The average cost of renters insurance is about $15 to $20 per month1. However, what you end up paying depends on a number of factors. Take a look at the information below to find out how your home or apartment renters insurance cost is determined.
To estimate how much your renters insurance will cost, consider how these factors apply to you: Different states feature different climates and economic trends. Both have an impact on the difference between states’ average renters insurance rate. The higher the likelihood of a natural disaster and/or high crime rates will contribute to higher average rates.4 Here are the average renters insurance rates by state for 2021: Source: https://www.valuepenguin.com/average-cost-renters-insurance Rather than looking up the average cost of renters insurance, the most accurate way to estimate your renters insurance rates is to get a renters insurance quote. Determining how much renters insurance you need for your particular situation largely depends on the value of your personal belongings, as well as how much liability coverage you think you’ll need. Taking a home inventory of your assets can help you understand the level of coverage you need and how much your renters insurance policy will cost. People often underestimate the value of their personal belongings, which is why keeping an ongoing inventory list is so important. Here are some tips on documenting your possessions: Place a copy of your inventory in a safe place, such as a fireproof document box and/or a bank safety deposit box. You can also save a digital copy.What factors impact how much renters insurance costs?
Average cost of renters insurance by state
State Average Annual Cost Alabama $346 Alaska $187 Arizona $204 Arkansas $360 California $195 Colorado $180 Connecticut $228 Delaware $245 Florida $348 Georgia $300 Hawaii $224 Idaho $192 Illinois $168 Indiana $240 Iowa $204 Kansas $204 Kentucky $218 Louisiana $442 Maine $156 Maryland $191 Massachusetts $192 Michigan $408 Minnesota $176 Mississippi $318 Missouri $260 Montana $168 Nebraska $172 Nevada $216 New Hampshire $139 New Jersey $195 New Mexico $264 New York $150 North Carolina $200 North Dakota $185 Ohio $237 Oklahoma $360 Oregon $180 Pennsylvania $168 Rhode Island $193 South Carolina $230 South Dakota $162 Tennessee $260 Texas $312 Utah $144 Vermont $168 Virginia $192 Washington $180 West Virginia $228 Wisconsin $180 Wyoming $148 How much renters insurance do I need?
Take a home inventory
Consider liability coverage
If an individual is injured on your property, liability insurance may help to cover medical costs and legal fees. Take time to consider your liability coverage limit, as legal expenses can become extremely expensive.
Depending on the insurance company, there are different limits on how much coverage they will provide for your items. Review your home inventory and make note of the more expensive items, such as electronics or valuable collectibles. This will help you determine if you need to purchase additional insurance to keep these items protected.
Renters insurance is a responsible choice that can help prevent you from paying out of pocket for certain types of damages. Learn more about Nationwide’s renters insurance options and start your quote today.
Additional renters insurance resources
Do I need renters insurance? | Does renters insurance cover theft? | Renters Insurance FAQ
If you are concerned that the average cost of renters insurance is outside your budget, learn how to keep your rates low with our renters insurance discounts.
[1]https://www.valuepenguin.com/average-cost-renters-insurance, Accessed October 2021.
[2]https://www.forbes.com/advisor/renters-insurance/how-much-is-renters-insurance/, Accessed October 2021.
[3]https://www.iii.org/article/renters-insurance, Accessed October 2021.
[4]https://www.valuepenguin.com/average-cost-renters-insurance, Accessed October 2021.
