Renters Insurance Quotes | Get Started

Finding the right renters insurance isn’t just about paying the lowest possible price. It's also about protecting your finances from disasters or lawsuits. Here’s what you should know about renters insurance quotes before you start shopping.

Before you start shopping, gather the following information. (If you currently have a policy with another company, you may be able to find some of the info on your declarations page.)

• Basic personal details for everyone on the policy (such as their birthday and Social Security number).

• The rental address and the date you need coverage to begin.

• The approximate value of your personal belongings (use our calculator below to help you estimate this).

• Details about your rental, including how close it is to a fire station and whether it has safety features such as deadbolt locks or burglar alarms.

• Information about previous insurance coverage and claims.

You have several options once you’re ready to buy renters insurance. No matter which one you choose, get at least three quotes so you can see which company offers the best price for your needs.

» MORE: Can I share renters insurance with my roommate?

You may be tempted to choose the lowest price and call it a day, but there are a few things you should check first.

Coverage limits and deductibles

Make sure the quotes you’re looking at include the same amount of coverage. For example, one option might be cheaper because it includes only $10,000 of coverage for your belongings, while your other quotes offer $30,000. If $10,000 wouldn’t be enough to replace all your stuff after a fire, the quotes with more coverage might be a better value.

Look at the deductible, too. This is the amount you’d pay out of pocket if you have to file a claim. Imagine that someone breaks into your apartment and steals $3,000 worth of stuff. If you have a $500 deductible, the insurance company would pay $2,500 to help you replace your lost items.

How your belongings are covered

There are two types of coverage a renters insurance company may offer for your belongings: actual cash value and replacement cost. Which one you choose could make a big difference in how much the company pays after a claim.

Actual cash value coverage pays you the cost of your lost items, minus depreciation. That means your insurer will pay less for older things that have lost value over time. Many insurance companies cover your belongings on an actual cash value basis unless you upgrade your policy.

Replacement cost coverage pays enough to buy brand-new versions of lost or destroyed items, even if they’re not worth as much as they used to be.

Actual cash value coverage is generally cheaper, but the savings may not pay off if you have to file a major claim. Learn more about actual cash value vs. replacement cost.

The company’s reputation

You buy insurance in case the worst happens, so you want to make sure your carrier will actually be there if you need it. To help you figure this out, read reviews of each company you’re considering.

NerdWallet rates renters insurance companies based on factors like consumer complaints, financial strength and coverage options. See our list of the best renters insurance companies.

A standard renters insurance policy generally includes three main types of coverage. Here’s how much to buy.

Personal property coverage

Personal property coverage will pay to replace your belongings if they’re stolen or destroyed. To choose the right amount of coverage, you’ll need to know how much your belongings are worth. The calculator below can give you a quick estimate. It’s wise to round up to the next available coverage level to make sure you’ll be fully reimbursed.

• Calculate how much your belongings are worth

Additional living expenses

Also known as “loss of use,” this coverage pays if you need to live elsewhere while your home is being repaired after a covered claim. It can cover expenses like hotel stays or restaurant meals. Your loss of use limit is either a percentage of your personal property limit or a flat amount (normally a few thousand dollars).

Liability coverage

Renters liability insurance covers injuries or property damage you're responsible for. These could include things like:

• Medical bills for a visitor who trips and falls on your rug.

• Legal expenses if someone sues you.

• Repair costs if your child breaks a neighbor’s window.

Limits for this coverage typically range from $100,000 to $500,000. Before choosing your limit, add up the total value of your assets, including vehicles and savings. Consider buying enough insurance to cover them so you don't run the risk of losing them in a lawsuit.

The average cost of renters insurance is $151 a year, or about $13 a month, according to NerdWallet’s rate analysis. But you may pay more or less than this amount depending on where you live and how much coverage you need.

Check out the average cost of renters insurance in your state below.

• Find your state

  State	Average annual cost	Average monthly cost
  National average	$151	$13
  Alabama	$203	$17
  Alaska	$101	$8
  Arizona	$176	$15
  Arkansas	$178	$15
  California	$155	$13
  Colorado	$142	$12
  Connecticut	$175	$15
  Delaware	$125	$10
  Florida	$152	$13
  Georgia	$213	$18
  Hawaii	$150	$13
  Idaho	$145	$12
  Illinois	$156	$13
  Indiana	$162	$14
  Iowa	$125	$10
  Kansas	$174	$15
  Kentucky	$141	$12
  Louisiana	$266	$22
  Maine	$106	$9
  Maryland	$161	$13
  Massachusetts	$133	$11
  Michigan	$155	$13
  Minnesota	$150	$13
  Mississippi	$223	$19
  Missouri	$167	$14
  Montana	$189	$16
  Nebraska	$143	$12
  Nevada	$160	$13
  New Hampshire	$129	$11
  New Jersey	$125	$10
  New Mexico	$168	$14
  New York	$125	$10
  North Carolina	$159	$13
  North Dakota	$117	$10
  Ohio	$122	$10
  Oklahoma	$179	$15
  Oregon	$151	$13
  Pennsylvania	$118	$10
  Rhode Island	$143	$12
  South Carolina	$148	$12
  South Dakota	$127	$11
  Tennessee	$170	$14
  Texas	$187	$16
  Utah	$125	$10
  Vermont	$102	$9
  Virginia	$138	$12
  Washington	$130	$11
  Washington, D.C.	$154	$13
  West Virginia	$150	$13
  Wisconsin	$126	$11
  Wyoming	$109	$9

» MORE: The best cheap renters insurance

The best way to save on renters insurance is to shop around. We recommend comparing rates once a year and any time you move to make sure you aren’t missing out on a better deal.

Here are a few more ways to lower your renters insurance premium:

Work on your credit. Paying your bills on time and reducing debt can help build your credit — and get a lower renters insurance rate. Studies have shown a correlation between poor credit and a higher rate of claims. So in most states, people with low credit scores pay more for renters insurance.

Using credit to set homeowners, renters, condo and mobile home insurance prices is not allowed in California, Maryland and Massachusetts.

Bundle insurance policies. Insure your car and your rental with the same company, and you’ll often get a discount. See the best auto and renters insurance bundles.

Add safety features. Install a burglar alarm or ask your landlord to put a deadbolt on your exterior door. Not only will these features help keep you safe, but they could also save you money on your renters policy.

Drop unnecessary coverage. Review policy each year to make sure your coverage still matches your needs. For example, if you bought extra insurance for a musical instrument you no longer own, you can drop that coverage.

Raise your deductible. If you’re willing to pay a bit more out of pocket when you file a claim, your annual premium will go down. (Just make sure you can afford the deductible and that the savings are worth it.)