Compare Renters Insurance Quotes

How Much Does Renters Insurance Cost?

Our study found that the average cost of renters insurance is $180 a year, but premiums depend on where you live and coverage amount.

renters insurance rates by state

Our research found that the average renters insurance policy costs $10 to $22 a month, which usually includes around $25,000 of personal property protection and $100,000 of liability coverage. Renters insurance is one of our favorite insurance products because it provides a lot of coverage for a relatively low cost. There are a number of factors that affect the price, so here’s your guide to estimating how much you might pay:

Renters insurance cost by state

Your state and location make a difference when it comes to renters insurance rates. North Dakota and South Dakota have the cheapest average renters insurance, at $120 a year. Mississippians paid the most at $258 a year, or $78 more than the national average.

Average cost of renters insurance by state
State Average yearly renters insurance cost Average monthly renters insurance cost Difference from national average Rank
Mississippi $258 $22 43% 1
Oklahoma $236 $20 31% 2
Alabama $235 $20 31% 3
Louisiana $235 $20 31% 4
Texas $232 $19 29% 5
Georgia $219 $18 22% 6
Arkansas $212 $18 18% 7
Tennessee $199 $17 11% 8
Massachusetts $194 $16 8% 9
New York $194 $16 8% 10
Connecticut $192 $16 7% 11
Florida $188 $16 4% 12
South Carolina $188 $16 4% 13
West Virginia $188 $16 4% 14
New Mexico $187 $16 4% 15
Hawaii $185 $15 3% 16
California $182 $15 1% 17
Michigan $182 $15 1% 18
Rhode Island $182 $15 1% 19
U.S. average $180 $15
Arizona $178 $15 -1% 20
Nevada $178 $15 -1% 21
Ohio $175 $15 -3% 22
Indiana $174 $15 -3% 23
Missouri $173 $14 -4% 24
Kansas $172 $14 -4% 25
Kentucky $168 $14 -7% 26
Illinois $167 $14 -7% 27
Alaska $166 $14 -8% 28
New Jersey $165 $14 -8% 29
Oregon $163 $14 -9% 30
Washington $163 $14 -9% 31
Maryland $161 $13 -11% 32
Colorado $159 $13 -12% 33
Delaware $159 $13 -12% 34
Washington, D.C. $158 $13 -12% 35
Pennsylvania $158 $13 -12% 36
North Carolina $157 $13 -13% 37
Vermont $155 $13 -14% 38
Idaho $153 $13 -15% 39
Virginia $152 $13 -16% 40
Utah $151 $13 -16% 41
Maine $149 $12 -17% 42
New Hampshire $149 $12 -17% 43
Wyoming $147 $12 -18% 44
Montana $146 $12 -19% 45
Iowa $144 $12 -20% 46
Nebraska $143 $12 -21% 47
Minnesota $140 $12 -22% 48
Wisconsin $134 $11 -26% 49
South Dakota $123 $10 -32% 50
North Dakota $120 $10 -33% 51
Source: National Association of Insurance Commissioners

Renters insurance cost: cheapest states

  • North Dakota: $120
  • South Dakota: $123
  • Wisconsin: $134
  • Minnesota: $140
  • Nebraska: $143

Renters insurance cost: most expensive states

  • Mississippi: $258
  • Oklahoma: $236
  • Alabama: $235
  • Louisiana: $235
  • Texas: $232

Renters insurance cost by coverage amount

Esurance estimates that the average renter has $20,000 worth of belongings. That sounds like a lot, but think about the possessions in your rental: your TV, mattress, furniture, musical instruments, electronics — it adds up quickly.

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.

Average cost of renters insurance by property coverage
Personal property coverage Average annual renters insurance cost Average monthly renters insurance cost
<$13,999 $135 $11
$14,000–$19,999 $149 $12
$20,000–$25,999 $165 $14
$26,000–$31,999 $183 $15
$32,000–$37,999 $179 $15
$38,000–$43,999 $202 $17
$44,000–$49,999 $200 $17
$50,000–$74,999 $236 $20
$75,000–$99,999 $301 $25
>$100,000 $450 $38

To figure out how much coverage you need, we recommend starting with an inventory of your belongings.

