Cheapest Renters Insurance, by State
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Depending on your policy and the options you choose, it can provide you with the actual cash value of items that were damaged or stolen or the replacement cost valueIf you rent an apartment or house, renters insurance can protect your personal property in the event of a robbery or natural disaster. While renters typically aren’t on the hook for repairing structural damage, they are often responsible for ensuring their belongings.
The good news is that renters insurance is relatively affordable and easy to get — especially if you bundle it with other insurance policies. Whether you’re looking for a new renters insurance policy or comparing options to switch to a more affordable insurance policy, here’s how to find cheap renters insurance near you.
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What is renters insurance, and how does it work?
Renters insurance is a policy that protects renters if they suffer personal property damage in their residence. If a thief breaks into your home and steals your laptop, TV, and other valuables, a good renters insurance policy can help reimburse you for the costs.
Like most insurance policies, renters insurance works on a claims basis, meaning you need to file a claim when an incident occurs to get compensated. Not everything in your home is covered by renters insurance, so make sure you know the coverage limits before enrolling in a policy.
Most renters insurance policies also have a deductible, which you must meet before the company will begin paying out money for losses.
What renters insurance protects you against
Your renters insurance plan will help protect you if personal belongings in your rental are destroyed, stolen, or damaged. This is called personal property coverage. Your landlord’s home insurance won’t protect against your personal property damage, but renters insurance can. It can provide you with the actual cash value or items that were damaged or stolen, or the replacement cost value, depending on your policy and the options you choose.
Most rental insurance also protects someone else from being hurt or their property from being damaged in your home. This coverage, called personal liability coverage, can cover the costs of medical expenses and medical payments for someone visiting your home who’s injured.
But there are other protections you might receive if your dwelling becomes inhabitable due to theft, destruction, or damages. Some renter's insurance policies cover additional living expenses, like staying in an Airbnb or hotel while your rental is being repaired. This is also referred to as loss of use coverage.
How much does renters insurance cost?
On average, renters insurance costs $347 per year or $29 per month, based on the average data compiled from Insurance.com for a renters policy with $40,000 in personal property coverage and $300,000 in personal liability coverage.
While renters insurance premiums could vary across providers for a number of reasons, the biggest influence is usually how much personal property coverage you want. Your insurance deductible can also raise or lower your monthly renters insurance premium.
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What affects the cost of renters insurance?
While you might think the size of your home plays a big role in determining the cost of your renters insurance, it typically doesn’t. Whether renting a tiny studio apartment or a large house, the costs won’t change based on square footage alone.
However if you have more to insure in a larger rental property, you might opt for higher coverage protections, which could increase the cost of your insurance premium.
Here are all the factors that can influence the cost of your renters insurance plan:
- Coverage level. The amount of coverage you decide to purchase will greatly affect your yearly or monthly premium.
- Deductible. If you choose a higher deductible, your insurance premium will likely be lower.
- Credit report. Your credit score and credit history can influence how much you pay for all types of insurance, including renters insurance.
- Insurance provider. The insurance company you choose will also impact your renters insurance rate.
- Riders, endorsements, or discounts. If you’re insuring an item in your home that requires a rider, it could increase your insurance costs. If you qualify for a multi-policy or bundling discount, it can lower your costs. Other discounts include a claims-free discount, where you may save money for several years without filing a claim.
- Where you live. Rates can vary significantly by state, county, and zip code. Insuring a rental in an area with higher crime levels may cost more.
Average cost of renters insurance by state
Here’s how much you could expect to pay (on average) for a renters insurance policy with $40,000 personal property coverage and $300,000 in liability insurance coverage.
State | $40,000/$300,000 liability |
Alabama | $436 |
Alaska | $273 |
Arizona | $348 |
Arkansas | $501 |
California | $276 |
Colorado | $232 |
Connecticut | $364 |
Delaware | $280 |
Florida | $395 |
Georgia | $411 |
Hawaii | $247 |
Idaho | $275 |
Illinois | $381 |
Indiana | $370 |
Iowa | $241 |
Kansas | $294 |
Kentucky | $352 |
Louisiana | $540 |
Maine | $250 |
Maryland | $256 |
Massachusetts | $255 |
Michigan | $500 |
Minnesota | $251 |
Mississippi | $500 |
Missouri | $334 |
Montana | $345 |
Nebraska | $347 |
Nevada | $317 |
New Hampshire | $204 |
New Jersey | $259 |
New Mexico | $266 |
New York | $378 |
North Carolina | $419 |
North Dakota | $201 |
Ohio | $330 |
Oklahoma | $339 |
Oregon | $323 |
Pennsylvania | $320 |
Rhode Island | $479 |
South Carolina | $439 |
South Dakota | $241 |
Tennessee | $404 |
Texas | $351 |
Utah | $261 |
Vermont | $222 |
Virginia | $317 |
Washington | $243 |
Washington D.C | $316 |
West Virginia | $330 |
Wisconsin | $196 |
Wyoming | $183 |
Source: Insurance.com
These policy costs are just averages and may vary depending on the insurance company you select, any discounts you’re eligible to receive, and the amount of your deductible.
