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 $10 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, New Hampshire and South Dakota have the cheapest average renters insurance. Mississippians pay the most, at $374 a year, or $155 more than the national average of $219.

State Average annual premium Average monthly premium
Alabama $334 $28
Alaska $125 $10
Arizona $238 $20
Arkansas $294 $25
California $222 $19
Colorado $181 $15
Connecticut $208 $17
Delaware $230 $19
Florida $278 $23
Georgia $346 $29
Hawaii $199 $17
Idaho $176 $15
Illinois $191 $16
Indiana $216 $18
Iowa $164 $14
Kansas $218 $18
Kentucky $246 $21
Louisiana $320 $27
Maine $154 $13
Maryland $204 $17
Massachusetts $197 $16
Michigan $345 $29
Minnesota $195 $16
Mississippi $374 $31
Missouri $264 $22
Montana $163 $14
Nebraska $175 $15
Nevada $241 $20
New Hampshire $138 $12
New Jersey $179 $15
New Mexico $245 $20
New York $160 $13
North Carolina $207 $17
North Dakota $163 $14
Ohio $236 $20
Oklahoma $348 $29
Oregon $177 $15
Pennsylvania $195 $16
Rhode Island $247 $21
South Carolina $204 $17
South Dakota $140 $12
Tennessee $277 $23
Texas $230 $19
Utah $158 $13
Vermont $156 $13
Virginia $209 $17
Washington $179 $15
West Virginia $218 $18
Wisconsin $163 $14
Wyoming $179 $15
Note: Average rates are based on online quotes from provider websites. Your rates may vary

Average renters insurance cost: cheapest states

  1. Alaska: $125
  2. New Hampshire: $138
  3. South Dakota: $140
  4. Maine: $154
  5. Vermont: $156

Average renters insurance cost: expensive states

  1. Mississippi: $374
  2. Oklahoma: $348
  3. Georgia: $346
  4. Michigan: $345
  5. Alabama: $334

Four out of the five most expensive states for renters insurance are all southern states prone to extreme weather, such as hurricanes.

Find affordable renters insurance in your state.

Renters insurance costs by company

Companies may offer vastly different renters insurance premiums. Nationwide offers the cheapest average premium among the companies we researched, at $195 a year.

Company Average annual premium
Allstate $232
Amica $205
Farmers $265
Nationwide $195
State Farm $199
Travelers $205
Note: Average rates are based on online quotes from provider websites. Your rates may vary

Renters insurance costs by coverage amount

You would need to take into account the worth of belongings 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.

AVERAGE COST OF RENTERS INSURANCE BY PERSONAL PROPERTY COVERAGE
Coverage Average annual renters insurance cost

$13,999 and under

$132

$14,000 - $19,999

$145

$20,000 - $25,999

$163

$26,000 - $31,999

$178

$32,000 - $37,999

$171

$38,000 - $43,999

$199

$44,000 - $49,999

$194

$50,000 - $74,999

$230

$75,000 - $99,999

$290

$100,000 and over

$437

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 2019.

Average renters insurance rates by city

We looked at quotes in the 10 most populated cities in the U.S. to find the average renters insurance cost in each city. Among the most populated cities, Houston has the highest average premium.

City Average annual premium
New York $212
Los Angeles $292
Chicago $213
Houston $308
Phoenix $270
Philadelphia $290
San Antonio $244
San Diego $214
Dallas $242
San Jose $203
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:

STATES WITH THE MOST RENTER-OCCUPIED HOMES
State Number of renter-occupied housing units Percentage of renter-occupied housing units Average annual premium
New York 3,461,296 46.5% $160
California 5,889,686 45.2% $222
Nevada 479,997 43.7% $241
Hawaii 189,047 41.1% $199
Rhode Island 160,997 39.2% $247
Texas 3,686,845 38% $230
Source: U.S. Census American Community Survey (2019). The ACS margin of error is +/-0.2% or less for all figures.

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

How COVID-19 changed average rent prices

cost of renters insurance

The COVID-19 pandemic has had a significant impact on the cost of rent. Our team here at QuoteWizard analyzed rental rates across the country and found that the average cost for a one-bedroom apartment has gone up 16% nationwide since January 2021. Florida has experienced the highest increase in rent, while North Dakota has had the smallest change in rental prices.

