Updated September 28, 2023 | 0 min. read
by Hira TanweerHira Tanweer is an insurance analyst for QuoteWizard. She specializes in renters and home insurance. Her work has been cited by The Denver Post, Denver Business Journal and Nashville Business Journal. and co-authored by Rob Bhatt Rob Bhatt is a licensed insurance agent and staff writer at QuoteWizard, where he specializes in auto, home and renters insurance. His work has been cited by ABC, Business Insider, MSN and Yahoo.
Renters insurance is relatively affordable, costing an average of about $18 a month, or $214 a year.
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Your renters insurance cost depends on the amount of coverage you want, as well as your claims history and location. The cheapest state's average renters insurance cost is $12 per month, while the most expensive state's average monthly cost is $31. The cost of renters insurance differs considerably by state, but it's an affordable investment overall.
This article will cover:
- Renters insurance costs by state
- Renters insurance costs by company
- Renters insurance costs by city
- States with the most renters
- Where rental prices are changing most
- What determines the cost of renters insurance?
- What does renters insurance cover?
“The coverage that renters insurance provides is usually worth the price. Shopping around for the best rate, choosing a high deductible and bundling are the best ways to avoid overpaying.” — Rob Bhatt, Licensed Insurance Agent
Renters insurance costs by state
Your location makes a difference when it comes to renters insurance rates. Alaska, Maine, New Hampshire, New York, North Dakota, South Dakota and Vermont have the cheapest average renters insurance. Mississippians pay the most, at $376 a year, or $162 more than the national average of $219.
| State | Average annual premium | Average monthly premium |
|---|---|---|
| Alabama | $362 | $30 |
| Alaska | $138 | $12 |
| Arizona | $209 | $17 |
| Arkansas | $305 | $25 |
| California | $208 | $17 |
| Colorado | $190 | $16 |
| Connecticut | $190 | $16 |
| Delaware | $186 | $16 |
| District of Columbia | $183 | $15 |
| Florida | $247 | $21 |
| Georgia | $322 | $27 |
| Hawaii | $199 | $17 |
| Idaho | $169 | $14 |
| Illinois | $183 | $15 |
| Indiana | $207 | $17 |
| Iowa | $174 | $15 |
| Kansas | $226 | $19 |
| Kentucky | $242 | $20 |
| Louisiana | $324 | $27 |
| Maine | $146 | $12 |
| Maryland | $207 | $17 |
| Massachusetts | $197 | $16 |
| Michigan | $310 | $26 |
| Minnesota | $192 | $16 |
| Mississippi | $376 | $31 |
| Missouri | $271 | $23 |
| Montana | $165 | $14 |
| Nebraska | $180 | $15 |
| Nevada | $205 | $17 |
| New Hampshire | $146 | $12 |
| New Jersey | $175 | $15 |
| New Mexico | $258 | $22 |
| New York | $149 | $12 |
| North Carolina | $208 | $17 |
| North Dakota | $145 | $12 |
| Ohio | $239 | $20 |
| Oklahoma | $332 | $28 |
| Oregon | $180 | $15 |
| Pennsylvania | $193 | $16 |
| Rhode Island | $269 | $22 |
| South Carolina | $220 | $18 |
| South Dakota | $140 | $12 |
| Tennessee | $294 | $25 |
| Texas | $227 | $19 |
| Utah | $168 | $14 |
| Vermont | $145 | $12 |
| Virginia | $216 | $18 |
| Washington | $175 | $15 |
| West Virginia | $206 | $17 |
| Wisconsin | $157 | $13 |
| Wyoming | $171 | $14 |
| Note: Average rates are based on online quotes from provider websites. Your rates may vary | ||
Average renters insurance cost: cheapest states
- Alaska: $138
- North Dakota: $145
- Maine: $146
- New Hampshire: $146
- New York: $149
Average renters insurance cost: expensive states
- Mississippi: $376
- Alabama: $362
- Oklahoma: $332
- Louisiana: $324
- Georgia: $322
All five of the most expensive states for renters insurance are southern states prone to extreme weather, such as tornadoes and hurricanes.
Renters insurance costs by company
Companies may offer vastly different renters insurance premiums. State Farm offers the cheapest average premium among the companies we researched, at $155 a year.
| Company | Average annual premium | QuoteWizard rating (out of 5) | |
|---|---|---|---|
 | Allstate | $233 | 3.7 |
 | Amica | $206 | 3.7 |
 | Farmers | $277 | 2.1 |
 | State Farm | $155 | 3.8 |
 | Travelers | $212 | 2.9 |
| Note: Average rates are based on online quotes from provider websites. Your rates may vary | |||
Compare rates from the top insurers in the U.S.
