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The average renters insurance cost in the U.S. is $168 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.
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.
These are the five most expensive states for renters insurance:
Meanwhile, these are the five cheapest states for renters insurance:
If you live in one of the country’s 25 largest metropolitan areas, you can check out the average cost of renters insurance in your city below. The Atlanta average is the costliest at $269 per year (about $22 per month), while Columbus is the most affordable at $137, or about $11 per month, on average.
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.
. 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 .
Every insurance company calculates renters insurance rates a bit differently, but these are the most common factors that could influence your premium.
If your home is in a region prone to natural disasters like , wildfires or tornadoes, 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.
If you’ve filed claims in the past three to five years, even with a different company, your current insurer will likely see you as a greater risk and raise your premium. Having a claim on your record can raise your premium more than 20%, a NerdWallet analysis found.
Renters insurance companies don’t check your FICO credit score, but in most states they do look at your , a similar measure, to evaluate your ability to pay your premiums. On average, renters with poor credit pay more than twice as much as 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, Massachusetts or Washington.
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).
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. Below, see a sample of how much your renters premium could change based on how much personal property coverage you need.
You can lower your premium by choosing a higher , the amount you pay toward a claim before your insurer covers the rest. The difference in premium could be relatively small, though, and might not be worth it if you’d have trouble covering the larger deductible in an emergency.
There are a variety of ways to save on your renters insurance, but these are the most common discounts.
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.
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 possible deal.
NerdWallet averaged rates for 30-year-old men and women for multiple insurance companies in every ZIP code across all 50 states and Washington, D.C. We also averaged rates by city. Sample tenants were nonsmokers with good credit living in a two-bedroom apartment. They had a $500 deductible and the following coverage limits:
We used the same assumptions for all other renter profiles, with the following exceptions:
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.