How Much is Renters Insurance? - Nationwide (2024)

How Much is Renters Insurance? - Nationwide (1)

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.

What factors impact how much renters insurance costs?

To estimate how much your renters insurance will cost, consider how these factors apply to you:

  • The state where you live
    • The state you’re being insured in makes a difference! The likelihood of risks like theft and natural disasters in your state will all have an impact on the rate you pay for renters insurance.1
  • The location where you live
    • Areas with higher crime rates and risks of natural disaster can drive higher renters insurance premiums.2
  • What insurance provider you have
    • Different providers charge different rates. Get a free quote from Nationwide today and learn how great coverage can still be accessible at a great price.
  • How much coverage you need
    • The more stuff you have, the more coverage you need. That extra coverage is important, but it will come with a higher premium.
  • The type of coverage you choose
    • The type of coverage you purchase will naturally affect the amount you pay. Replacement Cost coverage offers greater protection than Actual Cash Value coverage, however it also comes with a higher rate.3
  • The amount of your deductible
    • The larger your deductible, the lower your rate.

Average cost of renters insurance by state

Different states feature different climates and economic trends. Both have an impact on the difference between states’ average renters insurance rate. The higher the likelihood of a natural disaster and/or high crime rates will contribute to higher average rates.4 Here are the average renters insurance rates by state for 2021:

StateAverage Annual Cost
New Hampshire$139
New Jersey$195
New Mexico$264
New York$150
North Carolina$200
North Dakota$185
Rhode Island$193
South Carolina$230
South Dakota$162
West Virginia$228


Rather than looking up the average cost of renters insurance, the most accurate way to estimate your renters insurance rates is to get a renters insurance quote.

How much renters insurance do I need?

Determining how much renters insurance you need for your particular situation largely depends on the value of your personal belongings, as well as how much liability coverage you think you’ll need. Taking a home inventory of your assets can help you understand the level of coverage you need and how much your renters insurance policy will cost.

Take a home inventory

People often underestimate the value of their personal belongings, which is why keeping an ongoing inventory list is so important. Here are some tips on documenting your possessions:

  • Walk through each room in your rental.
  • Write down the descriptions, quantities and values of each item, along with serial numbers and purchase dates (you can estimate, or use receipts if you saved them).
  • Take photos of your valuables.
  • Consider using specific inventory software that can help keep things organized.

Place a copy of your inventory in a safe place, such as a fireproof document box and/or a bank safety deposit box. You can also save a digital copy.

Consider liability coverage

If an individual is injured on your property, liability insurance may help to cover medical costs and legal fees. Take time to consider your liability coverage limit, as legal expenses can become extremely expensive.

Depending on the insurance company, there are different limits on how much coverage they will provide for your items. Review your home inventory and make note of the more expensive items, such as electronics or valuable collectibles. This will help you determine if you need to purchase additional insurance to keep these items protected.

Renters insurance is a responsible choice that can help prevent you from paying out of pocket for certain types of damages. Learn more about Nationwide’s renters insurance options and start your quote today.

Additional renters insurance resources

Do I need renters insurance? | Does renters insurance cover theft? | Renters Insurance FAQ

If you are concerned that the average cost of renters insurance is outside your budget, learn how to keep your rates low with our renters insurance discounts.

How Much is Renters Insurance? - Nationwide (2024)


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.

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.

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.

Does the state of Ohio require renters insurance? ›

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.

What does renters insurance actually cover? ›

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

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 renters insurance ok? ›

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.

How important is renters insurance? ›

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.

What are the four steps in figuring out how much renters insurance you should have? ›

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.

What decreases the cost of renters insurance? ›

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.

Does renters insurance increase after a claim? ›

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.

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

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.

What does renters insurance cover in Ohio? ›

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.

Can you be evicted for not having renters insurance Ohio? ›

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.

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.

What is renters insurance in USA? ›

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.

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

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 NYC per month? ›

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.

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