Average Renters Insurance Cost For 2024 (2024)

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Renters insurance can be easy to forget. Unlike car insurance, it’s not required by any state laws. And it may seem like just another monthly bill you’d rather not pay.

But if you want insurance for problems like fire and theft, you’ll want the best renters insurance. You might be delighted to learn you can often find coverage for about $13 a month.

Table of Contents

  • How Much Does Renters Insurance Cost?
  • How Much Is Renters Insurance in Your State?
  • Cheapest Renters Insurance Companies
  • How Much Is Renters Insurance in Your City?
  • Factors Affecting Renters Insurance Rates
  • What Determines Your Renters Insurance Cost?
  • How Much Renters Insurance Do I Need?
  • Other Renters Insurance Coverage Types to Consider
  • How to Lower Your Renters Insurance Cost
  • How Do I Buy Renters Insurance?
  • Methodology
  • Renters Insurance Cost FAQs

How Much Does Renters Insurance Cost?

Renters insurance costs an average of $157 a year for a policy with $15,000 of personal property coverage. The average cost of renters insurance for a policy with $30,000 is $199 annually, and a $50,000 policy costs an average of $260 a year.

“Renters insurance is way cheaper than you think,” says Yael Wissner-Levy, a spokesperson for Lemonade Insurance. “Renters insurance is the best defense against things in life you have no control over—like your phone getting stolen on the subway or your apartment flooding because your neighbors left the faucet on.”

And renters insurance covers much more than theft and fires. It also includes:

  • Liability insurance. Personal liability insurance pays for injuries and property damage you accidentally cause to others. If your child accidentally hurts another kid on the playground, or your dog bites someone in the dog park, liability insurance can pay their medical bills. If you have a kitchen fire that spreads to a neighbor’s unit, this coverage pays for damage to their belongings. Liability insurance also covers the cost of your legal defense if you are sued because of an accident.
  • Additional living expenses coverage. Also known as loss of use, additional living expenses coverage kicks in if you can’t live in your apartment due to a problem like a fire. It provides reimbursem*nt for extra expenses that go beyond your regular household bills, such as money to help pay for hotel rooms, restaurant meals and storage.

How Much Is Renters Insurance in Your State?

The average annual renters insurance cost by state varies—as little as $92 a year for $15,000 of personal property coverage in Wyoming to $358 for the same coverage in Rhode Island, based on our analysis.

How much you pay for renters insurance depends on several factors, including where you live, past claims you’ve made and your credit (in states that allow credit as a pricing factor). For example, if you live in an area that is prone to severe weather or has high crime, you’ll typically pay higher rates.

Average Renters Insurance Costs by State

Most Expensive Renters Insurance Companies by State

Cheapest Renters Insurance Companies

Our analysis found that State Farm often has the cheapest renters insurance.

CompanyAverage renters insurance cost per year for $15,000 in coverageAverage renters insurance cost per year for $30,000 in coverageAverage renters insurance cost per year for $50,000 in coverage

State Farm




































American Family




*USAA is available only to the military, veterans and their families. Rates are for policies with a $500 deductible.

Cheapest Renters Insurance Companies by State

How Much Is Renters Insurance in Your City?

We analyzed rates from top renters insurance companies for over 90 large cities in the U.S. and found Durham, North Carolina, to be the cheapest overall. Average renters insurance costs in Durham are:

  • $72 a year for $15,000 in personal property coverage.
  • $116 a year for $30,000 in personal property coverage.
  • $170 a year for $50,000 in personal property coverage.

The most expensive cities for renters insurance for the three levels of personal property coverage are:

  • Detroit: $371 a year for $15,000 in personal property coverage.
  • New Orleans: $541 a year for $30,000 in personal property coverage.
  • New Orleans: $734 a year for $50,000 in personal property coverage.

Average Renters Insurance Costs by City

Factors Affecting Renters Insurance Rates

In addition to your location, several factors can affect the cost of renters insurance, including:

  • Your coverage limits and deductible.
  • Your claims history.
  • Your credit.

Coverage Limits for Renters Insurance

One of the biggest factors that will affect your renters insurance cost is how much coverage you buy. Renters insurance can be broken down into three main components.

Types of Coverage Within a Renters Insurance Policy

Component of renters insuranceWhat it coversHow to determine how much coverage you need

Personal property coverage

Damage or theft of your belongings, such as furniture, clothes and other items.

