The average renters insurance cost in 2024

According to NerdWallet’s most recent rate study, the average annual cost of renters insurance in the United States is $148, or around $12 per month. This estimate is based on a policy for a hypothetical 30-year-old renter that includes $30,000 in personal property coverage, $100,000 in liability coverage, and a $500 deductible.

While the national average is a great starting point, renters insurance costs vary depending on where you reside and how much coverage you need.

How much does renters insurance cost in your state?

Your home’s location has a significant impact on the cost of renters insurance. Find out how much you may anticipate to spend for an insurance in your state below.

StateAverage annual costAverage monthly cost
National average$148$12
Alabama$183$15
Alaska$101$8
Arkansas$225$19
Arizona$169$14
California$182$15
Colorado$132$11
Connecticut$152$13
Delaware$153$13
Florida$152$13
Georgia$194$16
Hawaii$154$13
Idaho$131$11
Illinois$146$12
Indiana$149$12
Iowa$110$9
Kansas$169$14
Kentucky$141$12
Louisiana$253$21
Maine$123$10
Maryland$151$13
Massachusetts$140$12
Michigan$137$11
Minnesota$125$10
Mississippi$252$21
Missouri$167$14
Montana$160$13
Nebraska$135$11
Nevada$152$13
New Hampshire$115$10
New Jersey$132$11
New Mexico$154$13
New York$170$14
North Carolina$162$14
North Dakota$119$10
Ohio$124$10
Oklahoma$210$18
Oregon$146$12
Pennsylvania$124$10
Rhode Island$141$12
South Carolina$148$12
South Dakota$131$11
Tennessee$152$13
Texas$173$14
Utah$131$11
Vermont$110$9
Virginia$125$10
Washington$127$11
Washington, D.C.$154$13
West Virginia$140$12
Wisconsin$107$9
Wyoming$91$8

Here are the five states with the most costly renters insurance:

  • Louisiana costs $253 per year, or $21 per month on average.
  • Mississippi costs $252 per year, or $21 per month on average.
  • Arkansas averages $225 per year, or $19 per month.
  • Oklahoma averages $210 per year, or $18 per month.
  • Georgia pays $194 per year, or $16 per month on average.

Meanwhile, these are the five states that provide the lowest renters insurance:

  • Wyoming averages $91 per year, or $8 per month.
  • Alaska costs $101 per year, or $8 per month on average.
  • Wisconsin spends $107 each year, or $9 per month on average.
  • Iowa costs $110 per year, or $9 per month, on average.
  • Vermont charges $110 per year, or $9 per month on average.

How much does renters insurance cost in your city?

The average cost of renters insurance in 25 of the country’s major cities is shown below. Los Angeles is the most costly, averaging $250 per year (about $21 per month), while Seattle is the most cheap, at $137, or about $11 per month.

CityAverage annual rateAverage monthly rate
Atlanta$239$20
Austin$167$14
Charlotte$163$14
Chicago$188$16
Dallas$195$16
Denver$143$12
Fort Worth$195$16
Houston$246$21
Indianapolis$171$14
Jacksonville$161$13
Las Vegas$170$14
Los Angeles$250$21
Miami$231$19
Minneapolis$146$12
New York$192$16
Orlando$159$13
Philadelphia$191$16
Phoenix$188$16
Portland$160$13
San Antonio$213$18
San Diego$189$16
San Jose$209$17
Seattle$137$11
St. Louis$176$15
Tucson$164$14

What is included in renters’ insurance premiums?

Most renters insurance plans offer four main categories of coverage:

Personal property. If someone steals your goods or a fire damages them, this portion of your coverage will pay to replace them, less your deductible. (A deductible is the portion of a claim you must pay.) Renters insurance often only covers the particular occurrences listed in the policy.

Liability. This section of your insurance protects you if you are judged liable for someone else’s injuries or property damage. This might include an occurrence in which a visitor is injured in your house or your dog bites a stranger. (Some insurers will not cover specific dog breeds. For example, learn what pit bull owners should know about insurance.

Medical payments. This coverage, which is sometimes combined with liability, pays for a guest’s injuries on your property without needing anybody to be proven at fault.

