Average Cost of Renters Insurance (2025)
The average cost of renters insurance in the United States is $23 per month.
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How much does renters insurance cost in my state?
The average cost of renters insurance is $23 per month, nationwide. However, renters insurance prices differ based on where you live. That's because the likelihood that fire, storms or theft will damage your stuff varies from place to place.
Average cost of renters insurance by state
Most expensive states for renters insurance
Cheapest states for renters insurance
States with the most expensive renters insurance rates
The top five most expensive states for renters insurance — Louisiana, Arkansas, Georgia, Mississippi and Alabama — are all in the Southeast.
Renters insurance is likely more expensive in these states because they regularly experience hurricanes and other natural disasters.
Louisiana has the highest renters insurance prices in the country, at $36 per month, on average. Renters in Arkansas, Georgia, Mississippi and Alabama also pay high rates.
- Louisiana: $36 per month
- Arkansas: $35 per month
- Georgia: $33 per month
- Mississippi: $32 per month
- Alabama: $31 per month
Other factors that impact your renters insurance quote include the age and condition of the building you rent. If you live in an old or poorly maintained apartment or house, you may pay more for renters insurance.
Most expensive states for renters insurance
States with the most expensive renters insurance rates
The top five most expensive states for renters insurance — Louisiana, Arkansas, Georgia, Mississippi and Alabama — are all in the Southeast.
Renters insurance is likely more expensive in these states because they regularly experience hurricanes and other natural disasters.
Louisiana has the highest renters insurance prices in the country, at $36 per month, on average. Renters in Arkansas, Georgia, Mississippi and Alabama also pay high rates.
- Louisiana: $36 per month
- Arkansas: $35 per month
- Georgia: $33 per month
- Mississippi: $32 per month
- Alabama: $31 per month
Other factors that impact your renters insurance quote include the age and condition of the building you rent. If you live in an old or poorly maintained apartment or house, you may pay more for renters insurance.
Cheapest states for renters insurance
States with the cheapest renters insurance rates
Renters in Montana, North Dakota and Wyoming pay the lowest rates in the country, at around $16 per month.
Renters insurance may be cheaper in these states because they experience fewer natural disasters.
- Montana: $16 per month
- North Dakota: $16 per month
- Wyoming: $16 per month
- Maine: $17 per month
- New Hampshire: $17 per month
- North Carolina: $17 per month
- Vermont: $17 per month
- Washington: $17 per month
How much does renters insurance cost in my city?
The average cost of renters insurance is $24 per month across 100 of the most populated cities in the United States.
That's only $1 per month more than the typical renters insurance cost nationally.
Cost of renters insurance by city
City | Monthly rate |
|---|---|
| New York, NY | $18 |
| Los Angeles, CA | $22 |
| Chicago, IL | $23 |
| Houston, TX | $32 |
| Phoenix, AZ | $31 |
Average price of renters insurance by company
State Farm typically has the cheapest renters insurance quotes. Renters insurance from State Farm costs just $14 per month, on average.
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Average cost of renters insurance by company
Company | Monthly rate | |
|---|---|---|
| State Farm | $14 |
| Lemonade | $16 |
| Amica | $20 |
| Allstate | $23 |
| Progressive | $24 |
What factors affect the cost of renters insurance?
Renters insurance quotes are based on several factors, including:
Claims and credit history
You'll pay a higher rate for renters insurance if you've made a claim before. That's because renters insurance companies believe you're more likely to make a claim in the future if you've made one in the past.
Home and renters insurance claims can stay on your insurance record for five to seven years.
Not all claims are viewed equally. Insurance companies consider the type of claim you filed and the settlement amount when determining your insurance quotes. Large claim amounts and liability claims are the most likely to raise your renters insurance rates.
You may get more expensive renters insurance quotes if you have a poor credit score. Insurance companies have found that renters with lower credit scores tend to file claims more often than those with higher credit scores. That makes it riskier for them to insure people with poor credit, which leads to higher rates for renters with lower credit.
Coverage choices
The amount of coverage you get directly affects your renters insurance rate. That means you can lower your monthly costs by choosing a smaller amount of coverage. However, it's important that you have enough coverage to replace all of your property.
It rarely makes sense to get the cheapest coverage option with renters insurance. That's because you won't pay much more for a higher versus a lower coverage level.
