Renters Insurance Costs: 2025 Premium Guide
Renters insurance is one of the best values in insurance - comprehensive protection for less than $1 per day. Here’s what you’ll pay and how to get the best rates.
Key Takeaways
- Average cost: $15-30/month ($180-360/year) for standard coverage
- Cheapest states: North Dakota, South Dakota, Wisconsin ($10-12/month)
- Most expensive: Mississippi, Louisiana, Oklahoma ($25-35/month)
- Coverage sweet spot: $30,000 personal property, $100,000 liability, $500 deductible
- Easy savings: Bundling with auto saves 10-20%, raising deductible saves 15-25%
National Cost Overview
| Metric | Amount |
|---|---|
| National average | $174/year ($14.50/month) |
| Typical range | $120-420/year |
| Minimum coverage | $100-144/year |
| Premium coverage | $300-500/year |
What you get: Personal property protection, liability coverage, and additional living expenses for the price of a streaming subscription.
Costs by Coverage Amount
Monthly Premiums by Personal Property Limit
| Coverage Amount | Monthly Cost | Annual Cost | Best For |
|---|---|---|---|
| $10,000 | $9 | $108 | Students, minimal belongings |
| $15,000 | $11 | $132 | Single person, basic furnishings |
| $20,000 | $13 | $156 | Typical renter |
| $30,000 | $16 | $192 | Average household |
| $40,000 | $19 | $228 | Well-furnished apartment |
| $50,000 | $22 | $264 | Valuable belongings |
| $75,000 | $29 | $348 | High-value items, collections |
| $100,000 | $36 | $432 | Extensive valuables |
Based on $500 deductible, $100,000 liability, average U.S. location
Note: Personal property coverage increases are relatively cheap - going from $20K to $40K coverage adds only ~$6/month.
Costs by State/Region
Renters insurance costs vary significantly by location due to crime rates, weather risks, and state regulations.
Representative State Premiums ($30K Coverage, $500 Deductible)
| State | Annual Cost | Monthly | vs. National Avg |
|---|---|---|---|
| North Dakota | $120 | $10 | -31% |
| South Dakota | $126 | $10.50 | -28% |
| Wisconsin | $132 | $11 | -24% |
| Idaho | $138 | $11.50 | -21% |
| Utah | $144 | $12 | -17% |
| Ohio | $150 | $12.50 | -14% |
| Oregon | $156 | $13 | -10% |
| Minnesota | $162 | $13.50 | -7% |
| National Avg | $174 | $14.50 | — |
| California | $186 | $15.50 | +7% |
| New York | $198 | $16.50 | +14% |
| Texas | $210 | $17.50 | +21% |
| Florida | $234 | $19.50 | +34% |
| Georgia | $246 | $20.50 | +41% |
| Louisiana | $282 | $23.50 | +62% |
| Mississippi | $306 | $25.50 | +76% |
| Oklahoma | $324 | $27 | +86% |
High-cost factors: Hurricane/tornado risk, high crime rates, frequent hail, lawsuit-friendly courts
Costs by Deductible
Higher deductibles lower premiums. Choose based on your emergency fund.
Annual Premiums by Deductible ($30K Coverage)
| Deductible | Annual Premium | Monthly | Savings vs $250 |
|---|---|---|---|
| $250 | $204 | $17 | — |
| $500 | $174 | $14.50 | 15% |
| $1,000 | $150 | $12.50 | 26% |
| $1,500 | $138 | $11.50 | 32% |
| $2,500 | $126 | $10.50 | 38% |
Strategy: If you have $1,000+ in savings, choose the $1,000 deductible. The $24/year savings pays back the higher deductible risk over time.
Costs by Liability Coverage
Liability coverage protects you if someone is injured in your rental or you damage others’ property.
Annual Premiums by Liability Limit
| Liability Limit | Annual Premium | Monthly | Notes |
|---|---|---|---|
| $100,000 | $174 | $14.50 | Standard minimum |
| $300,000 | $186 | $15.50 | Recommended |
| $500,000 | $198 | $16.50 | Better protection |
Note: Increasing liability from $100K to $300K adds only ~$1/month - highly recommended for the additional protection.