Cost Change of 1-Bedroom Apartment
State Current average rent % change since 2021 % change since 2019
Alabama $813 13% 18%
Alaska $1,100 13% 17%
Arizona $1,241 27% 38%
Arkansas $681 11% 17%
California $1,652 16% 9%
Colorado $1,341 16% 14%
Connecticut $1,242 12% 15%
Delaware $1,307 17% 29%
Florida $1,434 30% 31%
Georgia $1,188 22% 26%
Hawaii $1,706 16% 18%
Idaho $839 21% 32%
Illinois $980 14% 7%
Indiana $822 14% 18%
Iowa $695 7% 8%
Kansas $771 10% 14%
Kentucky $755 10% 12%
Louisiana $851 15% 15%
Maine $973 9% 23%
Maryland $1,397 12% 13%
Massachusetts $1,385 20% 7%
Michigan $859 13% 16%
Minnesota $929 7% 2%
Mississippi $782 13% 18%
Missouri $795 10% 12%
Nebraska $834 10% 14%
Nevada $1,224 23% 32%
New Hampshire $1,209 20% 29%
New Jersey $1,490 17% 14%
New Mexico $916 18% 32%
New York $1,588 21% 12%
North Carolina $1,036 20% 21%
North Dakota $690 5% -5%
Ohio $758 12% 15%
Oklahoma $786 13% 19%
Oregon $1,114 13% 10%
Pennsylvania $947 14% 13%
Rhode Island $1,129 23% 22%
South Carolina $1,006 17% 21%
South Dakota $721 16% 18%
Tennessee $965 20% 22%
Texas $1,085 16% 14%
Utah $1,150 21% 9%
Virginia $1,344 15% 10%
Washington $1,376 20% 11%
Wisconsin $835 9% 8%
Wyoming $719 16% 8%
United States $1,052 16% 24%
Methodology: Rent data sourced from Apartment List. **Montana, Vermont and West Virginia data not available.

America’s most populous cities have also seen an abrupt change in rental prices during the pandemic. We found that the average price of rent has increased by 14% in the United States’ 50 largest cities. Mesa, Ariz., and Las Vegas had the highest increases in rent, while rental prices decreased 16% in San Francisco.

Cost of a 1-bedroom apartment in major cities
Metro Average rent % change since Jan. 2021 % change since 2019
Albuquerque, NM $1,021 21% 35%
Arlington, TX $1,141 12% 18%
Atlanta, GA $1,402 19% 17%
Austin, TX $1,490 24% 20%
Baltimore, MD $1,103 17% 14%
Boston, MA $2,013 26% 1%
Charlotte, NC $1,269 20% 18%
Chicago, IL $1,278 17% 2%
Cleveland, OH $625 6% -1%
Colorado Springs, CO $1,145 17% 24%
Columbus, OH $911 12% 14%
Dallas, TX $1,128 15% 13%
Denver, CO $1,487 18% 11%
Detroit, MI $695 3% 9%
El Paso, TX $891 15% 22%
Fort Worth, TX $1,095 13% 13%
Fresno, CA $1,067 16% 25%
Houston, TX $1,000 11% 7%
Indianapolis, IN $909 12% 16%
Jacksonville, FL $1,219 27% 32%
Kansas City, MO $984 10% 9%
Las Vegas, NV $1,185 27% 35%
Long Beach, CA $1,527 12% 10%
Los Angeles, CA $1,713 15% 4%
Louisville, KY $853 8% 10%
Memphis, TN $981 16% 26%
Mesa, AZ $1,409 30% 43%
Miami, FL $1,558 25% 22%
Milwaukee, WI $799 8% 8%
Minneapolis, MN $1,100 5% -6%
Nashville, TN $1,273 21% 18%
New Orleans, LA $988 7% 3%
New York City, NY $2,005 34% 4%
Oakland, CA $1,654 1% -14%
Oklahoma City, OK $936 15% 19%
Philadelphia, PA $1,104 14% 5%
Phoenix, AZ $1,211 27% 37%
Portland, OR $1,220 11% 2%
Raleigh, NC $1,335 22% 24%
Sacramento, CA $1,402 15% 23%
San Antonio, TX $1,030 15% 14%
San Diego, CA $1,849 18% 19%
San Francisco, CA $2,341 17% -16%
San Jose, CA $1,919 12% -5%
Seattle, WA $1,710 27% 3%
Tucson, AZ $1,009 21% 36%
Tulsa, OK $807 9% 17%
Virginia Beach, VA $1,437 18% 28%
Washington, DC $1,794 13% -2%
Wichita, KS $727 14% 16%
Methodology: Rent cost data was sourced from Apartment List estimates.

Rent isn’t just rising though; we found that renters are also 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.

States that spend the most on rent
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:

  1. 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.
  2. 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 renters and auto insurance from them.
  3. 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 cover?

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.

How does renters insurance protect me?

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 sources of damage. 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 list is far from exhaustive. Check out our article on what renters insurance covers for more information.

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.

Frequently asked questions

Q: How much is renters insurance?

A: Our national study found that the average cost of renters insurance is $219. 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.

Q: How much renters insurance do I need?

A:.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.

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