Your $300,000 renters insurance policy protects you in three ways: personal property coverage, liability protection and additional living expenses. The $300,000 figure refers to your liability limit—the maximum your insurance pays for injuries or property damage you cause.
How Much Is $300,000 in Renters Insurance?
Updated: November 10, 2025
Advertising & Editorial Disclosure
Key Takeaways
A renters insurance policy with $300,000 in liability coverage, $250,000 in personal property coverage and a $1,000 deductible costs $1,081 annually on average.
Based on $300,000 renters insurance costs, State Farm has the lowest average rate at $484 per year.
Your deductible directly affects your premium. A $2,000 deductible reduces overall costs to $988 per year on average compared to a $1,000 deductible, while a $500 deductible increases premiums to $1,188.
What Does $300,000 in Renters Insurance Cover?
Personal Property Coverage
Most policies with $300,000 liability limits include $250,000 in personal property coverage. This protects your belongings from theft, fire, vandalism and certain natural disasters—everything from furniture and electronics to clothing and kitchenware.
If a fire destroys your rental, you'll pay your deductible first, then insurance covers the remaining replacement costs up to your policy limit.
Liability Protection: Your Financial Shield
This is your $300,000 financial protection if someone gets injured in your rental or you accidentally damage someone else's property. Your policy covers medical expenses, legal defense costs and settlements.
These situations show how quickly liability costs add up:
Scenario | Details |
|---|---|
Guest injury | Your friend trips over your dog and breaks their arm. Between surgery and physical therapy, the bills hit $75,000. |
Fire damage | You forget to blow out a candle before bed. The fire damages your apartment and spreads to two others, costing $200,000 in repair costs. |
Child injury with a lawsuit | A friend's child falls off your balcony and gets seriously hurt. The family sues you for $150,000 to cover medical expenses. |
Without adequate liability coverage, you'd pay these expenses from your savings, future wages or face bankruptcy. Your $300,000 liability limit ensures insurance handles these costs instead.
Additional Living Expenses
Additional living expenses (ALE) coverage pays for temporary housing if a covered disaster makes your rental uninhabitable. ALE covers hotel bills, restaurant meals and other necessary expenses while repairs happen.
ALE equals 20% to 30% of your personal property coverage, providing $50,000 to $75,000 for temporary living costs on a policy with $250,000 in personal property coverage, according to the Insurance Information Institute.
Average Cost of $300,000 Renters Insurance
The cost of renters insurance for $250,000 in personal property coverage and $300,000 in liability coverage, with a $1,000 deductible, averages $1,081 per year. Changes to any of these limits will affect your premium. Renters insurance for $300,000 in liability coverage costs between $40 and $160 per month, depending on your deductible, credit score and insurance provider.Â
The following sections show average renters insurance costs for $300,000 in liability coverage based on the deductible amount, company and credit score.
| $250K Personal Property / $300K Liability | $1,081 |
Average Cost of $300,000 Renters Insurance by Deductible
A policy with $300,000 in liability coverage and a $500 deductible averages $1,188 per year, while opting for a higher $2,000 deductible reduces the average annual cost to $988. The deductible you choose for your renters insurance policy directly affects your premiums.
See the table below for a clear comparison of how premiums vary based on different deductible amounts for renters insurance policies.
| $500 | $1,188 |
| $1,000 | $1,081 |
| $1,500 | $1,061 |
| $2,000 | $988 |
MONEYGEEK EXPERT TIP
A deductible is the amount you pay out of pocket on a covered claim before your insurance pays the remaining costs. Generally, choosing a higher deductible means lower monthly premiums, balancing upfront costs and potential long-term savings.
Average Cost of $300,000 Renters Insurance by Provider
Renters insurance rates for $300,000 in liability coverage can vary by provider, with State Farm offering the most affordable option at $484 per year. In contrast, Chubb offers the most expensive policy, $1,929 per year on average.
Differences in premiums are due to each insurer's risk evaluation, claim history and the range of coverage options they offer. The following table shows how premiums can vary among different providers for a renters insurance policy with $300,000 coverage.
| State Farm | $484 |
| USAA | $604 |
| Travelers | $864 |
| Farmers | $963 |
| Nationwide | $978 |
| Allstate | $1,103 |
| Chubb | $1,929 |
Average Cost of $300,000 Renters Insurance for People with Bad Credit
You'll likely pay more for renters insurance if you have a lower credit score. For example, for $300,000 in coverage, someone with poor credit might pay an average of $2,157 annually, significantly higher than the $1,027 average for those with excellent credit. Â
Your credit score is seen as an indicator of your financial reliability, which is why it influences insurance costs. See how annual premiums for a renters insurance policy with $300,000 in coverage vary based on credit scores:
| Excellent | $1,027 |
| Good | $1,081 |
| Fair | $1,302 |
| Below Fair | $1,606 |
| Poor | $2,157 |
**NOTE: States like California, Maryland, and Massachusetts do not use credit scores to determine insurance premiums, so residents in these states won't see their credit history impacting their rates.