A home inventory can help you estimate your coverage needs.

Liability insurance

Property damage and injuries you accidentally cause to others, and your legal defense if you are sued.

The default coverage might be $100,000, but you can typically buy more.

Additional living expenses

Extra expenses (such as hotel bills) if you can’t live in your apartment due to a problem covered by the policy.

May be a flat amount or a percentage of your personal property limit, but you can typically buy more.

Medical payments

Smaller medical bills for people who blame you for an accidental injury, such as a dog bite.

Policy limits are typically between $1,000 and $5,000.

What Determines Your Renters Insurance Cost?

There are multiple factors that dictate your renters insurance cost, including your location, coverage limits, deductible and claims history.

Replacement Cost vs. Actual Cash Value Coverage for Personal Property

Whether your renters insurance policy uses replacement cost or actual cash value (ACV) coverage affects your premiums.

If your belongings are stolen or damaged, ACV coverage takes into account depreciation and will pay you only the current value of the items. Replacement cost coverage is a more expensive option but it will pay to replace your items with similar, new items.

Your Coverage Amount

The amount of personal property coverage you choose influences your rates. This coverage limit typically begins at $15,000. That might be enough, but if the cost of replacing your possessions exceeds that amount, you can buy more coverage.

Coverage amountAverage annual costAverage monthly cost










Your Deductible

An insurance deductible is the amount of money deducted from the insurance check if you file a claim. For example, if you have a $500 deductible and your claim is $5,000, you’ll get an insurance payment for $4,500.

Renters insurance deductibles commonly range from $250 to $2,000. The higher your deductible, the less you’ll pay in premiums. That’s because your insurance company will pay out less if you file a claim.

Your Claims History

A renters insurance company will take a look at your recent claims history when setting your rates. If you’ve filed claims in the past, expect higher premiums.

Your Credit

Insurance companies make a correlation between credit and the likelihood that people will make insurance claims. The higher your credit-based insurance score, the lower your chances are of filing a claim, which means lower rates (except in states that ban the practice).

Credit-based insurance scores are similar to other credit scores and look at:

  • Past payment history
  • Current levels of debt
  • Length of credit history
  • New credit/pursuit of new credit
  • Types of credit used
Credit tierAverage annual cost for $30,000 in renters insurance



Below fair






Rates are for policies with a $500 deductible.

Dog Ownership

Some renters insurance companies will exclude certain dogs from coverage or tack on a surcharge. This could happen to you if you have a:

  • Trained attack dog
  • Dog with a history of biting
  • Unneutered male dog

Specific dog breeds, including Doberman pinschers, pit bulls, Rottweilers and wolf hybrids, are also often among the dog breeds banned by insurance companies. Not all insurers have lists of banned dog breeds.

How Much Renters Insurance Do I Need?

To determine how much renters insurance to buy, estimate how much coverage you need for your belongings and how much you could lose in a lawsuit. Here’s how to figure out how much renters insurance you need.

Take Inventory of Your Possessions

Estimate the total value of your belongings to determine how much personal property coverage to buy. You can do this by taking a home inventory of all your possessions, including electronics, furniture, clothes and jewelry. Include the estimated price or current value of the items, if possible, age, purchase date and serial number if applicable. Gather any receipts.

If you’re buying replacement cost coverage, you want to estimate the amount needed to replace all of your belongings. This becomes your target number for personal property coverage in your renters insurance policy.

Your home insurance agent or company should also be able to help you with an estimate of how much personal property coverage to buy. A typical coverage amount is $30,000.

Figure Out a Sufficient Liability Insurance Amount

The liability portion of a renters insurance policy covers accidental property damage and injuries you cause to others. A renters policy may default to $100,000 in liability coverage, but if you need more, you can typically buy more. Make sure you buy enough liability insurance to cover what could be taken from you in a lawsuit.


