Average Cost of Renters Insurance in 2026

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, coverage amount and personal factors such as your credit score. Most renters pay between $10 and $22 monthly.

Renters insurance protects you financially when things go wrong. Your policy includes four main coverage types that work together to safeguard your belongings and finances.

**Note: The cost above is based on a policy with $20K of personal property coverage, $100K of liability coverage and a $1,000 deductible. The cheapest renters insurance for you could be greater or less than the average.

Your personal property coverage amount affects your premium more than any other factor. Here's what you'll pay for different coverage levels with a $1,000 deductible.

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.

Higher deductibles lower your costs, but you have to remember that every time you make a claim, you need to have your deductible readily on hand. The table below shows how your deductible affects your monthly and annual premiums:

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 option varies by state, so what works for someone in Texas may not be the best for you.

Shopping around saves you real money. The table below shows average rates across top providers:

Natural disasters affect your coverage differently. Standard policies cover wind, hail, fire and lightning damage to your belongings. However, floods and earthquakes aren't covered;  you'll need separate policies for those. 

If you live in a wildfire or volcanic activity zone, you might need to add endorsements to your policy for full protection. Although damages from volcanic activity from ash, lava or other damages are included, you may still need to check with your provider on how much coverage you can get.

Disaster-prone states and high-crime areas charge more because insurers face higher claim costs. Here's how rates break down by state for $20,000 in personal property coverage:

Louisiana ranks among the most expensive states for renters insurance. The state's frequent hurricanes, floods and severe storms drive up claim costs for insurers. High property crime rates in cities like New Orleans and Baton Rouge add to the risk. 

Louisiana's legal environment makes it easier for policyholders to sue insurers, which increases premiums across the board. Rising construction and rebuilding costs after disasters push rates even higher. 

Wisconsin and Wyoming offer some of the cheapest renters insurance in the U.S. These states are spared the hurricanes, wildfires and severe floods that plague coastal regions. Lower crime rates mean fewer theft claims, and stable weather patterns mean fewer large-scale disasters.

Insurance companies look at claims history when setting rates. States with fewer catastrophic events pay less. That's why Mississippi, Louisiana and Florida, with their frequent hurricanes and floods, have rates 2 to 3 times higher than Wisconsin or Wyoming.

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.

California, Hawaii, Massachusetts and Michigan prohibit insurers from using credit scores. In these states, your premiums depend on location, coverage choices and claims history.

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 almost a 25% increase over claim-free premiums.

See how premiums can be impacted by claims history below:

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 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.

The peace of mind is worth the small monthly investment. You're protecting everything you own and shielding yourself from lawsuits that could drain your savings.

Below are answers to common questions to help you understand how insurers determine renters insurance costs.

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 $100,000, 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.

Why This Matters

These aren't theoretical numbers. They're actual quotes insurers would give someone with your profile. Compare your current rate against our data to spot if you're overpaying, or use our ranges to understand what happens when you adjust your deductible or coverage limits.