Loss of utility. This coverage pays if you have to move while your house is being repaired after a calamity specified in your policy. For example, it might pay hotel or restaurant fees in addition to your regular expenses while you are waiting to return home.

What factors impact the cost of your renters insurance?

Every insurance company calculates renters insurance rates differently, but these are the most frequent variables that may impact how much you spend.

Where you live?

If you live in an area prone to natural catastrophes such as wildfires or tornadoes, your renters insurance premiums will most likely be higher. You may also pay extra if your area has a high crime rate if there is no local fire station or hydrant.

Your past claims.

If you’ve made claims in the last three to five years, even with a different company, your current insurer will probably consider you a higher risk. According to a NerdWallet research, a theft claim on your record may increase your rate by around 19%.

Claims historyAverage annual costAverage monthly cost
No recent claims$148$12
Recent theft claim$176$15

Your Credit History

Renters insurance providers do not examine your FICO credit score, but in most jurisdictions, they do consider your credit-based insurance score, which is a comparable metric. According to studies, persons with weak credit are more likely to submit claims, thus insurers charge them more premiums.

According to a NerdWallet research, tenants with low credit spend around 65% more than those with strong credit.

Credit historyAverage annual costAverage monthly cost
Good credit$148$12
Poor credit$245$20

California, Maryland, and Massachusetts prohibit the use of credit to establish homeowner, renter, condo, and mobile home insurance costs.

Your dog

Renters insurance often includes liability coverage for dog attacks, so having bigger dogs or aggressive types may cost you extra. Some insurers may not cover certain breeds at all.

Your coverage limits

Because renters insurance often includes liability coverage for dog attacks, having bigger dogs or aggressive breeds may result in higher costs. Certain breeds may be completely excluded from coverage by certain insurance.

Personal property coverage limitAverage annual costAverage monthly cost
$10,000$111$9
$30,000$148$12
$50,000$188$16
$70,000$235$20
$100,000$304$25

Raising your liability limit can also affect your premium, though it costs less than increasing your personal property limit. For example, it costs only $1 more a month on average to add an extra $200,000 of liability coverage.

Liability coverage limitAverage annual costAverage monthly cost
$100,000$148$12
$300,000$160$13

Replacement cost coverage for your personal possessions is a popular upgrade you can add to your renters insurance policy. With this coverage, your insurance will cover the cost of purchasing brand-new replacements for stolen or damaged goods. Many conventional renters insurance plans cover your belongings on an actual cash value basis, which means your insurer will only pay what your item was worth at the time of the occurrence.

Imagine a fire destroys the kitchen table and chairs you bought 10 years ago. With replacement cost coverage, your insurer would pay enough for you to buy a brand-new dining set rather than reducing your payout because the furniture has lost value over the years.

According to NerdWallet’s rate study, upgrading to replacement cost coverage would increase your premium by around 14%.

Type of personal property coverageAverage annual costAverage monthly cost
Actual cash value$148$12
Replacement cost$168$14

Your deductible

You may reduce your premium by selecting a larger deductible – the amount you pay for a claim before your insurer pays the remainder. However, the premium difference might be negligible, and it may not be worthwhile if you would struggle to afford the higher deductible in an emergency.

DeductibleAverage annual costAverage monthly cost
$500$148$12
$1,000$135$11

How to Lower Your Renters Insurance Costs

There are other methods to save on renters insurance, but these are the most prevalent.

Multipolicy. If you purchase renters insurance and another policy (such as vehicle insurance) from the same firm, you may be eligible for a discount on one or both. This is referred to as “bundling.”

Claim-free. Renters with no previous claims are often eligible for reductions. “Recent” claims often occur during the last three to five years, depending on the business.

Safety and security gadgets. Many insurers may decrease your premium if your house includes burglar alarms, smoke detectors, sprinkler systems, or other equipment that lessen the danger of fire or burglary.

Depending on your insurer, you may also be able to save money by opting for paperless billing or autopay, as well as paying your insurance in whole rather than monthly payments. Non-smokers may also pay less.

Your best bet is to shop around. We suggest collecting estimates from at least three different firms to ensure you’re receiving the best pricing.

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