How much is renters insurance?
The average cost of renters insurance is about $15 to $20 per month1. However, what you end up paying depends on a number of factors. Take a look at the information below to find out how your home or apartment renters insurance cost is determined.
What factors impact how much renters insurance costs?
To estimate how much your renters insurance will cost, consider how these factors apply to you:
- The state where you live
- The state you’re being insured in makes a difference! The likelihood of risks like theft and natural disasters in your state will all have an impact on the rate you pay for renters insurance.1
- The location where you live
- Areas with higher crime rates and risks of natural disaster can drive higher renters insurance premiums.2
- What insurance provider you have
- Different providers charge different rates. Get a free quote from Nationwide today and learn how great coverage can still be accessible at a great price.
- How much coverage you need
- The more stuff you have, the more coverage you need. That extra coverage is important, but it will come with a higher premium.
- The type of coverage you choose
- The type of coverage you purchase will naturally affect the amount you pay. Replacement Cost coverage offers greater protection than Actual Cash Value coverage, however it also comes with a higher rate.3
- The amount of your deductible
- The larger your deductible, the lower your rate.
Average cost of renters insurance by state
Different states feature different climates and economic trends. Both have an impact on the difference between states’ average renters insurance rate. The higher the likelihood of a natural disaster and/or high crime rates will contribute to higher average rates.4 Here are the average renters insurance rates by state for 2021:
| State | Average Annual Cost |
|---|---|
| Alabama | $346 |
| Alaska | $187 |
| Arizona | $204 |
| Arkansas | $360 |
| California | $195 |
| Colorado | $180 |
| Connecticut | $228 |
| Delaware | $245 |
| Florida | $348 |
| Georgia | $300 |
| Hawaii | $224 |
| Idaho | $192 |
| Illinois | $168 |
| Indiana | $240 |
| Iowa | $204 |
| Kansas | $204 |
| Kentucky | $218 |
| Louisiana | $442 |
| Maine | $156 |
| Maryland | $191 |
| Massachusetts | $192 |
| Michigan | $408 |
| Minnesota | $176 |
| Mississippi | $318 |
| Missouri | $260 |
| Montana | $168 |
| Nebraska | $172 |
| Nevada | $216 |
| New Hampshire | $139 |
| New Jersey | $195 |
| New Mexico | $264 |
| New York | $150 |
| North Carolina | $200 |
| North Dakota | $185 |
| Ohio | $237 |
| Oklahoma | $360 |
| Oregon | $180 |
| Pennsylvania | $168 |
| Rhode Island | $193 |
| South Carolina | $230 |
| South Dakota | $162 |
| Tennessee | $260 |
| Texas | $312 |
| Utah | $144 |
| Vermont | $168 |
| Virginia | $192 |
| Washington | $180 |
| West Virginia | $228 |
| Wisconsin | $180 |
| Wyoming | $148 |
Source: https://www.valuepenguin.com/average-cost-renters-insurance
Rather than looking up the average cost of renters insurance, the most accurate way to estimate your renters insurance rates is to get a renters insurance quote.
How much renters insurance do I need?
Determining how much renters insurance you need for your particular situation largely depends on the value of your personal belongings, as well as how much liability coverage you think you’ll need. Taking a home inventory of your assets can help you understand the level of coverage you need and how much your renters insurance policy will cost.
Take a home inventory
People often underestimate the value of their personal belongings, which is why keeping an ongoing inventory list is so important. Here are some tips on documenting your possessions:
- Walk through each room in your rental.
- Write down the descriptions, quantities and values of each item, along with serial numbers and purchase dates (you can estimate, or use receipts if you saved them).
- Take photos of your valuables.
- Consider using specific inventory software that can help keep things organized.
Place a copy of your inventory in a safe place, such as a fireproof document box and/or a bank safety deposit box. You can also save a digital copy.
Consider liability coverage
If an individual is injured on your property, liability insurance may help to cover medical costs and legal fees. Take time to consider your liability coverage limit, as legal expenses can become extremely expensive.
Depending on the insurance company, there are different limits on how much coverage they will provide for your items. Review your home inventory and make note of the more expensive items, such as electronics or valuable collectibles. This will help you determine if you need to purchase additional insurance to keep these items protected.
Renters insurance is a responsible choice that can help prevent you from paying out of pocket for certain types of damages. Learn more about Nationwide’s renters insurance options and start your quote today.
Additional renters insurance resources
Do I need renters insurance? | Does renters insurance cover theft? | Renters Insurance FAQ
If you are concerned that the average cost of renters insurance is outside your budget, learn how to keep your rates low with our renters insurance discounts.