What is the average cost of renters insurance?

How much does it cost to protect all your favorite stuff in your rental? From your updated wardrobe, your bean bag chair that seats you and five friends, to your keepsakes, renters insurance can help protect what matters most.

The average cost of renters insurance is about $13–$27 per month based on 2024–2026 industry estimates.⁶ And what you pay can vary depending on⁵:

• State you live in
• Coverage limits you choose (personal property and liability)
• Deductible you choose
• Type of place you rent (apartment, condo, or house).

In this article, we’ll break down the cost of renters insurance by state and explain the key factors that affect how much renters insurance may cost for you.

What factors affect renters insurance rates?

Here are some coverage-related factors insurance companies use to calculate your renters insurance rates.

Claims history

If you’ve filed claims in the past, you may see higher renters insurance rates going forward. Insurers often view prior claims as a sign you may be more likely to file another claim.

Coverage gaps

A lapse in coverage can increase your renters insurance costs when you start a new policy. Maintaining continuous coverage can help you avoid potential rate increases tied to gaps.

Deductibles

Policies with high deductibles will have lower premiums than those with low deductibles.

Discounts

AutoPay or paperless billing and other renters insurance discounts may help reduce renters insurance rates.

Limits

Base renters coverage limits, such as those in a standard renters insurance policy, cost less than those with higher coverage limits.

Payment frequencies

Annual payments versus semi-annual or monthly payments may decrease renters insurance costs.

Location

Where you live is a major driver of renters insurance price because rates reflect local weather patterns and the likelihood of local weather risks (like wind, hail, wildfire, or flood) in the area. Your specific building can matter too. Apartment renters insurance for a high-rise may be priced differently than coverage for a smaller building—that’s due to differences in building construction and how losses tend to spread in multi-unit properties. Proximity to fire stations and fire hydrants can also influence renters insurance costs.

Age

Newer buildings may lead to lower renters insurance costs because updated wiring, plumbing, and roofs can reduce the chance of losses. Older buildings can come with higher rates if they’re more prone to issues like electrical or water damage.

Construction

The materials used to build the home can affect renters insurance costs because some materials perform better in local hazards. For example, brick or fire-resistant materials may reduce risk compared with wood in wildfire-prone areas, which can help lower the cost of renters insurance.

Pets

Pets can affect renters insurance costs because they can increase liability risk, especially if there’s a history of biting or aggressive behavior. Some insurers may charge more or apply restrictions based on the type of pet and past incidents.

Safety features

Safety and security features may lower renters insurance costs by reducing the likelihood or severity of a claim. Devices like water leak detectors, smoke alarms, fire extinguishers, and smart home monitoring systems can help control damage and may reduce renters insurance price.

1. 1. This article is for informational purposes only and based on information that is widely available. We do not make any guarantees or promise any results based on this information. We are not responsible for the content of any third-party sites that may be linked in this article.

2. 2. The information on this webpage represents only a brief description of coverages, is not part of your policy, and is not a promise or guarantee of coverage. If there is any conflict between this information and your policy, the provisions of the policy will prevail. Insurance policy terms and conditions may apply. Coverage features and limits vary by state and may be subject to change. Some products are not available in every state. Please check with your agent and read the policy for exact details on coverages and exclusions.

3. 3. Discount availability and eligibility vary by state and policy terms. (Discounts apply to auto and property policies.) Products, pricing, and availability vary based on the way you purchase insurance and by state, property, policy form and company underwriting the home and/or auto policy. Discounts may not apply to all coverages on a home or auto policy. Please check with your agent and read the policy for exact details on coverages and exclusions.

4. 4. Customers who bundle their auto and renters policies may save up to 7% on both policies together (as of June 2025). Discounts include Multiproduct, Auto Pay, Paperless, and DriveMyWay.

5. 5. Products, pricing, and availability vary based on the way you purchase insurance and by state, property, policy form and company underwriting the home and/or auto policy. Discounts may not apply to all coverages on a home or auto policy.

6. 6. Source for state average premium table: NerdWallet (2026), ‘The Average Renters Insurance Cost for 2026,’ https://www.nerdwallet.com/article/insurance/average-renters-insurance-cost (Opens in a new tab), accessed June 8, 2026.