Updated: January 26, 2026
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Renters insurance costs $15 per month or $182 annually for $20,000 in personal property coverage and $100,000 in liability protection.
Renters with poor credit pay about three times more than those with excellent credit: $483 annually compared to $153.
Bundling your renters and auto insurance policies, choosing higher deductibles and installing security devices can help you save on your premiums.
Renters insurance costs an average of $15 per month or $182 annually for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible, according to MoneyGeek's rate analysis. That's less than 50 cents per day for financial protection.
Your actual premium depends on where you live, the coverage amount you choose and personal factors such as your credit score. Most renters pay between $10 and $22 monthly.
Your personal property coverage amount affects your premium more than any other factor. Renters with $20,000 in coverage pay $182 annually, while those with $250,000 in coverage pay $1,084, which is nearly six times more.
The jump from $50,000 to $100,000 in coverage costs an extra $207 per year, or about $17 monthly. This doubling of coverage doesn't double your premium, making higher limits more affordable than many renters expect.
See what you'll pay for different coverage levels with a $1,000 deductible.
| $20K Personal Property / $100K Liability | $15 | $182 |
| $50K Personal Property / $100K Liability | $26 | $310 |
| $100K Personal Property / $100K Liability | $43 | $517 |
| $250K Personal Property / $300K Liability | $90 | $1,084 |
Take inventory of your belongings, room by room, to calculate what you need. Walk through your place and estimate what it would cost to replace your electronics, furniture, clothes and other items. Most renters find $20,000 to $50,000 covers their belongings, but you'll pay more if you own expensive electronics, jewelry or collectibles.
Higher deductibles lower your premiums, but you'll pay more out of pocket when filing a claim. Choose a deductible you can afford to pay tomorrow if something happens, since you'll need that cash on hand before your insurer covers the rest.
| $250 | $50 | $605 |
| $500 | $47 | $558 |
| $1,000 | $43 | $517 |
| $1,500 | $41 | $494 |
| $2,000 | $40 | $479 |
Renters insurance rates vary dramatically between companies. Amica offers the cheapest coverage for $20,000 in personal property at just $107 annually, while Travelers charges $264, a $157 difference for identical protection. Compare quotes from at least three insurers. The cheapest renters insurance company for you may be different than the cheapest option for someone else.
Shopping around saves you real money. The table below shows average rates across top providers:
Renters insurance costs vary dramatically by state, with Louisiana and Mississippi renters paying more than three times what Wisconsin and North Dakota residents pay. Louisiana tops the list at $325 annually, while Wisconsin, Wyoming and North Dakota share the lowest rates at $104 to $105 per year.
States prone to natural disasters like hurricanes, tornadoes and flooding see higher premiums because insurers face more frequent and costly claims. Your state's weather patterns, crime rates and cost of living all factor into what you'll pay, but even in expensive states like Louisiana, renters insurance remains affordable compared to other types of coverage.
Your credit score affects your renters insurance rates in most states. People with poor credit pay an average of $483 per year for $20,000 in personal property coverage, $301 more than those with good credit.
Insurance companies view good credit as a sign you're less likely to file claims, so they reward you with lower premiums. If your credit needs work, shopping around becomes even more important because companies weigh credit differently.
| Excellent | $13 | $153 |
| Good | $15 | $182 |
| Fair | $20 | $242 |
| Below Fair | $27 | $320 |
| Poor | $40 | $483 |
California, Hawaii, Massachusetts and Michigan prohibit insurers from using credit scores. In these states, your premiums depend on location, coverage choices and claims history.
Improving your credit score can be a valuable long-term goal if you want to lower your renters insurance rates. Build and maintain a strong credit history by paying bills on time, reducing outstanding debts and managing credit responsibly.
Insurers view previous claims as indicators of future risk, which can raise your rates. A single claim in the past 5 years increases your premium by 10% compared to a claim-free record. Two claims push the rates 14% higher, totaling to a 24% increase over claim-free premiums.
| Claim free for 5+ years | $15 | $182 |
| 1 claim in the past 5 years | $17 | $200 |
| 2 claims in the past 5 years | $19 | $228 |
Avoid filing claims for small losses when possible. If you need $600 in repairs and have a $500 deductible, you'd only receive $100 from the insurance company but face an annual rate increase for the next three to five years, which could lead to losing money over time.
Your renters insurance rate depends on both your coverage choices and personal circumstances. Let's break down what impacts your premium and by how much.
