The average renters insurance cost in the U.S. is $165 per year, or about $14 per month, according to NerdWallet’s rate analysis. We based this estimate on a policy 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 vary based on where you live and how much coverage you need.
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How much is renters insurance in your state?
Your home’s location is a major factor in the cost of your renters insurance. Areas at most risk of disasters such as hurricanes, tornadoes and hail often have the highest rates. Hover over your state on the map below to see the average renters insurance cost per year.
These are the five most expensive states for renters insurance:
- Louisiana: $315 per year, or $26 per month, on average.
- Mississippi and Georgia (tie): $250 per year, or $21 per month, on average.
- Alabama: $245 per year, or $20 per month, on average.
- Arkansas: $230 per year, or $19 per month, on average.
Meanwhile, these are the five cheapest states for renters insurance:
- Vermont and Wyoming (tie): $120 per year, or $10 per month, on average.
- Alaska, Iowa and Maine (tie): $125 per year, or $10 per month, on average.
Below is the full list of annual and monthly renters insurance costs in every state.
State | Average annual rate | Average monthly rate |
|---|---|---|
National average | $165 | $14 |
Alabama | $245 | $20 |
Alaska | $125 | $10 |
Arizona | $210 | $18 |
Arkansas | $230 | $19 |
California | $175 | $15 |
Colorado | $170 | $14 |
Connecticut | $175 | $15 |
Delaware | $140 | $12 |
Florida | $150 | $13 |
Georgia | $250 | $21 |
Hawaii | $165 | $14 |
Idaho | $140 | $12 |
Illinois | $185 | $15 |
Indiana | $185 | $15 |
Iowa | $125 | $10 |
Kansas | $190 | $16 |
Kentucky | $160 | $13 |
Louisiana | $315 | $26 |
Maine | $125 | $10 |
Maryland | $190 | $16 |
Massachusetts | $150 | $13 |
Michigan | $170 | $14 |
Minnesota | $175 | $15 |
Mississippi | $250 | $21 |
Missouri | $195 | $16 |
Montana | $215 | $18 |
Nebraska | $155 | $13 |
Nevada | $180 | $15 |
New Hampshire | $140 | $12 |
New Jersey | $130 | $11 |
New Mexico | $145 | $12 |
New York | $130 | $11 |
North Carolina | $185 | $15 |
North Dakota | $135 | $11 |
Ohio | $145 | $12 |
Oklahoma | $215 | $18 |
Oregon | $155 | $13 |
Pennsylvania | $145 | $12 |
Rhode Island | $165 | $14 |
South Carolina | $175 | $15 |
South Dakota | $150 | $13 |
Tennessee | $200 | $17 |
Texas | $165 | $14 |
Utah | $165 | $14 |
Vermont | $120 | $10 |
Virginia | $150 | $13 |
Washington | $145 | $12 |
Washington, D.C. | $155 | $13 |
West Virginia | $165 | $14 |
Wisconsin | $125 | $10 |
Wyoming | $120 | $10 |
How much is renters insurance in your city?
You can find the average cost of renters insurance in 25 of the country’s largest cities below. Atlanta is the most expensive at $295 per year on average (about $25 per month), while Austin is the most affordable at $135, or about $11 per month, on average.
City | Average annual rate | Average monthly rate |
|---|---|---|
Atlanta | $295 | $25 |
Austin | $135 | $11 |
Charlotte | $165 | $14 |
Chicago | $205 | $17 |
Columbus | $150 | $13 |
Dallas | $165 | $14 |
Denver | $180 | $15 |
Fort Worth | $165 | $14 |
Houston | $165 | $14 |
Indianapolis | $205 | $17 |
Jacksonville | $180 | $15 |
Las Vegas | $185 | $15 |
Los Angeles | $215 | $18 |
Miami | $215 | $18 |
Minneapolis | $175 | $15 |
New York | $185 | $15 |
Orlando | $150 | $13 |
Philadelphia | $215 | $18 |
Phoenix | $235 | $20 |
Portland, OR | $160 | $13 |
San Antonio | $165 | $14 |
San Diego | $155 | $13 |
San Jose | $160 | $13 |
Seattle | $145 | $12 |
Tucson | $205 | $17 |
What determines your renters insurance cost?
Every insurer calculates renters insurance rates a bit differently, so it’s worth shopping around. Below are the most common factors that influence how much you pay.
Where you live
If your home is in a region prone to natural disasters, you’ll probably 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 a claim in the past three to five years, even with a different company, your current insurer will likely see you as a greater risk. For example, a theft claim can raise your premium about 24%, a NerdWallet analysis found.
Claims history | Average annual cost | Average monthly cost |
|---|---|---|
No recent claims | $165 | $14 |
Recent theft claim | $205 | $17 |
🤓Nerdy Tip
You may want to consider potential price increases when deciding whether to file smaller claims. Say someone steals your phone, and it’s worth only $100 more than your $500 deductible. That claim payout could effectively be canceled out by higher premiums over the next few years.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. People with poor credit are more likely to file claims, so insurers tend to charge them more.
