The Average Renters Insurance Cost in 2020

NerdWallet compared rates across the U.S. to determine the average cost of renters insurance in every state.

Sarah SchlichterOctober 7, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

The average renters insurance cost in the U.S. is $172 per year, or about $14 per month, according to NerdWallet’s latest rate analysis. This estimate is based on a policy for a hypothetical 30-year-old tenant with $30,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.

While the nationwide average is a useful baseline, renters insurance rates can vary significantly based on where you live and how much coverage you need.

How much is renters insurance in your state?

The location of your home is a major factor in the cost of your renters insurance. Check how much you can expect to pay for renters insurance in your state below.

State

Average annual cost

Average monthly cost

National average

$172

$14

Alabama

$222

$19

Alaska

$107

$9

Arizona

$179

$15

Arkansas

$207

$17

California

$226

$19

Colorado

$165

$14

Connecticut

$169

$14

Delaware

$146

$12

Florida

$159

$13

Georgia

$234

$20

Hawaii

$164

$14

Idaho

$130

$11

Illinois

$166

$14

Indiana

$155

$13

Iowa

$112

$9

Kansas

$220

$18

Kentucky

$148

$12

Louisiana

$253

$21

Maine

$149

$12

Maryland

$174

$15

Massachusetts

$194

$16

Michigan

$199

$17

Minnesota

$162

$14

Mississippi

$224

$19

Missouri

$145

$12

Montana

$159

$13

Nebraska

$124

$10

Nevada

$161

$13

New Hampshire

$125

$10

New Jersey

$153

$13

New Mexico

$157

$13

New York

$145

$12

North Carolina

$166

$14

North Dakota

$115

$10

Ohio

$138

$12

Oklahoma

$214

$18

Oregon

$153

$13

Pennsylvania

$116

$10

Rhode Island

$167

$14

South Carolina

$182

$15

South Dakota

$123

$10

Tennessee

$155

$13

Texas

$244

$20

Utah

$140

$12

Vermont

$113

$9

Virginia

$149

$12

Washington

$139

$12

Washington, D.C.

$175

$15

West Virginia

$149

$12

Wisconsin

$125

$10

Wyoming

$101

$8

These are the five most expensive states for renters insurance:

  1. Louisiana: $253 per year, or $21 per month, on average.

  2. Texas: $244 per year, or $20 per month, on average.

  3. Georgia: $234 per year, or $20 per month, on average.

  4. California: $226 per year, or $19 per month, on average.

  5. Mississippi: $224 per year, or $19 per month, on average.

Meanwhile, these are the five cheapest states for renters insurance:

  1. Wyoming: $101 per year, or $8 per month, on average.

  2. Alaska: $107 per year, or $9 per month, on average.

  3. Iowa: $112 per year, or $9 per month, on average.

  4. Vermont: $113 per year, or $9 per month, on average.

  5. North Dakota: $115 per year, or $10 per month on average.

How much is renters insurance in your city?

If you live in one of the country’s 20 largest metropolitan areas, you can check out the average cost of renters insurance in your city below. Houston’s average is the costliest at $271 per year (about $23 per month), while Philadelphia is the most affordable at $147, or a little more than $12 per month, on average.

Metro area

Average annual cost

Average monthly cost

Atlanta

$219

$18

Boston

$239

$20

Chicago

$162

$14

Dallas

$219

$18

Denver

$164

$14

Detroit

$209

$17

Houston

$271

$23

Los Angeles

$248

$21

Miami-Fort Lauderdale

$205

$17

Minneapolis-St. Paul

$157

$13

New York City

$167

$14

Philadelphia

$147

$12

Phoenix

$174

$15

Riverside-San Bernardino

$235

$20

San Diego

$202

$17

San Francisco

$242

$20

Seattle

$151

$13

St. Louis

$150

$13

Tampa-St. Petersburg

$154

$13

Washington, D.C.

$156

$13

What’s included in renters insurance rates?

Most renters insurance policies include four basic types of coverage:

Personal property. If your belongings are stolen, damaged in a windstorm or destroyed in a fire, this part of your policy would pay to replace them. Coverage is typically subject to a deductible and limited to specific scenarios named in your policy.

Liability. This part of your policy covers lawsuit damages and legal expenses related to incidents like a guest getting injured in your home or your dog biting a stranger. (Note that some insurers exclude certain dog breeds from coverage.)

Medical payments. Often grouped with liability, this coverage is somewhat different in that it will pay for a guest’s injuries on your property without requiring a lawsuit.

Additional living expenses. Also known as loss of use, this coverage pays out if you need to relocate while your home is undergoing repairs after a disaster listed in your policy. For example, it would cover hotel or restaurant bills beyond your normal expenses while you’re waiting to move back home.

Learn more about renters insurance coverage.

What determines the cost of renters insurance?

Every insurance company calculates renters insurance rates a bit differently, but these are the most common factors that could influence your premium.

Where you live. If your home is in a region prone to natural disasters like hurricanes, wildfires or tornadoes, you’ll likely pay more for renters insurance. You may also pay more if your neighborhood has a high crime rate or your home doesn’t have a fire station or hydrant nearby.

Your previous claims. If you’ve filed claims in the past, even with a different company, your current insurer will likely see you as a greater risk and raise your premium.

Your credit history. Renters insurance companies don’t check your FICO credit score, but in most states they do look at your credit-based insurance score, a similar measure, to evaluate your ability to pay your premiums. Renters with higher scores generally pay less for insurance.

Your dog. Because renters insurance typically includes liability coverage for dog bites, owning larger dogs or breeds considered more aggressive may cost you more (or not be covered at all).

Your coverage limits. The more coverage you need, the more your policy will cost, so a family renting a three-bedroom house will almost always pay more to insure their stuff than a single person in a studio apartment across town.

Your deductible. You can lower your premium by choosing a higher deductible, the amount you pay toward a claim before your insurer covers the rest. Before raising your deductible, make sure you’ll have enough cash to cover it in an emergency.

Renters insurance discounts

There are a variety of ways to save on your renters insurance, but these are the most common.

Multipolicy. If you buy both renters insurance and another policy (such as auto insurance) with the same company, you may get a discount on one or both policies.

Claim-free. Renters with no recent claims are often eligible for discounts. “Recent” claims are typically within the past three to five years, depending on the company.

Safety and security devices. Many insurers will lower your rate if your home has burglar alarms, smoke detectors, sprinkler systems or other devices designed to lower the danger of fire or theft.

Depending on your insurer, you could also save money by choosing paperless billing or autopay, paying your policy in full (rather than in monthly installments) and not smoking.

Methodology

NerdWallet averaged rates for 30-year-old men and women for a variety of insurance companies in every ZIP code across all 50 states and Washington, D.C. Sample tenants were nonsmokers with good credit living in a two-bedroom apartment. They had a $500 deductible and the following coverage limits:

  • $30,000 in personal property coverage.

  • $100,000 in liability coverage.

  • $10,000 in additional living expenses coverage.

  • $1,000 in medical payments coverage.

City-level data was gathered from all counties within each city’s metropolitan statistical area as defined by the United States Office of Management and Budget.

These are sample rates generated through Quadrant Information Services. Your own rates will be different.

We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines, and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet’s official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.