Home Home insurance Renters Insurance How much does renters insurance cost in 2024? How much does renters insurance cost in 2024? Renters insurance costs $263 a year or $22 a month on average nationwide, but rates vary based on coverage level, where you live and personal factors. View Carriers Please enter valid zip Compare top carriers in your area Written by Jackie Lam Jackie Lam 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. | Reviewed by Leslie Kasperowicz Leslie Kasperowicz Leslie Kasperowicz is an insurance educator and content creation professional with nearly two decades of experience first directly in the insurance industry at Farmers Insurance and then as a writer, researcher, and educator for insurance shoppers writing for sites like ExpertInsuranceReviews.com and InsuranceHotline.com and managing content, now at Insurance.com. | Updated on: May 28, 2024 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. 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 liabilityAlaska$181$233$257$308Alabama$225$310$324$411Arkansas$247$346$363$464Arizona$170$237$260$327California$205$253$271$322Colorado$135$175$191$232Connecticut$187$265$292$370Washington, D.C.$204$260$272$373Delaware$131$170$181$243Florida$159$230$248$324Georgia$222$334$352$459Hawaii$151$231$247$329Iowa$132$188$203$257Idaho$127$169$184$225Illinois$170$227$246$300Indiana$176$249$269$344Kansas$167$238$251$322Kentucky$136$193$207$260Louisiana$316$472$504$675Massachusetts$159$244$262$358Maryland$172$243$256$335Maine$125$174$190$243Michigan$230$323$340$433Minnesota$157$203$211$256Missouri$150$210$231$285Mississippi$250$367$387$511Montana$181$256$275$354North Carolina$172$323$332$455North Dakota$122$173$190$240Nebraska$193$266$279$351New Hampshire$118$160$173$215New Jersey$134$190$207$267New Mexico$146$191$201$244Nevada$179$233$246$304New York$217$276$293$362Ohio$167$231$252$317Oklahoma$187$266$281$352Oregon$195$266$287$358Pennsylvania$171$249$274$362Rhode Island$413$473$479$538South Carolina$193$272$294$375South Dakota$133$188$202$257Tennessee$196$272$290$370Texas$143$214$226$293Utah$139$183$200$241Virginia$161$217$235$298Vermont$133$166$182$227Washington$151$205$222$276Wisconsin$111$153$167$211West Virginia$165$231$248$309Wyoming$105$126$136$162 States with the highest renters insurance rates Below are the states with the highest cost of renters insurance on average. StateAverage annual renters insurance rateLouisiana$504Rhode Island$479Mississippi$387Arkansas$363Georgia$352Michigan$340North Carolina$332Alabama$324South Carolina$294New York$293 States with the lowest renters insurance rates Below we’ve listed the states with the cheapest renters insurance rates on average. StateAverage annual renters insurance rateWyoming$136Wisconsin$167New Hampshire$173Delaware$181Vermont$182Idaho$184North Dakota$190Maine$190Colorado$191Utah$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. CityAverage annual renters insurance premiumAustin, TX$203Charlotte, NC$289Chicago, IL$286Columbus, OH$251Dallas, TX$227Denver, CO$204Fort Worth, TX$223Houston, TX$268Indianapolis, IN$301Jacksonville, FL$253Los Angeles, CA$324New York, NY$407Oklahoma City, OK$295Philadelphia, PA$406Phoenix, AZ$279San Antonio, TX$237San Diego, CA$223San Francisco, CA$316San Jose, CA$308Seattle, WA$239 QuickTake Are landlords responsible for tree damage to your car? Flood insurance for renters: A complete guide What does renters insurance cover? Best renters insurance companies in 2024 Ten ways to save on your renters insurance Does renters insurance cover bike theft? Renters insurance and pit bulls How often should you shop around for renters insurance? Renters insurance quotes: Compare rates See more > 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 premiumMonthly 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. CompanyAverage annual renters insurance rateState Farm$195Progressive$215Auto-Owners$223Allstate$272American Family$274Erie Insurance$279Nationwide$297Farmers$325Travelers$421USAA*$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 LamContributing 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. 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