American Family

Average renters insurance cost



19 states


American Family

Compare Rates

Compare rates from participating partners via VIU's secure site



Average renters insurance cost



28 states + DC



Average Renters Insurance Cost For 2024 (3)

Average Renters Insurance Cost For 2024 (4)

Learn More

Via Lemonade's Secure Website



Average renters insurance cost



12 states



Compare Rates

Compare rates from participating partners via VIU's secure site

Other Renters Insurance Coverage Types to Consider

A standard renters insurance policy includes coverage for personal property, liability, additional living expenses and medical payments to others. But you may want other types of renters insurance coverage to fill any gaps in your policy. Here are some to consider:

  • Bed bug endorsem*nt. A standard renters insurance policy won’t cover bed bugs, but your renters insurance company might sell a bed bug endorsem*nt.
  • Cyber insurance. You may be able to add personal cyber insurance to your renters policy to cover expenses related to data recovery and system restoration, credit card fraud, cyber extortion and identity theft.
  • Earthquake insurance. A standard renters policy won’t cover earthquake damage. If you live in a quake prone area, you’ll need to get earthquake insurance.
  • Flood insurance. A standard renters policy doesn’t cover flood-related damage. If you want coverage you’ll need to get flood insurance for renters from the National Flood Insurance Program or a private insurer.
  • Schedule personal property. A standard renters insurance has “special limits” for the theft of high-value items such as jewelry. If you have valuable items, it’s a good idea to schedule personal property so it’s fully insured for what it’s worth.

How to Lower Your Renters Insurance Cost

There are many potential ways you can save on your premium. Here’s how to find cheap renters insurance.

  • Shop around: Get quotes from multiple renters insurance companies. Request quotes for the same level of coverage and see which insurer will give you the best renters insurance rates. We found that renters insurance rates can span nearly $300 a year between the cheapest and most expensive policies, based on $50,000 in coverage.
  • Get renters insurance discounts: You can often shave some money off your renters insurance bill with discounts, such as home safety discounts, payment discounts and loyalty discounts.
  • Bundle renters and auto insurance: Bundling insurance saves you money when you buy two or more policies from the same company. This is also called a multi-policy discount. An auto and renters insurance bundle will often result in a discount.
  • Increase your deductible: Renters insurance deductibles often start at $250, but increasing it to $1,000 or more can save you money. Ask the insurer how much you would save by increasing the deductible to see if it’s worth it. If you decide to increase your deductible, try to set aside enough money to have the deductible amount on hand if you need to file a damage claim later.
  • Improve your credit score: Most states allow insurance companies to use a person’s credit history to set rates. While the use of credit as a pricing factor is controversial, insurance companies often cite a correlation between low credit scores and a higher likelihood that someone will file an insurance claim.

How Do I Buy Renters Insurance?

When you’re looking to buy renters insurance, your first step is to figure out how much personal property and liability coverage you need. Renters insurance liability coverage often starts at $100,000, but you can increase it if needed.

Once you know what you need, see which insurance companies offer renters insurance in your state. If you have car insurance, check with that company to see if it also offers renters insurance. See how much you can save by bundling the two policies.

You can also request renters insurance quotes from multiple insurers that offer coverage in your state. Ask for quotes for the same level of coverage and make sure you maximize discounts. You can contact each insurance company, use an online tool that lets you compare prices, or use an independent insurance agent to provide you with quotes from multiple companies.


Average renters insurance rates were calculated using data from Quadrant Information Services. Unless otherwise noted, rates are based on a policy for a 40-year-old single female with good credit and no past claims. Rates are for policies with $15,000, $30,000 or $50,000 in personal property coverage, liability coverage of $100,000 and a $1,000 deductible.

Find the Best Renters Insurance Of 2024

Learn More

Renters Insurance Cost FAQs

Who has the cheapest renters insurance?

State Farm has the cheapest renters insurance, based on our analysis. State Farm’s average cost is $102 a year for $15,000 in coverage, $121 for $30,000 in coverage and $153 for $50,000 in coverage. The cheapest company for you may vary by state and other factors, so it’s wise to get quotes from multiple insurers when shopping for coverage.

Who has the best renters insurance?

The best renters insurance companies are State Farm and Westfield, according to our analysis.

Our other top picks include American Family (best for families), Auto-Owners (best for discounts), USAA (best for military), Allstate (best for renters with poor credit), Country Financial (best for expanded coverage) and Nationwide (great for add-on coverage).

How much does renters insurance cost per month?

The average renters insurance cost is $13 a month, based on our analysis. That’s for $15,000 in personal property coverage and $100,000 in liability coverage with a $1,000 deductible.

Can I bundle auto and renters insurance?

Yes, insurance companies typically offer bundling discounts for buying renters and car insurance. If you don’t have a car, you might have other bundling opportunities, such as bundling renters insurance with motorcycle, boat or life insurance.