What Affects Renters Insurance Costs
Primary Cost Factors
| Factor | Impact | Notes |
|---|---|---|
| Location | 30-100% | Crime rate, weather, state laws |
| Coverage amount | 20-50% | More property = higher premium |
| Deductible | 15-40% | Higher deductible = lower premium |
| Building type | 10-25% | Wood frame costs more than brick |
| Floor level | 5-15% | Ground floor = higher theft/flood risk |
| Claims history | 20-40% | Prior claims raise rates |
| Credit score | 10-30% | Most states allow credit-based pricing |
| Safety features | 5-15% discount | Smoke detectors, deadbolts, alarm |
| Pets | 5-25% | Dog breed restrictions may apply |
Building and Unit Factors
| Factor | Lower Cost | Higher Cost |
|---|---|---|
| Construction | Brick, concrete | Wood frame |
| Building age | Newer (post-2000) | Older (pre-1970) |
| Floor level | Upper floors | Ground/basement |
| Security | Gated, doorman | No security |
| Fire protection | Sprinklers | No sprinklers |
| Proximity to fire station | < 5 miles | > 10 miles |
Add-On Coverage Costs
Standard renters insurance has coverage limits and exclusions. Add-ons fill the gaps.
| Add-On Coverage | Typical Cost | What It Covers |
|---|---|---|
| Scheduled jewelry | $1-2 per $100/year | Full value coverage for rings, watches |
| Scheduled electronics | $2-4 per $100/year | Laptops, cameras beyond standard limits |
| Water backup | $30-75/year | Sewer/drain backup damage |
| Flood insurance | $300-700/year | Flood damage (not in standard policy) |
| Earthquake | $100-300/year | Earthquake damage (location dependent) |
| Identity theft | $25-50/year | Recovery expenses, lost wages |
| Replacement cost | $20-40/year | New item value vs depreciated value |
| Pet damage liability | $50-150/year | Dog bite liability increase |
When to Add Scheduled Items
Schedule items individually when their value exceeds standard coverage limits:
| Item Type | Standard Sub-Limit | Schedule If Worth More |
|---|---|---|
| Jewelry | $1,000-2,500 | Engagement ring, watches |
| Electronics | $2,500-5,000 | High-end laptop, camera gear |
| Collectibles | $1,000-2,500 | Art, coins, sports memorabilia |
| Musical instruments | $2,500-5,000 | Professional instruments |
| Firearms | $2,500 | Collections, high-value pieces |
| Bicycles | $1,000-2,000 | Road bikes, e-bikes |
How to Save on Renters Insurance
1. Bundle with Auto Insurance
Most insurers offer 10-20% multi-policy discounts. Bundling often saves more than shopping separately.
2. Increase Your Deductible
Going from $250 to $1,000 deductible saves 20-25% on premiums.
3. Ask About All Discounts
Common discounts:
- Claims-free (5-10%)
- Smoke-free building (5-10%)
- Security system (5-15%)
- Gated community (5-10%)
- Autopay/paperless (3-5%)
- Senior/retiree (5-10%)
- Professional affiliation (5-10%)
4. Improve Security
Deadbolts, smoke detectors, and monitored alarms qualify for discounts.
5. Pay Annually
Annual payment vs monthly saves 5-10% with most insurers.
6. Review Coverage Annually
Don’t pay for coverage you don’t need. If you’ve downsized belongings, reduce coverage.
7. Shop Around
Rates vary 50%+ between insurers for identical coverage. Get 3-5 quotes.
Replacement Cost vs Actual Cash Value
| Policy Type | How It Pays | Example: 5-Year-Old $1,000 TV |
|---|---|---|
| Replacement Cost | Cost to buy new equivalent | Pays $1,000 (full replacement) |
| Actual Cash Value | Depreciated value | Pays $400-500 (after depreciation) |
| Cost difference | RCV costs 10-20% more | Worth it for most renters |
Recommendation: Always choose replacement cost coverage. The small premium increase ensures you can actually replace your belongings after a loss.
Who Needs Renters Insurance
| Situation | Need Level | Recommended Coverage |
|---|---|---|
| Landlord requires it | Required | Meet lease minimum |
| Apartment in city | High | $30K+ property, $300K liability |
| House rental | High | $40K+ property, higher liability |
| Student in dorm | Medium | $10-15K, check parents’ policy first |
| Minimal belongings | Medium | $15-20K minimum |
| Expensive electronics/jewelry | High | Higher limits + scheduled items |
| Dog owner | High | Ensure breed not excluded |
| Home-based business | High | May need business coverage rider |
Frequently Asked Questions
Common questions about renters insurance answered below.
Frequently Asked Questions
How much does renters insurance cost per month?
Why is renters insurance so cheap compared to homeowners insurance?
Does renters insurance cover my roommate's belongings?
What does renters insurance actually cover?
Is renters insurance required by landlords?
Does renters insurance cover water damage?
How much personal property coverage do I need?
Does renters insurance cover theft from my car?
Related Guides
- Renters Insurance Guide - Understanding renters insurance coverage
- Moving States Checklist - Insurance steps when relocating to a new apartment
- Insurance for Young Adults - Coverage priorities for renters under 30
- Insurance for Students - Affordable coverage for college students
- Insurance Coverage Checklist - Review all your coverage needs
Data Sources
Renters insurance cost data in this guide come from NAIC (opens in new tab) , Insurance Information Institute (opens in new tab) , and industry reports. Learn more about our data collection methods on our Methodology page.
Last updated: December 2025
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