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Where you live plays a significant role in the amount you’ll pay for renters insurance.
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The average cost of renters insurance in the US is about $15 per month or $174 a year.
Your premiums will vary based on where you live and the coverage amount you purchase.
Owning pets and installing alarm systems will affect the cost of your policy.
Check out Insider’s guide to the best renters insurance companies in 2022.
The average cost of renters insurance in the US is about $15 per month or $174 a year, according to 2019 data from the Insurance Information Institute.
Renters insurance protects you where your landlord’s coverage doesn’t. Your renters insurance protects all of the items you bring into your new rented home or apartment. It also protects you from liability if someone is injured in your unit.
While it won’t help to rebuild the structure if it burns down — that’s what your landlord’s insurance is for — it will protect you and your property. Several landlords or leasing companies will require renters insurance as a condition of your lease.
The type of home you live in won’t play a large role in the cost of your renters insurance primarily because this insurance policy covers you and your belongings. However, your renter’s insurance costs will vary based on your location and how much coverage you need.
How much is renters insurance in my state?
Where you live plays a significant role in the amount you’ll pay for renters insurance, according to data from the Insurance Information Institute.
You’ll pay the most in the Southeast. Mississippi, Alabama, Louisiana, and Texas are some of the most expensive states for renters insurance. They’re also low-lying areas where flooding and hurricanes are common. Insurance companies see them as higher risk and, as a result, will charge more in these areas.
In contrast, South Dakota and Wisconsin have some of the lowest renters insurance premiums. These states have relatively calm weather patterns.
Here’s what the average renter paid for coverage in each state in 2019, according to data from III.
StateAnnual averageAlabama$219Alaska$182Arizona$164Arkansas$208California$175Colorado$159Connecticut$183D.C.$158Delaware$153Florida$180Georgia$209Hawaii$174Idaho$148Illinois$157Indiana$164Iowa$132Kansas$167Kentucky$162Louisiana$236Maine$149Maryland$157Massachusetts$186Michigan$182Minnesota$135Mississippi$252Missouri$173Montana$149Nebraska$144Nevada$179New Hampshire$146New Jersey$156New Mexico$186New York$185North Carolina$159North Dakota$115Ohio$163Oklahoma$235Oregon$158Pennsylvania$153Rhode Island$182South Carolina$182South Dakota$117Tennessee$189Texas$220Utah$149Vermont$151Virginia$149Washington$157West Virginia$185Wisconsin$127Wyoming$147
States with the cheapest renters insurance
These are the states with the cheapest annual premium average.
RankStateAnnual average50South Dakota $11749Wisconsin $12748Iowa$13247Minnesota$13546Nebraska$144
States with the most expensive renters insurance
These are the states with the most expensive annual premium average.
RankStateAnnual average1Mississippi $2522Louisiana$2363Oklahoma$2354Texas$2205Alabama$219
Average renters insurance price by coverage amount
Generally, renters insurance policies will cover a certain amount for your personal property and liability.
The more coverage you get, the more you’ll pay for coverage. For an apartment in New York City, your renters insurance cost will go up a few dollars each month with every $10,000 worth of personal property coverage, according to quotes obtained from Allstate — one of Insider’s top picks for renters insurance in 2022. To estimate the amount of coverage you’ll need, calculate the total value of your belongings.
Additionally, consider the level of risk associated with your unit. For example, someone renting a single-family unit with a swimming pool outside might want to consider more coverage than a college student renting a 600-square-foot studio apartment off-campus.
Coverage amountCost
$20,000 property/$100,000 liability
$19
$20,000 property/$300,000 liability
$21
$40,000 property/$100,000 liability
$27
$40,000 property/$300,000 liability
$28
$60,000 property/$100,000 liability
$35
$60,000 property/$300,000 liability
$37
Source: Insurance.com
Other factors that influence your renters insurance costs
Although the list is not as long as homeowners insurance, there are a few variables that influence the cost of your renters insurance policy.
Types of alarm systems installed in your home: Insurers will often reduce your premiums if you have home safety devices. Having a burglar alarm and a fire alarm installed can reduce the likelihood of a loss, and in turn, you are less of a risk to your provider.Dog ownership: Owning a dog won’t necessarily increase your premiums, but dog ownership might mean you need more coverage. If your dog bites someone, renters insurance will cover your liability costs. According to the III, the average cost of a dog bite claim was over $44,000 in 2019. In this situation, your insurer might recommend getting more than the typical $20,000 or $30,000 policy which will increase your overall insurance bill.
How to get the best price on renters insurance
Get the best price on your renters insurance policy by doing your research. You can do so by collecting quotes from at least three insurers. Then, look for quotes with the lowest monthly premium and the highest coverage limit. Also, consider your deductible or the amount you’ll be responsible for paying before your insurance coverage kicks in. The insurance policy with the most coverage, the smallest premiums, and the lowest deductible is probably the best for you.