Compare Renters Insurance Quotes for $300K Coverage
Renters insurance with $300,000 in liability coverage costs only slightly more than standard policies with lower limits. You're getting triple the financial protection for roughly $7 to $11 more per month.Â
Compare renters insurance quotes from multiple providers to find the most suitable and cost-efficient policy for your needs. Our renters insurance calculator below can provide personalized quotes in minutes.
Coverage Level | Best For | Average Annual Cost | Protection Level |
|---|---|---|---|
$100,000 | Minimum protection; few assets | $950–$1,000 | Covers minor incidents |
$300,000 | Standard protection; moderate assets | $1,081 | Covers most scenarios |
$500,000 | Maximum protection; significant assets | $1,200–$1,400 | Covers major incidents |
Costs based on MoneyGeek analysis with $1,000 deductible
Renters Insurance Calculator
MoneyGeek's renters insurance calculator will give you a customized estimate of your renters insurance costs.
It's free to use, requires no personal information and we won't send you any spam.
0
High
0
Average
0
Low
Rates updated:
Nov 27, 2025
Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.
Why $300,000 Liability Coverage Is Common
Many renters choose $300,000 in liability coverage because it protects against lawsuits without dramatically increasing premiums. Standard $100,000 liability limits might seem adequate until you consider real scenarios: A guest slips on your stairs and requires surgery, or your overflowing bathtub damages multiple apartments below yours. Medical bills, lost wages, and property repairs quickly exceed $100,000, making higher liability limits a smart financial move.
Monthly vs. Annual Payments
You can pay your premium monthly or annually. Annual payments include a 5% to 10% discount, reducing your total cost. For a $1,081 annual premium, paying monthly might cost $95 to $100 per month (totaling $1,140 to $1,200 annually), while paying upfront saves you $59 to $119.
Choose annual payments if you have the funds available. Monthly payments work better if you prefer spreading costs throughout the year.
How Much Renters Insurance Do You Need?
Follow these steps to determine your coverage needs:
- 1Calculate Your Personal Property Coverage
Walk through every room in your rental and list all furniture, electronics, clothing and valuables. Estimate what it would cost to replace everything new today, then add 10% to 15% for items you might forget. Round up to the nearest coverage tier ($150,000, $200,000, $250,000).
- 2Assess Your Liability Risk
Add up your savings, investments and any equity you own. If you have over $50,000 in assets, consider $300,000 in liability coverage to protect them from lawsuits.
- 3Decide if $300,000 Liability Makes Sense for You
Go with $300,000 if you have friends or family over regularly, own savings, investments or a car that could be at risk in a lawsuit, want solid protection without maxing out your limits, or live somewhere with expensive medical care or high lawsuit settlements. $300,000 gives you strong protection for typical liability scenarios without the higher premiums that come with $500,000 or more in coverage.
MONEYGEEK EXPERT TIP
While doing your inventory, take photos or videos of your belongings. This documentation speeds up claim filing and helps you remember items you'd otherwise overlook, like kitchen gadgets, bathroom supplies and closet contents.
Cost of 300K Renters Insurance: Factors Affecting Rates
Renters insurance premiums swing widely based on your coverage amount, credit score, location and other factors. Understanding these variables helps you balance affordable premiums with solid coverage.
First-time renters and policy shoppers alike benefit from knowing what affects rates. This knowledge helps you find the best renters insurance for your situation.
Coverage Amount
The level of coverage you choose is one of the most significant determinants of your premium. Higher coverage limits for personal property and liability mean higher premiums.
Location
Your rental's location significantly impacts insurance costs. Areas prone to natural disasters, high crime rates or expensive legal environments result in higher premiums. Urban areas cost more than suburban or rural locations due to higher theft rates and property values.
Deductible Amount
The deductible is what you pay out of pocket before insurance covers the rest. Choosing a higher deductible can lower your premium, but it means more out-of-pocket expenses when you file a claim.
Credit History
Your credit score serves as a financial responsibility indicator for insurers. Improving your credit score by paying bills on time, reducing debt and correcting credit report errors directly lowers your costs. California, Hawaii, Massachusetts and Michigan prohibit using credit scores for insurance pricing.
Claims History
Filing multiple claims puts you on insurers' radar as a higher risk. Your rates go up, or your insurer might not renew your policy if you file several claims in a short time. Save insurance for big losses that cost well above your deductible, not every minor incident.
Policy Add-Ons or Endorsements
Optional coverages cost more but fill important gaps. Earthquake or flood insurance costs $100 to $300 annually since standard policies don't cover these disasters. Valuable items coverage raises limits for jewelry, art, collectibles or electronics that exceed standard caps. Identity theft protection covers the costs of recovering from identity theft.
Discounts and Bundling
Insurance companies offer discounts that can reduce your costs by 10% to 25% when you bundle with auto insurance, 5% to 15% for safety features like smoke detectors or security systems and 5% to 10% for maintaining a claims-free history. Additional savings are available through automatic payment (3% to 5%) and professional associations. Ask every insurer about available discounts; many aren't automatically applied and require you to request them.