States with the most renters

California has the largest number of renters in the U.S. and the second-highest number of renters relative to the number of housing units in the U.S., behind only New York. This stands in stark contrast to states like Michigan, where only 24% of housing units are rented.

Housing trends vary by state. Nationwide, 31% of households are rented, for a total of more than 43 million units. Here are some of the most popular states for renting:

States with the most renter-occupied homes
State Number of renter-occupied housing units Percentage of housing units occupied by renters
California 5,929,718 41%
Texas 3,731,080 32%
New York 3,513,880 42%
Florida 2,806,648 28%
Illinois 1,580,342 29%
Pennsylvania 1,559,757 27%
Ohio 1,534,885 29%

The cost of renters insurance in the states with the most renters tends to be higher than the national average.

average annual cost of renters insurance in states with the most renters

Average cost of renters insurance in California

California has an average annual renters insurance rate of about $182, which is only $2 above the national average. California has almost 6 million renter-occupied housing units — that’s about 14% of all rented units in the entire U.S.

Renters insurance costs in California by coverage amount
Coverage range Average yearly renters insurance rate Average monthly renters insurance rate
<$13,999 $139 $12
$14,000–$19,999 $145 $12
$20,000–$25,999 $159 $13
$26,000–$31,999 $182 $15
$32,000–$37,999 $176 $15
$38,000–$43,999 $200 $17
$44,000–$49,999 $198 $17
$50,000–$74,999 $242 $20
$75,000–$99,999 $315 $26
>$100,000 $493 $41

When people think of insurance risk in California, fire quickly comes to mind. Renters insurance policies often cover fire, but in especially fire-prone areas in California, this coverage may be excluded. California also experiences frequent earthquakes, which are almost never covered by renters insurance.

Average cost of renters insurance in Texas

Texas has the second-most rented homes in the U.S., but some of the highest renters insurance premiums. With an average cost of $232 a year, Texans find themselves paying 29% above the national average for renters insurance.

Renters insurance costs in Texas by coverage amount
Coverage range Average yearly renters insurance rate Average monthly renters insurance rate
<$13,999 $165 $14
$14,000–$19,999 $194 $16
$20,000–$25,999 $209 $17
$26,000–$31,999 $258 $22
$32,000–$37,999 $214 $18
$38,000–$43,999 $280 $23
$44,000–$49,999 $282 $24
$50,000–$74,999 $341 $28
$75,000–$99,999 $463 $39
>$100,000 $655 $55

Texas' climate varies across the state due to its large size. Folks in southeast Texas have to worry about hurricanes and tropical storms off the Gulf Coast. At the same time, homes in west Texas are susceptible to fires due to its dry climate. Most renters insurance companies cover most damage from storms and fire, but coverage may be excluded in particularly high-risk areas.

Average cost of renters insurance in New York

The average cost of renters insurance in New York is $194 a year, which is $14 above the national average. New York also has the largest percentage of rented houses relative to the number of homes of any state, 42%.

Renters insurance costs in New York by coverage amount
Coverage range Average yearly renters insurance rate Average monthly renters insurance rate
<$13,999 $125 $10
$14,000–$19,999 $131 $11
$20,000–$25,999 $150 $13
$26,000–$31,999 $162 $14
$32,000–$37,999 $180 $15
$38,000–$43,999 $198 $17
$44,000–$49,999 $211 $18
$50,000–$74,999 $240 $20
$75,000–$99,999 $335 $28
>$100,000 $607 $51

New York has less environmental fire risk than California and Texas, but it has its own set of factors that affect renters insurance premiums. New York has one of the oldest housing stocks in the U.S., meaning that some renters may live in buildings plagued by aging plumbing, old electrical wiring and pest infestations. While water damage from burst plumbing and electrical fires are usually covered by renters insurance, pest infestations are almost always excluded.