For example, you can buy $15,000 of personal property coverage for $15 per month, or $25,000 for $19 per month in Dallas. That means you'll pay just $4 more per month for an extra $10,000 of coverage.
How much is personal property insurance for renters?
Personal property coverage | Average monthly rate |
|---|---|
| $15,000 | $15 |
| $25,000 | $19 |
| $50,000 | $29 |
Quotes are for a renter living in Dallas with $100,000 of liability coverage and a $500 deductible.
In addition, your landlord may require you to get a policy with a minimum amount of liability coverage.
Increasing your personal property coverage costs much more than raising your liability limits. Expanding renters liability coverage from $100,000 to $300,000 raises the average cost of renters insurance by around 7%.
How much is personal liability insurance for renters?
It only costs around $1 per month to increase personal liability coverage from $100,000 to $300,000. Upgrading from $300,000 to $500,000 of liability insurance also costs around $1 more per month.
Personal liability coverage | Average monthly rate |
|---|---|
| $100,000 | $15 |
| $300,000 | $16 |
| $500,000 | $17 |
Quotes are based on a renter living in Dallas with $25,000 of personal property coverage and a $500 deductible.
Deductible amount
Your renters insurance deductible is the amount you must pay to replace your things if you file a claim. A typical renters insurance deductible is $500 or $1,000, but most companies offer a range of options.
You should choose a deductible amount based on how much you can afford to pay out of pocket if you suffer a loss.
Average cost of renters insurance by deductible
Deductible | Average monthly rate |
|---|---|
| $250 | $18 |
| $500 | $17 |
| $1,000 | $15 |
Quotes are based on a renter living in Dallas with $25,000 of personal property coverage and $100,000 of liability coverage.
Choosing a higher deductible means you'll pay less each month for insurance, but you'll have to pay a larger share of the costs if you make a claim. Lower deductibles mean better protection, but at a higher monthly cost.
Your valuables
High-value items like jewelry or art are usually covered up to lower, category-specific limits, or excluded altogether. Endorsements are upgrades to your renters policy that you can buy to add or increase coverage for valuable items.
Common items you may need to add or expand coverage for include:
- Computers and electronics worth over $1,000
- Firearms worth more than $2,500
- Jewelry worth more than $1,000
- Musical instruments worth more than $500
- Sports equipment worth over $500
Adding extra coverage increases the cost of your renters insurance policy. However, that coverage might be necessary if you have valuables that aren't protected by a basic policy. Make sure to review what limits and coverages you're getting before you buy a renters insurance policy.
How to save money on renters insurance
Research available discounts and compare renters insurance quotes to find the cheapest rates.
Qualify for discounts
Renters insurance companies don't typically offer a lot of discounts. However, you can save money by choosing a company that offers discounts you can easily qualify for. Some of the most common renters insurance discounts are:
- Bundling discount
- Claim-free discount
- Home security discount
- Online purchase discount
- Payment discount
Compare renters insurance quotes online
Renters insurance prices vary based on your location, personal information, the amount of coverage you need and your claims history. For that reason, the cheapest company for you may differ from the most affordable option in your state. It's always a good idea to get renters insurance quotes from multiple companies to ensure you get the best rate available.
Frequently asked questions
How much is renters insurance per month?
The average cost of renters insurance is $23 per month. However, the price you'll pay for renters insurance depends on how much coverage you need and where you live.
How much is renters insurance for $100,000 of liability coverage?
A renters insurance policy with $100,000 of liability coverage costs around $23 per month. This also includes $30,000 of personal property coverage and $1,000 of guest medical protection.
Is renters insurance higher than homeowners?Methodology
ValuePenguin collected thousands of renters insurance quotes from across the county to calculate the average cost of coverage in every state. Quotes are from nine top companies, although not every company was available in every state.
Renters quotes are for a 30-year-old single woman who lives alone with no pets and has never filed a claim. Rates include the following coverage limits:
- Personal property: $30,000
- Personal liability: $100,000
- Guest medical protection: $1,000
- Deductible: $500
To determine the difference in cost for varying levels of coverage, quotes were gathered from four insurance companies for an apartment in Dallas. Those quotes are for the same 25-year-old man with no pets.
Data on the percentage of renters with insurance came from the Insurance Information Institute's 2020 Triple-I Consumer Poll.
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