Renters insurance costs by coverage amount
You need to take into account what your belongings are worth when deciding your coverage amount. This includes your TV, mattress, furniture, musical instruments and electronics.
When purchasing a renters insurance policy, you'll have to decide how much coverage you need. Here are national average rates for different amounts of personal property protection.
| Coverage | Average annual premium |
|---|---|
| $13,999 and under | $132 |
| $14,000 - $19,999 | $143 |
| $20,000 - $25,999 | $162 |
| $26,000 - $31,999 | $179 |
| $32,000 - $37,999 | $171 |
| $38,000 - $43,999 | $203 |
| $44,000 - $49,999 | $192 |
| $50,000 - $74,999 | $229 |
| $75,000 - $99,999 | $288 |
| $100,000 and over | $428 |
| Source: National Association of Insurance Commissioners (NAIC); Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance Report: Data for 2020 | |
Average renters insurance rates by city
We looked at quotes in the 15 most populated cities in the U.S. to find the average renters insurance cost in each city. Among the most-populated cities, Philadelphia has the highest average premium of $295 per year.
| City | Average annual premium |
|---|---|
| Albuquerque | $276 |
| Austin | $201 |
| Baltimore | $223 |
| Boston | $255 |
| Charlotte | $190 |
| Chicago | $225 |
| Columbus | $251 |
| Dallas | $237 |
| Denver | $208 |
| Detroit | $579 |
| El Paso | $221 |
| Fort Worth | $245 |
| Houston | $286 |
| Indianapolis | $237 |
| Jacksonville | $221 |
| Las Vegas | $226 |
| Los Angeles | $263 |
| Memphis | $342 |
| Nashville | $298 |
| New York City | $199 |
| Oklahoma City | $372 |
| Philadelphia | $295 |
| Phoenix | $247 |
| Portland | $205 |
| San Antonio | $247 |
| San Diego | $206 |
| San Francisco | $231 |
| San Jose | $196 |
| Seattle | $186 |
| Washington D.C. | $183 |
| Note: Average rates are based on online quotes from provider websites. Your rates may vary | |
States with the most renters
New York has the highest percentage of renter-occupied housing units. This stands in stark contrast to states like Maine, where only 27% of housing units are rented, according to the U.S. Census. Housing trends vary by state. Here are some of the most popular states for renting:
| State | Percentage of renter-occupied housing units |
|---|---|
| New York | 45.6% |
| California | 44.5% |
| Nevada | 42.2% |
| Hawaii | 39% |
| Rhode Island | 37.7% |
| Source: U.S. Census | |
How rental prices are changing
After years of steady increases, rental prices are starting to cool down. But no state has seen prices drop below pre-pandemic levels. Despite large increases in rent across the board since 2020, rent is actually starting to drop in certain states over the past year. But even with that decline, the average rental price of a one-bedroom apartment has risen 20%. In 2020 it was $958 a month, but now it's $1,152.
Since 2020, rent has increased the most in New Mexico and Florida. Rental prices have increased by 38% in New Mexico and 35% in Florida during that time. Rent has risen the least in North Dakota and Minnesota since 2020. Rental prices only increased by 3% in North Dakota and 5% in Minnesota over the two-year span.
As of early 2023, Hawaii continues to be the state with the most expensive rent, at $1,791 a month. By comparison, North Dakota rents have consistently been low over the years. The average cost of rent for a one-bedroom apartment in the Peace Garden State is a low $711 a month.
