How much does renters insurance cost in 2024?

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Renters insurance costs an average of $22 a month, or $263 a year, for $40,000 in personal property, $300,000 in liability and a $1,000 deductible, based on an analysis of nationwide rates.

How much you pay for renters insurance depends on the amount of coverage you need, as well as where you live and other factors like your credit score.

Shopping around is the best way to save on renters insurance, but you can also save with discounts.

Key Takeaways

Renters insurance costs $263 a year on average, which is only $22 a month, for $40,000 of personal property coverage.
The cost of a renters insurance policy depends on where you live, how much coverage you need and, in most states, your credit score.
You can save on renters insurance with a higher deductible and by asking about discounts.

Average cost of renters insurance

The average cost of renters insurance is relatively low at only $22 a month, or $263 a year. This is for a policy with $40,000 personal property coverage and $300,000 of personal liability protection, with a $1,000 deductible.

As this is a national average, the cost of your policy depends on your ZIP code, your renter profile and the amount of coverage you’re getting. And, of course, you can shop around to save on renters insurance.

How much does renters insurance cost in your state?

While the national average for renters insurance is $263 a year, it varies widely by state. Typically, states prone to more extreme weather have renters insurance costs.

State	$20,000/$100,000 liability	$40,000/$100,000 liability	$40,000/$300,000 liability	$60,000/$300,000 liability
Alaska	$181	$233	$257	$308
Alabama	$225	$310	$324	$411
Arkansas	$247	$346	$363	$464
Arizona	$170	$237	$260	$327
California	$205	$253	$271	$322
Colorado	$135	$175	$191	$232
Connecticut	$187	$265	$292	$370
Washington, D.C.	$204	$260	$272	$373
Delaware	$131	$170	$181	$243
Florida	$159	$230	$248	$324
Georgia	$222	$334	$352	$459
Hawaii	$151	$231	$247	$329
Iowa	$132	$188	$203	$257
Idaho	$127	$169	$184	$225
Illinois	$170	$227	$246	$300
Indiana	$176	$249	$269	$344
Kansas	$167	$238	$251	$322
Kentucky	$136	$193	$207	$260
Louisiana	$316	$472	$504	$675
Massachusetts	$159	$244	$262	$358
Maryland	$172	$243	$256	$335
Maine	$125	$174	$190	$243
Michigan	$230	$323	$340	$433
Minnesota	$157	$203	$211	$256
Missouri	$150	$210	$231	$285
Mississippi	$250	$367	$387	$511
Montana	$181	$256	$275	$354
North Carolina	$172	$323	$332	$455
North Dakota	$122	$173	$190	$240
Nebraska	$193	$266	$279	$351
New Hampshire	$118	$160	$173	$215
New Jersey	$134	$190	$207	$267
New Mexico	$146	$191	$201	$244
Nevada	$179	$233	$246	$304
New York	$217	$276	$293	$362
Ohio	$167	$231	$252	$317
Oklahoma	$187	$266	$281	$352
Oregon	$195	$266	$287	$358
Pennsylvania	$171	$249	$274	$362
Rhode Island	$413	$473	$479	$538
South Carolina	$193	$272	$294	$375
South Dakota	$133	$188	$202	$257
Tennessee	$196	$272	$290	$370
Texas	$143	$214	$226	$293
Utah	$139	$183	$200	$241
Virginia	$161	$217	$235	$298
Vermont	$133	$166	$182	$227
Washington	$151	$205	$222	$276
Wisconsin	$111	$153	$167	$211
West Virginia	$165	$231	$248	$309
Wyoming	$105	$126	$136	$162

States with the highest renters insurance rates

Below are the states with the highest cost of renters insurance on average.

State	Average annual renters insurance rate
Louisiana	$504
Rhode Island	$479
Mississippi	$387
Arkansas	$363
Georgia	$352
Michigan	$340
North Carolina	$332
Alabama	$324
South Carolina	$294
New York	$293

States with the lowest renters insurance rates

Below we’ve listed the states with the cheapest renters insurance rates on average.

State	Average annual renters insurance rate
Wyoming	$136
Wisconsin	$167
New Hampshire	$173
Delaware	$181
Vermont	$182
Idaho	$184
North Dakota	$190
Maine	$190
Colorado	$191
Utah	$200

How much does renters insurance cost in top cities?

