Your renters insurance cost depends on the amount of coverage you want, as well as your claims history and location. The cheapest state's average renters insurance cost is $12 per month, while the most expensive state's average monthly cost is $31. The cost of renters insurance differs considerably by state, but it's an affordable investment overall.
This article will cover:
Renters insurance costs by state
Your location makes a difference when it comes to renters insurance rates. Alaska, Maine, New Hampshire, New York, North Dakota, South Dakota and Vermont have the cheapest average renters insurance. Mississippians pay the most, at $376 a year, or $162 more than the national average of $219.
| State | Average annual premium | Average monthly premium |
|---|---|---|
| Alabama | $362 | $30 |
| Alaska | $138 | $12 |
| Arizona | $209 | $17 |
| Arkansas | $305 | $25 |
| California | $208 | $17 |
| Colorado | $190 | $16 |
| Connecticut | $190 | $16 |
| Delaware | $186 | $16 |
| District of Columbia | $183 | $15 |
| Florida | $247 | $21 |
| Georgia | $322 | $27 |
| Hawaii | $199 | $17 |
| Idaho | $169 | $14 |
| Illinois | $183 | $15 |
| Indiana | $207 | $17 |
| Iowa | $174 | $15 |
| Kansas | $226 | $19 |
| Kentucky | $242 | $20 |
| Louisiana | $324 | $27 |
| Maine | $146 | $12 |
| Maryland | $207 | $17 |
| Massachusetts | $197 | $16 |
| Michigan | $310 | $26 |
| Minnesota | $192 | $16 |
| Mississippi | $376 | $31 |
| Missouri | $271 | $23 |
| Montana | $165 | $14 |
| Nebraska | $180 | $15 |
| Nevada | $205 | $17 |
| New Hampshire | $146 | $12 |
| New Jersey | $175 | $15 |
| New Mexico | $258 | $22 |
| New York | $149 | $12 |
| North Carolina | $208 | $17 |
| North Dakota | $145 | $12 |
| Ohio | $239 | $20 |
| Oklahoma | $332 | $28 |
| Oregon | $180 | $15 |
| Pennsylvania | $193 | $16 |
| Rhode Island | $269 | $22 |
| South Carolina | $220 | $18 |
| South Dakota | $140 | $12 |
| Tennessee | $294 | $25 |
| Texas | $227 | $19 |
| Utah | $168 | $14 |
| Vermont | $145 | $12 |
| Virginia | $216 | $18 |
| Washington | $175 | $15 |
| West Virginia | $206 | $17 |
| Wisconsin | $157 | $13 |
| Wyoming | $171 | $14 |
| Note: Average rates are based on online quotes from provider websites. Your rates may vary | ||
Average renters insurance cost: cheapest states
- Alaska: $138
- North Dakota: $145
- Maine: $146
- New Hampshire: $146
- New York: $149
Average renters insurance cost: expensive states
- Mississippi: $376
- Alabama: $362
- Oklahoma: $332
- Louisiana: $324
- Georgia: $322
All five of the most expensive states for renters insurance are southern states prone to extreme weather, such as tornadoes and hurricanes.
Renters insurance costs by company
Companies may offer vastly different renters insurance premiums. State Farm offers the cheapest average premium among the companies we researched, at $155 a year.
| Company | Average annual premium |
|---|---|
| Allstate | $233 |
| Amica | $206 |
| Farmers | $277 |
| State Farm | $155 |
| Travelers | $212 |
| Note: Average rates are based on online quotes from provider websites. Your rates may vary | |
Compare rates from the top insurers in the U.S.
Renters insurance costs by coverage amount
You need to take into account what your belongings are worth when deciding your coverage amount. This includes your TV, mattress, furniture, musical instruments and electronics.
When purchasing a renters insurance policy, you'll have to decide how much coverage you need. Here are national average rates for different amounts of personal property protection.
| Coverage | Average annual premium |
|---|---|
| $13,999 and under | $132 |
| $14,000 - $19,999 | $143 |
| $20,000 - $25,999 | $162 |
| $26,000 - $31,999 | $179 |
| $32,000 - $37,999 | $171 |
| $38,000 - $43,999 | $203 |
| $44,000 - $49,999 | $192 |
| $50,000 - $74,999 | $229 |
| $75,000 - $99,999 | $288 |
| $100,000 and over | $428 |
| Source: National Association of Insurance Commissioners (NAIC); Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance Report: Data for 2020 | |
Average renters insurance rates by city
We looked at quotes in the 15 most populated cities in the U.S. to find the average renters insurance cost in each city. Among the most-populated cities, Philadelphia has the highest average premium of $295 per year.