What’s the difference between renters insurance and homeowners insurance?

When looking at homeowners insurance vs. renters insurance, the main difference is that homeowners insurance is for people who own the house they live in.

Homeowners insurance includes dwelling coverage, which covers the house and other structures on the property like garages, decks, porches and fences. If the house burns down, dwelling coverage will pay to rebuild the house and structures.

Renters Insurance does not include dwelling coverage. Your landlord is financially responsible for damage to the building. The landlord’s insurance covers the building structure.

Both homeowners and renters insurance include personal property coverage for your belongings, liability protection and coverage for additional living expenses if you need to move out temporarily due to damage.

Average Renters Insurance Cost For 2024 (2024)


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

The average cost of renters insurance is about $15 to $20 per month1. However, what you end up paying depends on a number of factors.

Why is renters insurance so expensive? ›

Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.

How much does a typical renters insurance policy cost per month quizlet? ›

Renters insurance is relatively inexpensive (average monthly premiums as low as $20) and can be even more affordable if associated with car or other insurance policies where multi-policy discounts are available.

Is renters insurance really worth it? ›

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

What is the average monthly renters insurance premium cost in the US? ›

The average cost of renters insurance in the United States is $18 per month, or $215 per year.

Why did my renters insurance go up? ›

Renters insurance premiums can rise if you have a bad credit score, while good credit can lower them. Paying off debts can help you establish credit. Location: The cost of renters' insurance varies depending on the crime rate in your locality and proximity to a fire station from where you live.

How much is most renters insurance? ›

Renters insurance costs $14 to $25 per month on average, depending on the insurance company, where you live and how much coverage you buy. Here's a breakdown of average annual renters insurance rates by personal property coverage amount.

What is the most common amount for renters insurance? ›

Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.

What is a good deductible for renters insurance? ›

You'll choose your deductible when you buy a renters insurance policy. A higher deductible means your claims will cost you less money out of pocket. Typically, renters insurance deductibles are $500 or $1,000, but companies often provide a range of options.

What are the three major parts of a renter's insurance policy? ›

Renters insurance has three basic coverage components: personal possessions, liability, and additional living expenses.

Which one of the following is not covered by renter's insurance? ›

Damage Caused by Floods, Earthquakes and Sinkholes

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy.

Who is most likely to purchase renter's insurance? ›

Explanation: A tenant is most likely to purchase renter's insurance. Renter's insurance is a type of insurance policy that provides coverage for a tenant's personal belongings and liability in case of accidents or damages.

Why do people not get renters insurance? ›

Some Feel That Renters Insurance is Too Expensive

It's a very small expense when you think about having to replace all of your furniture, appliances, electronics, clothes and every other item within your unit.

Why do landlords want you to have renters insurance? ›

Renters insurance isn't legally required, but a landlord can require tenants to have a renters policy. Many landlords want tenants to be insured to help avoid potential disputes if, say, their belongings are damaged while on the property, according to the Insurance Information Institute (III).

Why is it bad to not have renters insurance? ›

If you don't have renters insurance, you risk losing your personal property, and your landlord's insurance will not cover your belongings inside the rental. Your personal belongings can only be covered if you purchase a renters insurance policy, which is one of the reasons why it is important to get it.

Is renters insurance mandatory in USA? ›

Renters insurance isn't required by law in any state, but landlords and property management companies may make renters insurance mandatory as part of your lease.

What percentage of Americans have renters insurance? ›

55 percent of U.S. renters, or 61 million people, currently have renter's insurance policies. It's often not their choice, as 75% of covered renters are covered because of a requirement by their landlord. The average renter's insurance premium was $211 per year, or about $18 a month.

Top Articles
Latest Posts
Article information

Author: Stevie Stamm

Last Updated:

Views: 6425

Rating: 5 / 5 (80 voted)

Reviews: 87% of readers found this page helpful

Author information

Name: Stevie Stamm

Birthday: 1996-06-22

Address: Apt. 419 4200 Sipes Estate, East Delmerview, WY 05617

Phone: +342332224300

Job: Future Advertising Analyst

Hobby: Leather crafting, Puzzles, Leather crafting, scrapbook, Urban exploration, Cabaret, Skateboarding

Introduction: My name is Stevie Stamm, I am a colorful, sparkling, splendid, vast, open, hilarious, tender person who loves writing and wants to share my knowledge and understanding with you.