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Renters insurance can help protect your personal belongings and provide liability coverage for certain covered losses.
This guide explains what a typical renters insurance policy may cover, additional coverage options you may want to consider, and average renters insurance premiums from popular insurance companies.
Renters insurance is generally considered one of the more affordable types of insurance. However, the amount you pay can vary depending on your location, personal property limits, deductible, and selected coverage.
| Insurance Provider | Average Yearly Renters Rate | Monthly Rate |
|---|---|---|
| Allstate | $372 | $31 |
| American Family | $289 | $24 |
| Farmers | $246 | $20 |
| Liberty Mutual | $285 | $24 |
| MetLife | $283 | $24 |
| Nationwide | $253 | $21 |
| Progressive | $305 | $25 |
| State Farm | $179 | $15 |
| Travelers | $217 | $18 |
| USAA | $186 | $15 |
In addition to helping protect your personal belongings, renters insurance may also provide an opportunity to receive discounts when combined with another insurance policy.
For example, some insurance companies offer multi-policy discounts when renters and auto insurance are purchased together. Bundling these policies may help reduce your overall insurance costs.
The amount of any available discount can vary depending on the insurance company and your individual circumstances.
The cost of renters insurance can vary significantly depending on where you live.
Factors such as local weather risks, property crime rates, claims activity, and regional insurance costs can all affect premiums.
Below is a state-by-state breakdown of average renters insurance costs.
| State | Average Renters Rate | Average Monthly Premium |
|---|---|---|
| Alaska | $185 | $15 |
| Alabama | $271 | $23 |
| Arkansas | $307 | $26 |
| Arizona | $242 | $20 |
| California | $219 | $18 |
| Colorado | $209 | $17 |
| Connecticut | $291 | $24 |
| Washington DC | $235 | $20 |
| Delaware | $249 | $21 |
| Florida | $256 | $21 |
| Georgia | $270 | $22 |
| Hawaii | $241 | $20 |
| Iowa | $171 | $14 |
| Idaho | $196 | $16 |
| Illinois | $239 | $20 |
| Indiana | $331 | $28 |
| Kansas | $256 | $21 |
| Kentucky | $206 | $17 |
| Louisiana | $451 | $38 |
| Massachusetts | $215 | $18 |
| Maryland | $228 | $19 |
| Maine | $142 | $12 |
| Michigan | $265 | $22 |
| Minnesota | $162 | $13 |
| Missouri | $284 | $24 |
| Mississippi | $316 | $26 |
| Montana | $227 | $19 |
| North Carolina | $280 | $23 |
| North Dakota | $156 | $13 |
| Nebraska | $190 | $16 |
| New Hampshire | $163 | $14 |
| New Jersey | $223 | $19 |
| New Mexico | $223 | $19 |
| Nevada | $200 | $17 |
| New York | $316 | $26 |
| Ohio | $215 | $18 |
| Oklahoma | $273 | $23 |
| Oregon | $196 | $16 |
| Pennsylvania | $232 | $19 |
| Rhode Island | $289 | $24 |
| South Carolina | $220 | $18 |
| South Dakota | $173 | $14 |
| Tennessee | $226 | $19 |
| Texas | $379 | $32 |
| Utah | $163 | $14 |
| Virginia | $219 | $18 |
| Vermont | $113 | $9 |
| Washington | $168 | $14 |
| Wisconsin | $165 | $14 |
| West Virginia | $284 | $24 |
| Wyoming | $133 | $11 |
There are several ways to request renters insurance quotes. One option is to contact insurance companies individually, while another is to work with an independent insurance professional or use an insurance comparison platform.
Comparing multiple options can help you review differences in:
The average annual renters insurance premium in this example is approximately $233 per year, or around $19 per month.
However, your actual rate may be different depending on factors such as:
Insurance Help provides information designed to help visitors explore renters insurance options and better understand the coverage available to them.
When reviewing renters insurance quotes, it is important to look beyond the price alone.
A lower premium may not always provide the same level of coverage as another policy. Reviewing the details of each option can help you make a better-informed decision.
Here are several important steps to consider.
Start by estimating the value of your personal belongings and determining how much coverage may be appropriate.
Consider your:
You should also consider how much personal liability coverage you may need.
Reviewing quotes from more than one insurance company can provide a broader view of the options available to you.
An insurance comparison platform such as Insurance Help may help simplify the process of exploring multiple insurance options.
Check the amount of coverage included with each policy and understand the deductible you would be responsible for paying when applicable.
A lower premium may sometimes come with:
Some renters insurance policies may offer optional features or additional protections, such as:
Availability can vary depending on the insurance company and policy.
Review what the policy does not cover.
For example, standard renters insurance may not include coverage for certain types of losses, such as:
Additional coverage may be required for these risks.
Consider reviewing factors such as:
Some insurance companies may offer discounts for things such as:
Available discounts can vary.
Renters insurance works differently from homeowners insurance.
When you rent a house or apartment, the physical structure of the property is generally insured by the property owner’s insurance policy.
Your renters insurance policy is primarily designed to help protect:
You generally do not insure the building itself through your renters insurance policy.
A standard renters insurance policy commonly includes four primary categories of coverage.