| Coverage | Average annual premium |
|---|---|
| New York City | $199 |
| Los Angeles | $263 |
| Chicago | $225 |
| Houston | $286 |
| Phoenix | $247 |
| Philadelphia | $295 |
| San Antonio | $247 |
| San Diego | $206 |
| Dallas | $237 |
| San Jose | $196 |
| Austin | $201 |
| Jacksonville | $221 |
| Fort Worth | $245 |
| Columbus | $251 |
| Charlotte | $190 |
| Note: Average rates are based on online quotes from provider websites. Your rates may vary | |
States with the most renters
New York has the highest percentage of renter-occupied housing units. This stands in stark contrast to states like Maine, where only 27% of housing units are rented, according to the U.S. Census. Housing trends vary by state. Here are some of the most popular states for renting:
| State | Percentage of renter-occupied housing units |
|---|---|
| New York | 45.6% |
| California | 44.5% |
| Nevada | 42.2% |
| Hawaii | 39% |
| Rhode Island | 37.7% |
| Source: U.S. Census | |
How rental prices are changing
After two years of steady increases, rental prices are starting to come down. Our team of analysts found that in the second half of 2022, rental prices dropped by nearly 10% in some states. Even with that decline, though, the average price of a one-bedroom apartment is still up 22% since 2020.
Florida and Wyoming are the two states where rent has increased the most since 2020. Rental prices have increased by 37% in Florida and 34% in Wyoming in the last two years. Maine and Rhode Island are the two states where rent has decreased the most in the last six months. Rent has dropped 9% in Maine and 7% in Rhode Island since June.
| State | Average rent | % change since 2020 | % change since January 2022 | % change since June 2022 |
|---|---|---|---|---|
| Alabama | $815 | 17% | 4% | -2% |
| Alaska | $1,209 | 26% | 12% | 4% |
| Arizona | $1,189 | 28% | 0% | -2% |
| Arkansas | $760 | 21% | 13% | 3% |
| California | $1,637 | 21% | 4% | -1% |
| Colorado | $1,368 | 21% | 5% | -2% |
| Connecticut | $1,275 | 18% | 5% | -3% |
| Delaware | $1,234 | 25% | 3% | -3% |
| Florida | $1,409 | 37% | 4% | -1% |
| Georgia | $1,240 | 25% | 2% | -1% |
| Hawaii | $1,741 | 15% | -2% | -4% |
| Idaho | $892 | 27% | 4% | -5% |
| Illinois | $1,071 | 20% | 7% | -1% |
| Indiana | $876 | 24% | 8% | 2% |
| Iowa | $718 | 11% | 4% | -1% |
| Kansas | $830 | 20% | 7% | 0% |
| Kentucky | $760 | 17% | 6% | -2% |
| Louisiana | $886 | 15% | 1% | -2% |
| Maine | $854 | 17% | 5% | -9% |
| Maryland | $1,392 | 16% | 3% | -1% |
| Massachusetts | $1,381 | 26% | 6% | -3% |
| Michigan | $855 | 15% | 3% | -3% |
| Minnesota | $950 | 9% | 3% | -1% |
| Mississippi | $849 | 24% | 10% | 5% |
| Missouri | $818 | 17% | 7% | 1% |
| Montana | $805 | 25% | 6% | 0% |
| Nebraska | $867 | 18% | 8% | 1% |
| Nevada | $1,139 | 23% | -2% | -4% |
| New Hampshire | $1,280 | 25% | 2% | -3% |
| New Jersey | $1,514 | 25% | 7% | -1% |
| New Mexico | $1,016 | 31% | 10% | 4% |
| New York | $1,647 | 27% | 5% | -4% |
| North Carolina | $1,113 | 29% | 7% | -1% |
| North Dakota | $704 | 12% | 7% | 3% |
| Ohio | $828 | 20% | 7% | 0% |
| Oklahoma | $842 | 20% | 7% | -1% |
| Oregon | $1,173 | 19% | 6% | 0% |
| Pennsylvania | $985 | 17% | 3% | -2% |
| Rhode Island | $1,121 | 20% | 1% | -7% |
| South Carolina | $1,102 | 30% | 9% | 1% |
| South Dakota | $760 | 22% | 5% | -1% |
| Tennessee | $977 | 28% | 6% | -1% |
| Texas | $1,132 | 22% | 5% | -1% |
| Utah | $1,121 | 28% | 4% | -1% |
| Virginia | $1,397 | 20% | 5% | -1% |
| Washington | $1,323 | 23% | 5% | -3% |
| Wisconsin | $874 | 19% | 8% | 1% |
| Wyoming | $817 | 34% | 17% | 6% |
| United States | $1,045 | 22% | 5% | -1% |
| Methodology: Rent cost data was sourced from Apartment List estimates | ||||
America’s most populous cities have also seen an abrupt change in rental prices over the last two years. We found that the average price of rent in the United States’ 50 most populous cities has increased by 23% since 2020 and dropped 1% in the last six months. Rent increased the fastest in Miami over the last two years and declined the fastest in Fresno, Calif., since June.