| State | Average cost of rent | Change since 2020 | Change since 2021 | Change since 2022 |
|---|---|---|---|---|
| Alabama | $816 | 23% | 16% | 3% |
| Arizona | $1,172 | 30% | 23% | -2% |
| Arkansas | $742 | 25% | 20% | 10% |
| California | $1,616 | 12% | 18% | 2% |
| Colorado | $1,344 | 18% | 19% | 3% |
| Connecticut | $1,272 | 22% | 17% | 5% |
| Delaware | $1,238 | 33% | 21% | 3% |
| Florida | $1,405 | 35% | 33% | 3% |
| Georgia | $1,222 | 27% | 21% | 1% |
| Hawaii | $1,791 | 16% | 15% | 0% |
| Idaho | $859 | 34% | 17% | -2% |
| Illinois | $1,076 | 14% | 22% | 6% |
| Indiana | $872 | 27% | 22% | 7% |
| Iowa | $725 | 13% | 12% | 4% |
| Kansas | $819 | 20% | 18% | 6% |
| Kentucky | $759 | 19% | 17% | 5% |
| Louisiana | $866 | 16% | 13% | -2% |
| Maine | $843 | 24% | 15% | 4% |
| Maryland | $1,383 | 15% | 14% | 2% |
| Massachusetts | $1,373 | 14% | 24% | 5% |
| Michigan | $837 | 18% | 13% | 0% |
| Minnesota | $948 | 5% | 9% | 2% |
| Mississippi | $848 | 30% | 25% | 7% |
| Missouri | $808 | 16% | 15% | 5% |
| Montana | $790 | 24% | 16% | 5% |
| Nebraska | $871 | 20% | 19% | 8% |
| Nevada | $1,120 | 26% | 19% | -3% |
| New Hampshire | $1,291 | 34% | 25% | 3% |
| New Jersey | $1,487 | 20% | 23% | 5% |
| New Mexico | $1,001 | 38% | 29% | 8% |
| New York | $1,617 | 17% | 25% | 2% |
| North Carolina | $1,092 | 28% | 25% | 4% |
| North Dakota | $711 | 3% | 13% | 7% |
| Ohio | $815 | 23% | 18% | 5% |
| Oklahoma | $851 | 27% | 21% | 7% |
| Oregon | $1,147 | 14% | 16% | 4% |
| Pennsylvania | $978 | 17% | 16% | 2% |
| Rhode Island | $1,123 | 27% | 25% | 3% |
| South Carolina | $1,095 | 30% | 27% | 7% |
| South Dakota | $739 | 20% | 17% | 3% |
| Tennessee | $967 | 28% | 26% | 4% |
| Texas | $1,126 | 19% | 20% | 3% |
| Utah | $1,103 | 27% | 23% | 1% |
| Virginia | $1,378 | 14% | 18% | 3% |
| Washington | $1,288 | 12% | 21% | 2% |
| Wisconsin | $874 | 20% | 18% | 7% |
| Wyoming | $763 | 17% | 25% | 8% |
| United States | $1,152 | 20% | 21% | 3% |
| Source: Data sourced from Apartment List estimates | ||||
America’s most populous cities have also seen an abrupt change in rental prices over the last two years. We found that the average rent in the 50 biggest cities has increased by 17% since 2020. But over the last year, prices in many of these cities have plateaued. Albuquerque, N.M., saw the biggest increase, at 8% since 2022. Meanwhile, Las Vegas saw a rental price decrease of 4%.
| City | Average Rent | % Change since 2020 | % Change since 2021 | % Change since 2022 |
|---|---|---|---|---|
| Albuquerque, N.M. | $1,059 | 40% | 29% | 8% |
| Arlington, Texas | $1,112 | 27% | 22% | 6% |
| Atlanta | $1,509 | 15% | 15% | -2% |
| Austin, Texas | $1,463 | 23% | 26% | 2% |
| Baltimore | $1,089 | 15% | 16% | 1% |
| Boston | $1,982 | 8% | 28% | 5% |
| Charlotte, N.C. | $1,314 | 24% | 25% | 5% |
| Chicago | $1,284 | 6% | 22% | 5% |
| Colorado Springs, Colo. | $1,195 | 25% | 18% | 3% |
| Columbus, Ohio | $1,040 | 20% | 17% | 6% |
| Dallas | $1,194 | 20% | 22% | 4% |
| Denver | $1,370 | 11% | 16% | 1% |
| Detroit | $674 | 9% | 4% | -2% |
| El Paso, Texas | $932 | 28% | 22% | 5% |
| Fort Worth, Texas | $1,137 | 21% | 19% | 3% |
| Fresno, Calif. | $1,056 | 26% | 16% | 4% |
| Houston | $1,062 | 10% | 14% | 3% |
| Indianapolis | $925 | 24% | 22% | 7% |
| Jacksonville, Fla. | $1,187 | 32% | 25% | 1% |
| Kansas City, Mo. | $982 | 15% | 15% | 5% |
| Las Vegas | $1,067 | 27% | 20% | -4% |
| Long Beach, Calif. | $1,468 | 15% | 16% | 1% |
| Los Angeles | $1,649 | 6% | 17% | 1% |
| Louisville, Ky. | $836 | 16% | 15% | 5% |
| Memphis, Tenn. | $952 | 27% | 16% | 1% |
| Mesa, Ariz. | $1,233 | 32% | 25% | -3% |
| Miami | $1,627 | 33% | 35% | 6% |
| Milwaukee | $827 | 12% | 13% | 4% |
| Minneapolis | $976 | -4% | 7% | 1% |
| Nashville, Tenn. | $1,290 | 22% | 25% | 3% |
| New Orleans | $1,018 | 8% | 12% | 2% |
| New York | $1,941 | 9% | 36% | 2% |
| Oakland, Calif. | $1,491 | -15% | 0% | -2% |
| Oklahoma City | $908 | 28% | 23% | 7% |
| Omaha, Neb. | $943 | 20% | 19% | 9% |
| Philadelphia | $1,099 | 10% | 16% | 1% |
| Phoenix | $1,190 | 30% | 24% | -2% |
