $21 |
| Dallas, Texas | $227 | $19 |
| Denver, Colorado | $204 | $17 |
| Fort Worth, Texas | $223 | $19 |
| Houston, Texas | $268 | $22 |
| Indianapolis, Indiana | $301 | $25 |
| Jacksonville, Florida | $253 | $21 |
| Los Angeles, California | $324 | $27 |
| New York, New York | $407 | $34 |
| Oklahoma City, Oklahoma | $295 | $25 |
| Philadelphia, Pennsylvania | $406 | $34 |
| Phoenix, Arizona | $279 | $23 |
| San Antonio, Texas | $237 | $20 |
| San Diego, California | $223 | $19 |
| San Francisco, California | $316 | $26 |
| San Jose, California | $308 | $26 |
| Seattle, Washington | $239 | $20 |
How much is renters insurance per month?
Renters insurance starts at an average of around $22 a month, depending on the coverage. Here are monthly renters insurance quotes for various coverage levels and deductibles.
| Coverage | Avg renters insurance per month |
|---|---|
| $20,000, $100,000 liability, $500 deductible | $16 |
| $20,000, $300,000 liability, $500 deductible | $17 |
| $20,000, $100,000 liability, $1,000 deductible | $15 |
| $20,000, $300,000 liability, $1,000 deductible | $16 |
| $40,000, $100,000 liability, $500 deductible | $22 |
| $40,000, $300,000 liability, $500 deductible | $24 |
| $40,000, $100,000 liability, $1,000 deductible | $20 |
| $40,000, $300,000 liability, $1,000 deductible | $22 |
| $60,000, $100,000 liability, $500 deductible | $29 |
| $60,000, $300,000 liability, $500 deductible | $30 |
| $60,000, $100,000 liability, $1,000 deductible | $26 |
| $60,000, $300,000 liability, $1,000 deductible | $28 |
Factors that affect the cost of renters insurance
Renters insurance rates are affected by a few main factors:
- Location. Where you live impacts rates due to factors like weather and crime.
- Coverage. Personal property coverage has the biggest impact on rates, but personal liability coverage also has some impact on what you pay. Your deductible will also affect your cost.
- Claims history. If you have filed previous claims, it will affect your rates, while being claim free earns a discount.
- Credit history. In most states, it's legal to use your credit history when calculating rates; poor credit means higher rates.
- Company. Renters insurance rates vary by company.
How to lower your renters insurance premium
The best way to get cheaper rates is to shop around and compare renters insurance quotes from multiple companies. You can also try these tips to save money on your renters insurance policy:
- Raise your deductible. You'll pay less in monthly premiums if you have a higher deductible; just be sure you can afford it if you need to file a renters insurance claim.
- Bundle your renters and auto insurance policies. You'll save money if you buy your renters insurance policy from the same company as your auto insurance; most insurance providers offer a discount on both policies when you bundle.
- Ask about discounts. Insurance companies offer renters insurance discounts for things like security systems.
How to get a renters insurance estimate
To get the right coverage at the best price, prepare before you buy with the following steps:
- Create an inventory of your personal items. List the items and their purchase price. While big-ticket items are important to note, don’t forget things like linens, dishes, and clothing; the cost to replace them can really add up. This total is what you need for personal property coverage.
- Choose replacement cost coverage. Standard policies include actual cash value (depreciated) coverage, but the upgrade to replacement cost is worth it. Replacement cost coverage policies cover the actual cost of replacing your possessions rather than a depreciated value. That means your renters insurance will cover your 10-year-old TV at the cost of buying a comparable brand-new TV today.
- Choose a deductible. Deductibles usually range from $500 to $2,500. This is the amount you pay out before your policy kicks in to pay for the repair or replacement of your belongings. The higher your deductible is, the lower your rate will be, but the trade-off is that you have to pay that amount when you file a claim before your policy pays out. For most tenants, a $500 or $1,000 deductible on apartment rental insurance is recommended.
- Decide how much liability insurance you want. Liability insurance protects you if you’re liable for injuries or damages and will even provide legal assistance if you’re sued. $100,000 is the common choice for renters insurance, but it costs very little to triple the protection to $300,000.
- Compare quotes. Make sure to compare renters insurance quotes from several companies. Use the same coverage levels for every quote so you can compare renters insurance rates on an apples-to-apples basis. Remember to check company ratings—the cheapest isn’t always the best.
Average renters insurance cost: The bottom line
As we’ve made clear, the cost of renters insurance depends on several factors, including how much coverage you need and where you live. A basic policy costs around $22 a month.
Because renters insurance rates don’t go up all that much when you increase coverage, it’s always best to overestimate your needs than to find yourself underinsured. And because rates vary by company, you might get more coverage from one insurer at the same price as a lower-coverage policy from another. Shop around and compare companies to find the best coverage at the best price.
Methodology
Insurance.com commissioned renters insurance rates in 2023 from Quadrant Data Services. Rates were fielded in all ZIP codes with personal property coverage ranging from $20,000 to $60,000, liability at $100,000 and $300,000 and deductibles of either $500 or $1,000. Content is updated for 2024.
Frequently asked questions
What is the cheapest renters insurance company?
The company that offers the cheapest renters insurance rates will depend on where you live, your particular renter profile and how much coverage you buy.
According to Insurance.com’s rate data, the cheapest renters insurance is State Farm at $195 a year for $40,000 in property coverage with $300,000 in liability.
How much is renters insurance for an apartment?
The average cost of renters insurance for an apartment is $22 a month, or $263 a year. Living in an apartment vs. a house doesn't really affect the cost of insurance, since the building itself isn't covered. Apartment insurance is simply renters insurance, and apartment liability insurance coverage doesn't differ, either. However, security elements in an apartment building can make a difference to your rates.
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