| City | Average rent | % change since 2020 | % change since January 2022 | % change since June 2022 |
|---|---|---|---|---|
| Albuquerque, NM | $1,083 | 32% | 11% | 4% |
| Atlanta, GA | $1,379 | 25% | 2% | -1% |
| Austin, TX | $1,471 | 31% | 4% | -1% |
| Baltimore, MD | $1,297 | 17% | 2% | -2% |
| Boston, MA | $1,589 | 27% | 6% | -3% |
| Charlotte, NC | $1,298 | 29% | 7% | -1% |
| Chicago, IL | $1,179 | 20% | 7% | -1% |
| Cincinnati, OH | $888 | 22% | 8% | 1% |
| Cleveland, OH | $854 | 17% | 6% | -1% |
| Colorado Spring, CO | $1,230 | 23% | 7% | 0% |
| Columbia, SC | $1,123 | 27% | 6% | 2% |
| Columbus, OH | $1,011 | 20% | 8% | 0% |
| Dallas, TX | $1,261 | 26% | 6% | 0% |
| Denver, CO | $1,462 | 21% | 5% | -2% |
| Detroit, MI | $899 | 12% | 2% | -3% |
| El Paso, TX | $932 | 25% | 8% | -1% |
| Fresno, CA | $987 | 19% | 2% | -6% |
| Houston, TX | $1,081 | 16% | 4% | 0% |
| Indianapolis, IN | $979 | 25% | 8% | 1% |
| Jacksonville, FL | $1,212 | 29% | 2% | -1% |
| Kansas City, MO | $1,011 | 18% | 7% | 0% |
| Las Vegas, NV | $1,176 | 25% | -2% | -4% |
| Los Angeles, CA | $1,739 | 21% | 3% | -1% |
| Memphis, TN | $1,010 | 22% | 4% | 0% |
| Miami, FL | $1,652 | 39% | 4% | -1% |
| Milwaukee, WI | $915 | 16% | 5% | -1% |
| Minneapolis, MN | $1,030 | 8% | 3% | -1% |
| Nashville, TV | $1,293 | 29% | 6% | -1% |
| New Orleans, LA | $1,038 | 18% | 1% | -4% |
| New York, NY | $1,862 | 27% | 7% | -2% |
| Oklahoma City, OK | $868 | 20% | 5% | -1% |
| Philadelphia, PA | $1,240 | 19% | 4% | -1% |
| Phoenix, AZ | $1,288 | 28% | -1% | -2% |
| Pittsburgh, PA | $821 | 15% | 3% | -3% |
| Portland, OR | $1,374 | 20% | 6% | 0% |
| Raleigh, NC | $1,343 | 28% | 5% | -2% |
| Richmond, VA | $1,216 | 22% | 6% | -1% |
| Sacramento, CA | $1,320 | 15% | 0% | -3% |
| Salt Lake City, UT | $1,211 | 28% | 4% | -1% |
| San Antonio, TX | $1,076 | 21% | 5% | -1% |
| San Diego, CA | $1,888 | 29% | 7% | -1% |
| San Francisco, CA | $1,903 | 13% | 3% | -2% |
| San Jose, CA | $2,198 | 22% | 8% | -2% |
| Seattle, WA | $1,527 | 23% | 5% | -3% |
| St. Louis, MO | $909 | 18% | 7% | 2% |
| Tampa, FL | $1,370 | 36% | 3% | -2% |
| Tucson, AZ | $1,018 | 32% | 5% | -1% |
| Wichita, KS | $713 | 11% | 1% | 0% |
| Methodology: Rent cost data was sourced from Apartment List estimates | ||||
The drop in rent is a welcome sign for many renters; we found that renters have been spending more and more of their total income on housing costs. The United States Department of Housing and Urban Development (HUD) considers anyone who spends more than 30% of their income on housing costs to be “cost burdened.” That’s because spending 30% or more on rent may make it difficult for someone to afford other basic necessities.