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Average rates of top renters insurance companies
Renters insurance rates will vary by state, but if you want to get started, here are a few options worth considering when shopping for insurance online. Be sure to compare quotes from multiple insurance companies to find the right policy for your needs.
Nationwide
This insurance company offers a host of products, from homeowners insurance to auto insurance to renters insurance. It’s offered in 46 of the 50 states, so it’s fairly widely available. Nationwide has a high J.D.Power rating for customer satisfaction, an easy-to-use mobile app, and a variety of renters insurance policies to choose from. Nationwide also offers various add-ons and additional coverage options if one of their basic plans doesn’t suit your needs.
According to Insurance.com, the average cost is $308 per year for $40,000 in personal property coverage and $100,000 in liability.
State Farm
Another national insurance company, State Farm provides a variety of coverage options for renters to choose from. It offers renters insurance in 47 out of 50 states and offers discounts that can help lower your premium, especially if you bundle your policy with another type of insurance coverage. State Farm also lets you customize your renters insurance policy beyond its typical tiered offerings. You can select some customizations online, but should contact customer service with any questions.
According to Insurance.com, the average cost is $260 per year for $40,000 in personal property coverage and $100,000 in liability coverage.
Allstate
Another powerhouse in the national insurance industry, Allstate is well known for its large selection of discounts and easy-to-use mobile app. Renters insurance is one of the many types of insurance this provider offers. However, Allstate scored below average for customer satisfaction on the most recent J.D. Power survey, with higher-than-average consumer complaints. However, it offers coverage in all 50 states (though it may not be available in all areas of the US.)
Average cost: $283 per year for $40,000 in personal property coverage and $100,000 in liability, according to Insurance.com.
Lemonade
Lemonade is a relative newcomer to the insurance space but can be affordable for renters. You must be comfortable opening an account online or using a mobile app. The company says it settles approximately 40% of its insurance claims right away, which can be helpful if you need to get access to money quickly to replace lost or damaged items. Lemonade also has one of the best ratings on the 2023 J.D. Power survey for customer satisfaction of all the insurance providers listed here. However, Lemonade is not yet available nationwide — it’s only offered in 28 out of 50 states. It has many complaints, according to the National Association of Insurance Commissioners.
Average cost: No data available
Do you need to purchase renters insurance?
No states currently require Americans to purchase renters insurance, but your landlord, property manager, or apartment complex may. Some rentals require proof of insurance before you can move in.
Renters insurance protects you in the event of the worst and is relatively affordable, so it’s a good idea to invest in it if you can afford it. Even if your rental doesn’t require insurance, it can offer you peace of mind.
How much coverage do you need in your renters insurance policy?
Most insurance providers help you understand how much renters insurance coverage you need based on the size of your rental or the number of bedrooms you’re protecting. If you’re out of school, don’t owe much, or have expensive belongings, a basic renters insurance policy or minimum renters insurance coverage should suffice. According to Insurance.com, minimum renters insurance costs $100 yearly for a policy with a $500 deductible, personal property coverage of $12,000, and $100,000 in liability.
If you’re a little further on your rental history or have a small family, you might opt for more protection with a mid-level rental insurance policy. The national average for a mid-level renter's insurance policy is $60,000 in personal property coverage, $100,000 in liability, and a $1,000 deductible, $414 per year or $34 per month.
But if you have a lot of personal property to insure or live in a larger space, you may feel more comfortable with high-end coverage. A high-end renter insurance policy can protect high-value items and assets, particularly with umbrella insurance.
FAQs
How do I find the cheapest renters insurance in my state?
Since there are personalized factors that go into determining your renters insurance rate, like where you live, your coverage elections, and your credit score, the best way to find the most affordable renters insurance is to compare quotes from different providers. You can usually do this pretty quickly online or use an insurance comparison service to get access to multiple rates at once.
Is renters insurance worth the cost?
Although no state requires renters insurance, it’s almost always worth the cost in the event of an accident. If your rental home suffers damages or is robbed and you don’t have renters insurance, you’ll likely be on the hook to replace your belongings on your own. Renters insurance is a low-cost way to ensure you can start back over if the worst happens.
What are common renters insurance discounts?
You may get a discount on your renters insurance if you bundle your policy with another type of insurance. If your building has an alarm system, fire alarm, sprinklers, or other protective devices, you may qualify for a discount. You could also qualify for a lower rate if you don’t file any claims within a certain period of time.
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The bottom line
The right renters insurance policy for you will depend on your personal situation. You’ll want to review coverage limits, different providers’ renters insurance rates, and add-ons. For example, you might want extra coverage options like personal property replacement cost coverage to help you quickly replace damaged items in the event of theft or destruction. You can add many types of coverage to a traditional renters insurance policy, so review all of your options before settling on the right fit. It's also a good idea to compare multiple renters insurance quotes to find the most affordable monthly cost and option that fits your needs.
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Writer
Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.
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