Average cost of renters insurance in Florida

Renters in Florida represent a smaller portion of the population than in New York and California — 28% of households are rented. Nevertheless, there are more than 2.8 million rented homes in the state, where renters pay an average $188 a year for insurance.

Renters insurance costs in Florida by coverage amount
Coverage range Average yearly renters insurance rate Average monthly renters insurance rate
<$13,999 $144 $12
$14,000–$19,999 $122 $10
$20,000–$25,999 $190 $16
$26,000–$31,999 $212 $18
$32,000–$37,999 $223 $19
$38,000–$43,999 $269 $22
$44,000–$49,999 $266 $22
$50,000–$74,999 $322 $27
$75,000–$99,999 $410 $34
>$100,000 $568 $47

Florida is known for its weather risks: tropical storms, hurricanes and flooding. While much of the damage caused by storms, such as wind damage, is often covered by renters insurance, flooding is almost never covered. This may be a concern for renters in Florida, as much of the state is low-lying. For protection from flooding, consider renters flood insurance, which is available through NFIP or private flood insurance companies.

Average cost of renters insurance in Illinois

Illinois has the fifth-most rented households of any state, with just over 1.5 million. The average renters insurance policy in the state is $167, or 7% below the national average. 

Renters insurance costs in Illinois by coverage amount
Coverage range Average yearly renters insurance rate Average monthly renters insurance rate
<$13,999 $127 $11
$14,000–$19,999 $151 $13
$20,000–$25,999 $152 $13
$26,000–$31,999 $170 $14
$32,000–$37,999 $170 $14
$38,000–$43,999 $175 $15
$44,000–$49,999 $181 $15
$50,000–$74,999 $201 $17
$75,000–$99,999 $250 $21
>$100,000 $368 $31

Parts of Illinois are in Tornado Alley, the section of the U.S. that experiences frequent and severe tornadoes. This may be a concern for renters, as wind can damage a building's structure and the contents inside. Luckily, wind damage is typically covered by renters insurance.

Frequently asked renters insurance questions

Whether you’re shopping for your first policy or your tenth, here are some important things to keep in mind about renters insurance.

What does renters insurance cover?

Renters insurance policies most often consist of four primary coverages: personal property, personal liability, medical payments to others and loss of use.

Personal property: Personal property coverage protects your stuff. That includes everything from your laptop, to your mattress, to your clothes. So if your couch is damaged after a fire, renters insurance can step in to help cover the cost of a new couch. Keep in mind, there are coverage limits for some 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: Medical payments to others coverage can help pay for medical bills if a guest is injured in your home, for example, 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. 

What does renters insurance protect me from?

Insurance companies call an event or circumstance that can cause personal injury or property damage a peril. Insurance companies don’t cover all perils — there are usually some exclusions, meaning insurance doesn’t kick in for all damage sources. Here are some of the most commonly included and excluded renters insurance perils.

Common renters insurance inclusions and exclusions
Typical inclusions Typical exclusions
Fire and smoke damage Flood
Lightning, windstorm and hail Earthquake
Theft and vandalism Pest damage
Some types of water damage Sinkholes

This is far from an exhaustive list. Check out our article on what renters insurance covers for more information.

What determines the cost of renters insurance?

Insurance companies use many factors to determine how much to charge customers, ranging from your profile, to your location, to your policy details. Some of the most common factors are:

  • Your insurance claim history, credit score and age.
  • Your local environmental risks and crime statistics.
  • The value of your belongings.

These are important factors, but there are many more. For more information, see our article on renters insurance policy rate factors.

Do you need renters insurance?

Renters insurance is not required by law, but landlords can require tenants to purchase renters insurance as a condition of the lease. Even if your landlord doesn’t make you buy renters insurance, we strongly recommend it because renters insurance provides great value and is worth purchasing for most tenants.

Methodology

Our cost data were sourced from the National Association of Insurance Commissioners “2019 Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit” report.

All demographic and geographic data were sourced from Standard & Poor's Global Market Intelligence platform.

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