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

  1. Alaska: $138
  2. North Dakota: $145
  3. Maine: $146
  4. New Hampshire: $146
  5. New York: $149

Average renters insurance cost: expensive states

  1. Mississippi: $376
  2. Alabama: $362
  3. Oklahoma: $332
  4. Louisiana: $324
  5. 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

cost of renters insurance

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.

Cost of a one-bedroom apartment in each state
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.

Cost of a one-bedroom apartment in major cities
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.

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 both 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 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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