We found that 47% of people nationwide are now cost burdened. Florida, Hawaii and Vermont have the highest percentages of cost-burdened renters. Nebraska, North Dakota and South Dakota have the lowest.
| State | People paying 30% or more |
|---|---|
| Alabama | 47% |
| Alaska | 45% |
| Arizona | 47% |
| Arkansas | 44% |
| California | 53% |
| Colorado | 50% |
| Connecticut | 49% |
| Delaware | 49% |
| Florida | 56% |
| Georgia | 48% |
| Hawaii | 53% |
| Idaho | 46% |
| Illinois | 46% |
| Indiana | 45% |
| Iowa | 42% |
| Kansas | 42% |
| Kentucky | 43% |
| Louisiana | 52% |
| Maine | 44% |
| Maryland | 50% |
| Massachusetts | 49% |
| Michigan | 48% |
| Minnesota | 44% |
| Mississippi | 48% |
| Missouri | 44% |
| Montana | 45% |
| Nebraska | 41% |
| Nevada | 51% |
| New Hampshire | 47% |
| New Jersey | 49% |
| New Mexico | 47% |
| New York | 50% |
| North Carolina | 46% |
| North Dakota | 38% |
| Ohio | 43% |
| Oklahoma | 44% |
| Oregon | 49% |
| Pennsylvania | 47% |
| Rhode Island | 49% |
| South Carolina | 48% |
| South Dakota | 40% |
| Tennessee | 46% |
| Texas | 48% |
| Utah | 44% |
| Vermont | 54% |
| Virginia | 46% |
| Washington | 48% |
| West Virginia | 46% |
| Wyoming | 47% |
| Wisconsin | 42% |
| Methodology: Data is sourced from the United States Census Bureau. | |
What determines the cost of renters insurance?
Insurance companies use many factors to determine how much to charge customers, including your location and policy details. Some of the most common factors are:
- Your insurance claims history and credit score. A renters insurance claim can stay on a CLUE report for up to seven years. A CLUE report provides your claims history or history of property loss. Insurance companies may also look at your credit score and take it into account when determining your rate.
- Your local environmental risks and crime statistics. If you live in an area that is vulnerable to natural disasters and crimes, you'll likely pay a higher renters insurance premium.
- Your deductible and coverage level. If you have a lower deductible, your rates will be higher. Your rates will also go up if you add more coverage.
These are important factors, but there are many more. For more information, see our article on renters insurance policy rate factors.
How to save on renters insurance
There are a few ways to lower your renters insurance premium:
- Shop around. The rates that are offered by renters insurance companies may vary drastically. Insurance companies may also offer discounts and lower rates to attract new customers.
- Bundle your renters and auto policies. Insurance companies often offer discounts if you bundle your renters and auto insurance policies. With State Farm, for example, you can save up to $722 on insurance if you get both renters and auto insurance from them.
- Increase your deductible. The higher the deductible, the lower your annual premium will be. When filing a claim, you must pay the deductible. You should choose a low deductible if you think there's a good chance you will file a large claim within a year.
Compare rates from top renters insurance companies today
What does renters insurance include?
Renters insurance policies typically consist of four primary coverages: personal property, personal liability, medical payments to others and loss of use.
Personal property: This coverage protects your stuff. That includes everything from your laptop to your mattress and clothes. So if your couch is damaged in a fire, renters insurance can step in to help cover the cost of a new couch. Keep in mind that there are coverage limits for certain high-value items, such as jewelry.
Personal liability: If you find yourself in court after accidentally injuring someone or damaging their property, personal liability coverage can help cover the legal and medical costs. Some policies start at $50,000 of coverage, but $100,000 is more typical.
Medical payments to others: This coverage can help pay for medical bills if a guest is injured in your home, such as if someone slips on your stairs. Limits for this coverage typically range from $1,000 to $5,000.
Loss of use: Also called additional living expenses, loss of use coverage helps pay for increased living expenses if you are unable to remain in your home if it is damaged and being repaired, for instance.
Frequently asked questions
Our national study found that the average cost of renters insurance is $214 per year. The amount of coverage you choose, your claims history and your location are all factors that may affect how much you pay for renters insurance.
The worth of your belongings determine how much renters insurance you need. Typically, you'll need enough personal property coverage to cover the cost of replacing your belongings. To figure out how much coverage you need, we recommend starting with an inventory of your belongings.
Methodology
We collected quotes from thousands of addresses across the U.S. for a renters insurance policy. We used the following coverages:
- $30,000 personal property coverage
- $500 deductible
- $100,000 personal liability
- $1,000 medical payments to guests
- Loss of use: 30%
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