Updated: June 24, 2025
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Your deductible amount affects your renters insurance costs. A higher deductible will result in lower premiums.
Based on $300,000 renters insurance costs, State Farm has the lowest average rate at $484 per year.
Insurers may also consider credit score when calculating renters insurance costs. Having poor credit typically leads to higher premiums.
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.
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 |
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 |
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.
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 |
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.
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Rates updated:
Jun 30, 2025
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Renters insurance premiums can vary widely based on several factors, such as your coverage amount, credit score, location and more, each playing a role in determining the cost of your policy. Understanding these variables is key to finding a balance between affordable premiums and adequate coverage.
Whether you're a first-time renter or looking to update your current policy, knowing these factors can help you find the best renters insurance policy for your needs.
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.
Your rental's location impacts insurance costs. Areas prone to natural disasters, high crime rates, or other risks typically result in higher premiums.
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.
Insurers often consider credit scores as part of their risk assessment. A higher credit score can lead to lower premiums, as it suggests financial stability.
If you've filed insurance claims in the past, insurers might view you as a higher risk, leading to increased premiums.
Additional coverage for items like high-value electronics, jewelry, or specific perils like flood or earthquake insurance will increase your premium.
Many insurance companies offer discounts for bundling renters insurance with other policies like auto insurance. Discounts for security systems, smoke detectors, or being a non-smoker can also lower premiums.
Different insurers have varying pricing models and discounts. Shopping around and comparing quotes can help find the best rate for your needs.
Deciding if $300,000 is enough coverage for renters insurance depends on your circumstances. This amount is typically sufficient for most renters, covering a wide range of potential liabilities and personal property losses. However, you might need more coverage if you own high-value items or live in a high-risk area.
Evaluate the value of your belongings, consider potential risks like theft, water damage or liability claims, and assess if $300,000 adequately covers these risks. Consulting with an insurance agent can also provide personalized advice based on your situation.
Having high liability limits of $300,000 safeguards your personal assets, preventing you from facing large out-of-pocket expenses in the event of an accident or unforeseen incident. For instance, if someone gets injured in your rented property and decides to sue, or if you accidentally cause damage to their property, this coverage ensures that the insurance can handle most of these costs.
Renters insurance offers personal property, liability and loss of use coverage, each providing a safety net for individuals renting a home or apartment. This insurance protects your personal belongings and financial well-being against unexpected events. Understanding the scope of coverage helps ensure you're adequately protected in various scenarios.
The typical coverage provided by renters insurance includes:
The average cost of $300,000 in renters insurance is $1,081 per year. This is for a policy with $250,000 in personal property coverage, $300,000 in liability coverage and a $1,000 deductible.
Getting higher liability limits of $300,000 ensures you're fully protected in case of major damages or legal claims against you, providing financial security in the event of unforeseen circumstances. This guide explores average rates for a $300,000 renters insurance policy based on various factors, including deductible amount, provider and credit score, to help you understand why costs vary.
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.
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.
It depends on your circumstances. If you have substantial assets to protect, you may need $300,000 in liability coverage. It may also be suitable for you if you have higher risk exposure, such as having a pet or frequent guests.
Several factors affect renters insurance costs, including location, coverage limits, deductible amount, credit score and claims history.
There are various ways to reduce your renters insurance premium, such as raising your deductible, bundling with auto insurance and improving home security. Shopping around for quotes can also help find affordable renters insurance as each insurer calculates risk and discounts differently.
MoneyGeek, in partnership with Quadrant Corp, analyzed renters insurance quotes across all 50 states to determine the average cost of renters insurance. Average cost was determined using personal property coverage of $250,000, liability coverage of $300,000 and a deductible of $1,000.
Methodology
Our evaluation of renters insurance premiums uses data sourced from Quadrant Information Services.
Renters Insurance Profile
In this study, we focused on a particular profile of renters, characterized by:
The research also encompassed scenarios involving renters with varying credit histories and different records of insurance claims.
Renters Insurance Coverage Details
Calculations for the average renters insurance rates were based on the following policy specifics:
Our investigation included an exploration of deductibles varying between $500 and $2,000.
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!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
