How Much is Renters Insurance?

Renters insurance is one of the most affordable types of insurance, costing an average of $15 per month. Despite the low monthly cost, renters insurance can provide protection worth tens of thousands of dollars.

Renters insurance is a reasonably inexpensive form of coverage. It covers your personal belongings in the event of loss or theft, as well as your personal liabilities and any additional living expenses incurred while you’re away from home.

If the notion of adding another $100 or more to your monthly budget is deterring you from getting renters insurance, you should know that coverage is unlikely to cost quite that much.

How Much Does Renters Insurance Cost in Each State?

Renters insurance is much less expensive than other types of property insurance such as car or homeowners insurance, as well as insurance products such as life insurance.

According to data from a 2019 research by the National Association of Insurance Commissioners (NAIC), the average cost of renters insurance in the United States in 2017 was $180 per year, or about $15 per month, ranging from a high of $258 to a low of $120. The cost of your renter’s insurance is determined by a number of factors, one of which is the amount of liability and personal property coverage you purchase.

Now that you know that renters insurance is more like a car wash than a car payment, keep reading to find out how that figure is calculated.

Given that your neighborhood and building type have an impact on your premiums, it’s no surprise that the cost of your insurance policy varies greatly between states. However, keep in mind that pricing is more granular than that, and the cost of an insurance policy can vary dramatically across states, depending on your insurance company and the services they provide. Your premiums will also vary depending on how much coverage you buy and how much your deductible costs.

Related:

The most expensive states for renters insurance

Extreme weather is the overarching theme here. Mississippi, Texas, Louisiana, and Alabama are all coastal states that are prone to severe storms, whereas tornadoes are common in Oklahoma. These states will be deemed higher-risk by insurance providers, implying that residents will be more likely to file a claim.

Mississippi: $258

Oklahoma: $236

Alabama & Louisiana (tie): $235

Texas: $232

Georgia: $219

On average, renters insurance costs $20 per month, estimated the cost of a pair of cinema tickets. However, the prices vary per policy depending on a number of factors. Take a look at the details below to see how your renter’s insurance premium is calculated.

What factors influence the cost of renters insurance?
Consider how these criteria apply to you when estimating the cost of your renter’s insurance:

Your state of residence

What kind of neighborhood you reside in and what kind of insurance do you have
What level of protection do you require?
The type of insurance you select
Your deductible is the amount of money you have set aside for medical expenses.

Getting a free, no-obligation renters insurance quotation is the most accurate approach to determine your renter’s insurance rates rather than checking up the average cost of renters insurance.

What kind of renters insurance do I require?

The worth of your personal possessions, as well as how much liability coverage you anticipate you’ll need, go a long way toward determining how much renters insurance you’ll need in your specific circumstance. Taking a home inventory of your belongings might assist you in determining the level of coverage you require and the cost of your renter’s insurance policy.

Make a list of everything in your house.

People sometimes underestimate the value of their personal items, which is why maintaining a current inventory list is critical. Here are some pointers on how to keep track of your belongings:

Examine each room in your rental.

Make a list of each item’s description, quantity, and value, as well as serial numbers and purchase dates (you can estimate, or use receipts if you saved them).
Photograph your treasures.
Consider employing inventory software that might assist you in staying organized.
Make a copy of your inventory and store it in a secure location, such as a fireproof document box or a bank safety deposit box. You can also make a digital copy of the document.

Take Into Account Liability Insurance.

Liability insurance may assist cover medical costs and legal fees if someone is injured on your property. Take the time to think about your liability coverage limit, as legal fees can quickly add up.

There are different limits on how much coverage an insurance provider will provide for your products depending on the company. Examine your household inventory and compile a list of the most costly objects, such as electronics or precious collectibles. This will assist you in determining whether you require additional insurance to safeguard these products.

Renters insurance is a wise decision that can save you money by preventing you from having to pay for some sort of damages out of pocket. Learn more about Nationwide’s options for renters insurance and get a quote today.

Additional Resources for Renters Insurance

Is renters insurance required? | Does renters insurance cover theft? | Renters Insurance Frequently Asked Questions

If you’re worried that the typical cost of renters insurance will put you out of pocket, use our renter’s insurance discounts to keep your rates low.

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How Much is Renters Insurance?