How Much is Renters Insurance? - Nationwide (2024)

FAQs

What is the average monthly cost for 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. Take a look at the information below to find out how your home or apartment renters insurance cost is determined.

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.

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.

Ohio law doesn't require renters insurance. However, your landlord or rental office might require a renters insurance policy before they hand you the keys. Even if you aren't required to have one, a renters insurance policy can protect your belongings against covered perils like fire and theft.

Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy.

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.

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 protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.

In order to estimate how much renters insurance you need and calculate how much it will cost, you'll need to consider four things: The value of your personal property, how much liability coverage you need, where you live, and any other extra coverages you might want to add based on your circ*mstances.

Have Your Landlord Install Safety and Security Equipment. Some renters insurance policies may drop their price if your landlord has installed safety and security equipment such as fire and burglar alarms. The insurance company has an interest in making sure your belongings are well-protected.

Why is it bad to not have renters insurance? ›

Your Landlord Won't Cover Damages

For example, if there is a fire in your apartment, and you lose everything, your landlord will not pay to replace your belongings, even if the fire is not your fault. The same goes for many other kinds of emergencies that could befall a renter.

In most cases, yes, your insurance premiums will increase after filing a renters claim. As it recalculates your premiums in the wake of a claim, your insurance company will generally consider the type, amount and frequency of claims. The more often you file claims, the riskier you are to insure.

The average cost of renters insurance in Ohio is $13.50 per month or $162 annually, which is lower than the national average of $15 per month or $180 per year. Ohio ranks 27th in the U.S. for states most impacted by natural disasters, well behind coastal states like Florida, Louisiana and Texas.

The policy covers your personal property against listed perils. A peril is an event that could cause a loss to your personal property. Listed perils generally include fire, windstorm, hail or theft.

Yes, you can get evicted for not having renters insurance if it is explicitly required in your lease agreement. Failing to obtain renters insurance when it's mandated can be viewed as a violation of the lease terms, potentially leading to eviction proceedings initiated by the landlord.

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.

Renters insurance protects your personal property in a rented apartment, condo or home from unexpected circ*mstances such as theft, a fire or sewer backup damage – and will pay you for lost or damaged possessions. It can also help protect you from liability if someone is injured on your property.

The Cost of Renters Insurance in California

According to data collected by Quadrant Information Services in 2023, renters insurance costs $187 per year or $15.58 per month on average in the state of California.

How much is renters insurance in New York? The average cost of renters insurance in New York is $170 a year, or about $14 a month. That's about 15% higher than the national average of $148 a year. Renters insurance in New York City costs $192 a year, on average.