Insurance Provider
Different insurers have varying pricing models and discounts. Shopping around and comparing quotes can help find the best rate for your needs.
Is Renters Insurance with $300,000 Coverage Enough?
Whether $300,000 in renters insurance coverage works for you depends on your situation. Most renters find this amount covers liabilities and personal property losses. You might need more if you own expensive items or live somewhere risky.
Calculate what your belongings cost, think about risks like theft, water damage or liability claims, and decide if $300,000 covers you. An insurance agent can give you personalized advice.
MONEYGEEK EXPERT TIP
High liability limits of $300,000 protect your personal assets and stop you from paying huge bills after accidents. Someone gets hurt in your apartment and sues you? You accidentally wreck their property? This coverage handles most of those costs.
How to Save on $300,000 Renters Insurance
Lowering your renters insurance costs doesn't mean compromising on the protection you need for your $300,000 in coverage. Six practical strategies can help you save money while maintaining comprehensive coverage that protects your finances and meets your landlord's requirements.
Compare Quotes From Multiple Insurers
Renters insurance rates for identical coverage vary among major insurers from $484 to $1,929 annually, a difference of $1,445 per year. Get quotes from at least three to five companies, comparing coverage limits, deductibles and included protections.
Bundle With Auto Insurance
Bundling renters and auto insurance with the same company saves 10% to 25% on both policies. If you pay $1,200 annually for auto insurance and $1,081 for renters insurance, a 15% bundling discount saves $342 per year.
Increase Your Deductible
Raising your deductible from $500 to $2,000 reduces premiums by $200 annually, but make sure you can afford to pay the higher deductible out of pocket if you file a claim. Calculate the payback period: If a $500 increase in deductible saves $100 annually, you'll need five claim-free years to break even. Most renters file claims infrequently, making higher deductibles financially advantageous over time if you have emergency savings to cover the deductible amount.
Maintain Good Credit
Improving your credit score directly reduces costs in most states. Even modest improvements like moving from "fair" to "good" credit can save $220 annually on a $300,000 renters insurance policy.
Ask About Available Discounts
Many insurers offer discounts that aren't automatically applied. Each discount might save only 5% to 10%, but combining multiple discounts can reduce your premium by 25% to 30%.
$300,000 Renters Insurance: Bottom Line
Renters insurance with $300,000 in liability coverage costs $1,081 per year on average, roughly $90 per month. This investment provides substantial financial protection, covering medical bills, legal costs and property damage if you're found responsible for injuries or accidents.
Your actual cost depends on your deductible choice, credit score, location and chosen insurer. The financial security from $300,000 in liability coverage far exceeds the cost. Without adequate protection, a single lawsuit or major accident could drain your savings, garnish your wages or force bankruptcy. For less than $3 per day, renters insurance shields your financial future from these risks.
Renters Insurance $300,000 Liability Coverage: FAQ
Below are answers to common questions about $300,000 renters insurance to help you understand how insurers determine premiums and determine whether this coverage amount is right for you.
How much does $300,000 renters insurance cost?
$300,000 renters insurance costs $90 per month on average. Monthly costs range from $40 to $160 depending on your deductible, credit score, location and chosen insurer.
On average, a renters insurance policy with $300,000 in liability coverage costs $1,081 per year. This is based on $250,000 in personal property coverage and a $1,000 deductible. Altering any of these coverage limits will affect the cost.
Do I need $300,000 in liability coverage for renters insurance?
It depends on your circumstances. You may need $300,000 in liability coverage if you have substantial assets to protect. It may also suit you if you have higher risk exposure, such as having a pet or frequent guests.
What affects renters insurance costs?
Six factors primarily affect costs: location, credit score, deductible amount, claims history, coverage add-ons and available discounts. Changing controllable factors like your deductible or credit score can significantly reduce your premium.
How can I lower the cost of $300,000 renters insurance?
Lower costs by comparing quotes from multiple insurers, bundling with auto insurance, choosing a higher deductible, maintaining good credit, asking about discounts and paying annually instead of monthly. These strategies can reduce your premium by 20% to 40%.
Is $300,000 renters insurance enough?
$300,000 in liability coverage is enough for most renters. It provides strong financial protection against lawsuits and major accidents without higher premiums. Consider higher limits if you have substantial assets exceeding $300,000.
Do I need $300,000 or $500,000 renters insurance?
Choose $300,000 if you have moderate assets and want solid protection at affordable rates. Choose $500,000 if you have significant assets exceeding $300,000 or regularly host large gatherings. The cost difference runs just $120 to $320 annually.
Choose $300,000 if you have moderate assets and want solid protection at affordable rates. Choose $500,000 if you have significant assets exceeding $300,000 or regularly host large gatherings. The cost difference runs just $120 to $320 annually.
$300,000 Renters Insurance: Related Pages
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.