Renters insurance includes three main coverages. Personal property coverage protects your belongings. Most renters need about $20,000 to $30,000, though you may need more if you own valuable items. Liability coverage protects you if someone gets hurt in your rental, with typical policies including between $100,000 and $300,000 in protection. Loss of use coverage pays for temporary housing if your rental becomes unlivable, typically equaling 20% to 30% of your personal property limit.
Your deductible is the amount you pay before insurance covers the rest of a claim. Choosing between a $500 and $1,500 deductible affects your rate by approximately $5 per month ($47 vs. $41), but you'll need to pay the extra $1,000 out of pocket if something happens.
Crime rates, weather patterns and natural disaster risk in your area directly affect your premium. Renters in Louisiana and Mississippi pay $27 monthly due to hurricane risk, while those in Wisconsin, Wyoming and North Dakota pay just $9 monthly. Florida renters pay $23 monthly for hurricane coverage, while neighboring Georgia renters pay $17. High-crime neighborhoods can add $5 to $15 monthly compared to safer areas in the same city.
Insurance companies have found that people with better credit tend to file fewer claims, making them lower risk to insure. Renters with poor credit pay $483 annually compared to $153 for those with excellent credit, a $330 difference. Moving from fair to good credit saves $60 annually, while improving from good to excellent credit saves $29. This doesn't apply in California, Hawaii, Massachusetts or Michigan, where credit-based pricing is prohibited.
Installing security features reduces claim risk and earns you discounts. Deadbolt locks save 2-5%, security alarm systems save 5-15%, and fire and smoke alarms save 5-10%. These discounts stack, potentially reducing your premium by 20-25%.
If you have a dog, mention it when getting quotes. Rates vary $50 to $100 per year by insurer. High-risk breeds such as pit bulls, Rottweilers and German shepherds can increase renters insurance premiums by 5-20% due to the increased liability coverage with a pet. Some insurers don't charge extra for dogs, while others restrict certain breeds entirely.
To determine how much renters insurance coverage you need, keep an inventory of your personal belongings and their value. The best renters insurance policy for you will have a coverage limit approximating the value of your property.
Renters insurance costs an average of $15 per month or $182 per year for solid financial protection. Your actual premium depends on your location, coverage amount and personal factors such as your credit score.
Smart shopping reduces costs by 25-40%. Bundle with auto insurance, maintain good credit, install security devices and shop around annually. Compare quotes from at least three insurers, as the cheapest option varies by state and personal situation.
Below are answers to common questions to help you understand how insurers determine renters insurance costs.
Renters insurance costs $15 per month on average, providing $20,000 in personal property coverage and $100,000 in liability coverage. Your actual cost depends on location, coverage amount, deductible and credit score.
Yes, landlords can legally require tenants to carry renters insurance in all 50 states. Many mandate minimum coverage amounts, typically $20,000 in personal property and $100,000 to $300,000 in liability.
You buy both policies from the same insurer, and they apply a discount to each policy. This typically saves $40 to $70 per year on renters insurance and $50 to $100 per year on auto insurance. Contact your current auto insurer first to get bundle quotes.
It's unlikely. The cheapest states, which includes Wyoming, Wisconsin and South Dakota, average $7 to $10 per month. To get close to $5, you'd need minimal coverage ($10,000 personal property), a high deductible ($2,000) and excellent credit in a low-cost state. This provides limited protection and isn't recommended.
You can't budget for renters insurance without knowing what you'll actually pay. We partnered with Quadrant Information Services to gather real quotes from insurers across all 50 states.
Our Base Profile
We used a renter with good credit and no claims in the past 5 years. This represents the typical "standard risk" renter most insurers use for baseline pricing. We also analyzed rates for renters with fair and poor credit, plus those who've filed one or two recent claims.
Coverage Amounts We Tested
Our baseline quote includes $20,000 in personal property coverage, $100,000 in liability protection and a $1,000 deductible. These are the most common coverage levels renters choose.
We also gathered quotes for property coverage from $20,000 to $250,000, liability limits from $100,000 to $300,000 and deductibles between $500 and $2,500. This range shows exactly how adjusting your coverage affects your monthly cost.
About Margaret Wack
Margaret Wack, a contributing journalist at MoneyGeek, is an award-winning poet with over six years of editorial experience in digital publications. She writes about insurance, saving, investing and banking, with bylines on Money Under 30 and Bankrate.
Wack earned her Bachelor of Arts in Classics, Comparative Literature and Poetry from Smith College and her Master of Arts from St. John's College.