Your ZIP code can make a difference in how much you’re paying for renters insurance. Here are the average rates for renters insurance in major cities across the U.S.

City	Average annual renters insurance premium
Austin, TX	$203
Charlotte, NC	$289
Chicago, IL	$286
Columbus, OH	$251
Dallas, TX	$227
Denver, CO	$204
Fort Worth, TX	$223
Houston, TX	$268
Indianapolis, IN	$301
Jacksonville, FL	$253
Los Angeles, CA	$324
New York, NY	$407
Oklahoma City, OK	$295
Philadelphia, PA	$406
Phoenix, AZ	$279
San Antonio, TX	$237
San Diego, CA	$223
San Francisco, CA	$316
San Jose, CA	$308
Seattle, WA	$239

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How much does renters insurance cost by coverage level?

The coverage you choose will have an impact on how much you pay for renters insurance. As you can see below, the personal property coverage level impacts the cost more than raising the deductible or the liability coverage.

Coverage	Annual premium	Monthly premium
$20,000 with $500 deductible and $100,000 liability	$192	$16
$20,000 with $500 deductible and $300,000 liability	$208	$17
$20,000 with $1,000 deductible and $100,000 liability	$177	$15
$20,000 with $1,000 deductible and $300,000 liability	$193	$16
$40,000 with $500 deductible and $100,000 liability	$268	$22
$40,000 with $500 deductible and $300,000 liability	$285	$24
$40,000 with $1,000 deductible and $100,000 liability	$246	$20
$40,000 with $1,000 deductible and $300,000 liability	$263	$22
$60,000 with $500 deductible and $100,000 liability	$343	$29
$60,000 with $500 deductible and $300,000 liability	$362	$30
,$60000 with $1,000 deductible and $100,000 liability	$315	$26
$60,000 with $1,000 deductible and $300,000 liability	$333	$28

Renters insurance cost by company

Insurance companies calculate rates different, so you’ll see big differences in renters insurance costs by company. Below, we’ve compared rates from the top renters insurance companies in the nation.

State Farm has the cheapest rates on average, unless you are eligible for USAA.

Company	Average annual renters insurance rate
State Farm	$195
Progressive	$215
Auto-Owners	$223
Allstate	$272
American Family	$274
Erie Insurance	$279
Nationwide	$297
Farmers	$325
Travelers	$421

USAA*	$191

*USAA is only available to military members and their families.

How to save on renters insurance

You can lower the cost of renters insurance by increasing your deductible and lowering your coverage amounts. However, you should make sure you can afford the deductible if you need to pay it. and be cautious when lowering coverage levels as you might not have enough.

You can also lower your premiums with discounts. Common discounts for renters insurance include:

Bundling policies with the same insurer
Installing security systems
Installing smoke and fire detectors
Set up autopay
Pay six months or a year ahead of time, instead of monthly

Shopping around is the the best way to find the cheapest renters insurance rates.

Frequently asked questions

How much is renters insurance for $100,000 in liability?

The cost of renters insurance for $100,000 liability coverage depends on the amount of personal property coverage and the deductible. $100,000 in liability coverage with our same personal property level of $40,000 and a $1,000 deductible costs $246 a year.

Which company has the cheapest rental insurance?

The insurer that offers rental insurance the cheapest renters insurance depends on your location and coverage needs. Nationally, State Farm has the cheapest rates unless you are eligible for USAA.

What is covered by renters insurance?

Renters insurance covers your personal property, personal liability, loss of use and guest medical payments. It does not provide any coverage for the structure; your landlord is responsible for that.

Methodology

Insure.com commissioned renters insurance rates from Quadrant Data Solutions for renters insurance policies in all 50 states and Washington, D.C. with personal property coverage levels of $20,000, $40,000 and $60,000 and at liability levels of $100,000 and $300,000. Rates were fielded with $500 and $1,000 deductibles. Rates were fielded from 34,588 ZIP codes and 149 insurance companies.

Jackie Lam

Contributing Researcher

Jackie Lam is a freelance writer with experience covering small business, insurance, budgeting and personal finance. Her work has appeared in Salon.com, BuzzFeed, U.S. World & News Report, Time, Forbes and Refinery29. She is an accredited financial coach (AFC) and helps professionals improve their relationship to money. She also is a recipient of the Financial Literacy and Education in Communities’ National Excellence Award, which is given by credit counseling and financial wellness organization Money Management International.