Liability coverage may help protect you if you are found legally responsible for certain injuries or property damage.
This coverage may help protect your personal belongings when they are damaged or destroyed by a covered loss.
If a covered event makes your rental home temporarily unlivable, this coverage may help with certain additional living expenses according to the terms of your policy.
This coverage may help pay certain medical expenses if a guest is injured under circumstances covered by your policy.
Renters insurance policies are generally structured around specifically listed covered events, often referred to as named perils.
A peril is simply a cause of damage or loss.
For example, if a covered fire damages your personal belongings, your renters insurance may help compensate you for covered losses up to the limits of your policy.
The exact coverage available depends on the terms and conditions of your individual policy.
A typical renters insurance policy may include coverage for certain losses caused by:
The exact perils covered can vary depending on your insurance policy.
Renters insurance is designed to provide financial protection when certain covered events result in property damage or liability.
You pay a premium for your insurance coverage, and if you experience a covered loss, the insurance company may provide compensation according to your policy limits, deductible, and policy terms.
The goal of insurance coverage is to help reduce the financial impact of certain unexpected events.
| Typically Covered | Typically Not Covered |
|---|---|
| Personal property damage from covered events, such as fire or theft | Damage caused by certain natural disasters, such as floods or earthquakes |
| Liability for certain injuries occurring in your rental | A roommate’s belongings unless they are included in the policy |
| Additional living expenses for covered losses | Automobiles and certain related property |
| Medical payments for certain guest injuries | Intentional damage or gross negligence |
| Certain personal property away from home | Business equipment used for professional purposes |
| Theft or damage involving certain rented items | High-value items exceeding standard policy limits without additional coverage |
| Certain accidental damage to another person’s property | Normal wear and tear or maintenance-related issues |
Coverage depends on the specific policy.
Some belongings may have limited coverage under a standard renters insurance policy.
If you own valuable items, you may need an endorsement or rider to increase the available coverage.
| Coverage Sub-Limit | Property | Limitations |
|---|---|---|
| $200 | Money, coins, and gold | — |
| $1,500 | Jewelry, watches, and furs | Theft only |
| $1,500 | Watercraft and trailers | Theft only |
| $2,500 | Firearms | — |
| $2,500 | Silverware | — |
| $2,500 | Business property | On-premises |
| $500 | Business property | Off-premises |
| Varies | Electronics | — |
Policy limits and available coverage can vary.
It is important to understand the situations where standard renters insurance may not provide protection.
Renters insurance generally does not cover property that you do not own.
For example, the structure of your apartment or rental home is generally not covered by your renters policy. The building itself is typically the responsibility of the property owner.
Standard renters insurance may also exclude damage caused by:
Additional coverage may be available for certain risks depending on the insurance company.
Your landlord’s insurance policy generally does not replace the need for your own renters insurance coverage.
Renters insurance is generally not required by law in the same way that auto insurance may be required.
However, a landlord may legally require tenants to maintain renters insurance as part of a lease agreement.
Renters insurance can benefit both the tenant and the property owner by helping provide protection for the tenant’s personal belongings and certain liability situations.
For example, if a tenant accidentally causes damage or a guest is injured under circumstances covered by the policy, renters insurance may help provide financial protection according to the policy terms.
Before selecting a renters insurance policy, consider the following factors.
Create a home inventory of your belongings.
Documenting your possessions can help you:
Consider recording details about items such as:
If you share a home or apartment with a roommate, you may consider whether sharing a renters insurance policy makes sense for your situation.
Sharing a policy may divide the cost between multiple people. However, there are also potential considerations.
For example, if the policy is under your name, claims involving your roommate may potentially affect your insurance history.
Before sharing a policy, carefully consider how claims, coverage limits, and personal belongings would be handled.
If you own high-value belongings, standard coverage limits may not be enough to fully protect those items.
You may want to ask about:
An endorsement can modify or add coverage to an existing insurance policy.
Some additional coverage options may increase the cost of your policy.
Many insurance policies may reimburse personal property based on its actual cash value.
Actual cash value generally takes depreciation into account.
Replacement cost coverage, on the other hand, may provide coverage based on the amount required to replace an item with a similar item at its current value, subject to policy terms and limits.
Some insurance companies may offer replacement cost coverage as an additional policy option or endorsement.
Insurance Help is designed to make insurance information easier to understand and help visitors explore available coverage options.
When comparing renters insurance, consider reviewing:
Taking the time to compare available options can help you better understand which renters insurance coverage may fit your individual needs.
No. Insurance Help is not an insurance carrier. We are an insurance comparison platform designed to help you explore and compare available insurance options in one convenient place.
This can make it easier to review policies and coverage choices that may fit your needs without having to search through multiple providers individually.
Insurance Help may receive compensation through insurance-related partnerships, including commissions associated with policies purchased through participating agents or providers.
We may also offer services designed to help customers review and organize their insurance policies. Any applicable fees or service costs will be communicated as part of the relevant service.
The insurance policy is issued by the applicable insurance provider you choose.
Depending on the available option, you may be able to purchase coverage directly from the insurance provider or complete the process through an authorized agent or service. The insurance company responsible for issuing the policy will provide the applicable policy and coverage terms.
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