On average, renters with poor credit pay about 79% more than those with good credit, a NerdWallet analysis found.
Using credit to set homeowners, renters, condo and mobile home insurance prices is not allowed in California, Maryland and Massachusetts.
Credit history | Average annual cost | Average monthly cost |
|---|---|---|
Good credit | $165 | $14 |
Poor credit | $295 | $25 |
Your coverage
The more coverage you buy, the more your policy will cost. For renters insurance, the amount of personal property coverage you need has the biggest impact on your premium. Personal property insurance is the part of a policy that covers your belongings.
Below, see a sample of how your renters premium could change based on how much personal property coverage you need.
Personal property coverage limit | Average annual cost | Average monthly cost |
|---|---|---|
$10,000 | $125 | $10 |
$30,000 | $165 | $14 |
$50,000 | $220 | $18 |
$70,000 | $275 | $23 |
$100,000 | $345 | $29 |
Raising your liability limit can also affect your premium. However, it’s generally cheaper than increasing your personal property limit. For example, it costs only $1 more per month, on average, to add an extra $200,000 of liability coverage.
Liability coverage limit | Average annual cost | Average monthly cost |
|---|---|---|
$100,000 | $165 | $14 |
$300,000 | $185 | $15 |
One policy upgrade to consider is replacement cost coverage for your belongings. With this coverage, your policy will pay enough for you to buy brand-new replacements for items that are stolen or destroyed. Without this upgrade, your policy may cover your stuff on an actual cash value basis. That means your insurer will pay only what your items were worth at the time of the incident.
Imagine a fire destroys your 10-year old kitchen table and chairs. With replacement cost coverage, your insurer would pay enough for you to buy a brand-new dining set. With actual cash value coverage, your payout would be less because the furniture has lost value over the years.
Upgrading to replacement cost coverage will raise your premium by about 18%, on average.
Type of personal property coverage | Average annual cost | Average monthly cost |
|---|---|---|
Actual cash value | $165 | $14 |
Replacement cost | $195 | $16 |
Your deductible
You can lower your premium by choosing a higher deductible. (A deductible is the amount you pay toward a claim before your insurer covers the rest.) The price difference could be relatively small, though, and might not be worth it if you’d have trouble covering the larger deductible in an emergency.
For example, raising your deductible from $500 to $1,000 would save you less than a dollar per month, on average. Those savings could be eaten up quickly if you had to pay an extra $500 toward a claim.
Try our calculator below to see how much raising your deductible could save you in your area.
What's included in renters insurance rates?
Most renters insurance policies include four basic types of coverage:
Personal property. If someone steals your belongings or a fire destroys them, this part of your policy pays to replace them. Renters insurance typically covers only specific events named in the policy.
Liability. This part of your policy covers you if you’re responsible for someone else’s injuries or property damage. This could include incidents like a guest getting hurt in your home or your dog biting a stranger. (Note that some insurers won’t cover certain dog breeds. Learn more about pet liability insurance.)
Medical payments. This coverage will pay for minor injuries on your property without requiring anyone to be found at fault.
Loss of use. This coverage helps you relocate while your home is repaired after a covered disaster. For instance, it could pay hotel or restaurant bills while you’re waiting to move back home.
Learn more about renters insurance coverage.
How to lower your renters insurance cost
There are a variety of ways to save on your renters insurance, but these are the most common discounts.
Multipolicy. If you buy renters insurance and another policy (such as auto insurance) with the same company, you may get a discount on one or both policies. This is known as "bundling." See the best auto and renters insurance bundles.
Did you know...
If you get enough of a bundling discount on your auto policy, it could pay for your renters insurance. 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 features that can reduce your risk of fire or theft claims. These may include burglar alarms, smoke detectors or sprinkler systems.
Depending on your insurer, you could also save money by choosing paperless billing or paying your premium once a year instead of monthly. Nonsmokers may also pay less.
Your best bet is to shop around. We recommend getting quotes from at least three different companies to make sure you’re getting the best deal. See our picks for the cheapest renters insurance.
Find the cheapest renters insurance in select states
Methodology
To find the average cost of renters insurance in the U.S., NerdWallet calculated the median rate from multiple insurance companies in every ZIP code across all 50 states and Washington, D.C. We also looked at median rates by city and state. Rates were rounded to the nearest $5.
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.
We made minor changes to the sample policy in cases where rates for the above coverage limits or deductibles weren’t available.
We used the same assumptions for all other renter profiles, with the following exceptions:
- We changed the credit tier from “good” to “poor” as reported to the insurer to see rates for renters with poor credit. In states where credit isn’t taken into account, we used only rates for “good” credit.
- For renters with a higher deductible, we raised the deductible from $500 to $1,000.
- For renters with higher or lower personal property coverage limits, we raised the limit to $50,000, $70,000 or $100,000, or lowered it to $10,000.
- For renters with a history of claims, we added a single theft claim to their record.
- For renters with replacement cost coverage, we added this to their policy.
Our “good” and “poor” credit rates are based on credit score approximations and do not account for proprietary scoring criteria used by insurance providers.
These are sample rates generated through Quadrant Information Services. Your own rates will be different.
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