Cost of Renters Insurance
How Much Does Renters Insurance Cost?
According to the Insurance Information Institute, the average U.S. renter will pay approximately $179 per year for renters insurance. With premiums so low it’s definitely worth considering Renters Insurance. This will protect you and your belongings in the case of an accident.
The state where you live can play a big part in how much your Renters Insurance premium will cost.
The states in the southeast like Texas, Alabama, Louisiana, etc. are some of the most expensive to take out Renters Insurance. We believe that because these are higher-risk areas due to hurricanes and flooding, insurance carriers and their underwriters charge a higher premium.
See our charts below which show the average premium cost by state.
Renters - Cheapest States
Most Expensive States
What Does Renters Insurance Cover?
In general, Renters Insurance will protect all of the personal items you own and bring with you to your newly rented home or apartment. Renters Insurance won't cover the structure or building but it will cover the items you own inside the home. Your Landlord should have a separate policy to cover the structure/building. Some landlords or companies will ask you to have Renters Insurance in place before you sign the lease.
The cost of Renters Insurance may vary depending on where you live, and the amount of coverage you need. However, whether it’s an apartment or a large house, the cost should remain the same, as the coverage is for you and your property, not the building.
Compare our Renters Insurance quotes by speaking with one of our licensed agents or get a quote online now. We find you the best Renters Insurance from Lemonade, MetLife, Nationwide, and many more…