| Portland, Ore. | $1,232 | 2% | 10% | 1% |
| Raleigh, N.C. | $1,288 | 28% | 26% | 4% |
| Sacramento, Calif. | $1,246 | 16% | 10% | -3% |
| San Antonio | $1,049 | 20% | 19% | 3% |
| San Diego | $1,921 | 26% | 23% | 3% |
| San Francisco | $2,244 | -13% | 16% | 0% |
| San Jose, Calif. | $2,014 | 2% | 18% | 4% |
| Seattle | $1,545 | -3% | 21% | -1% |
| Tucson, Ariz. | $988 | 39% | 27% | 5% |
| Tulsa, Okla. | $900 | 26% | 19% | 7% |
| Virginia Beach, Va. | $1,415 | 24% | 16% | 2% |
| Washington, D.C. | $1,754 | 0% | 13% | 1% |
| Wichita, Kan. | $726 | 17% | 14% | 5% |
| Source: Data sourced from Apartment List estimates | ||||
The drop in rent is welcome for many renters, as they have been spending more of their total income on housing costs. The Department of Housing and Urban Development (HUD) considers anyone who spends more than 30% of their income on housing to be “cost burdened.” That’s because spending 30% or more on rent may make it difficult to afford other basic necessities.
What determines the cost of renters insurance?
Insurance companies use many factors to determine how much to charge customers, including your location and policy details. Some of the most common factors are:
- Your insurance claims history and credit score. A renters insurance claim can stay on a CLUE report for up to seven years. A CLUE report provides your claims history or history of property loss. Insurance companies may also look at your credit score and take it into account when determining your rate.
- Your local environmental risks and crime statistics. If you live in an area that is vulnerable to natural disasters and crimes, you'll likely pay a higher renters insurance premium.
- Your deductible and coverage limits. If you have a lower deductible, your rates will be higher. Your rates will also go up if you add more coverage.
- Construction features and the age of your rental. Certain claims, such as burst pipes, tend to be higher in older buildings than in newer ones.
These are important factors, but there are many more. For more information, see our article on renters insurance policy rate factors.
How to save on renters insurance
There are a few ways to lower your renters insurance premium:
- Shop around. The rates that are offered by renters insurance companies may vary drastically. Insurance companies may also offer discounts and lower rates to attract new customers.
- Bundle your renters and auto policies. Insurance companies often offer discounts if you bundle your renters and auto insurance policies. With State Farm, for example, you can save up to $722 on insurance if you get both renters and auto insurance from them.
- Increase your deductible. When filing a claim for damaged or stolen property, you must first pay your deductible. It's best to choose one that matches the most you'd be able to afford in the event of a loss.
- If you have any security or safety devices in your rental, you may be able to get a discount. Installing smoke detectors, burglar alarms, and fire alarms may qualify you for a discount.
Compare rates from top renters insurance companies today
What does renters insurance include?
Renters insurance policies typically consist of four primary coverages: personal property, personal liability, medical payments to others and loss of use.
| Coverage | What it covers |
|---|---|
 Personal property | This coverage protects your stuff. That includes everything from your laptop to your mattress and clothes. So if your couch is damaged in a fire, renters insurance can step in to help cover the cost of a new couch. Keep in mind that there are coverage limits for certain high-value items, such as jewelry. |
 Loss of use | Also called additional living expenses, loss of use coverage helps pay for increased living expenses if you are unable to remain in your home if it is damaged and being repaired, for instance. |
 Personal liability | If you find yourself in court after accidentally injuring someone or damaging their property, personal liability coverage can help cover the legal and medical costs. Some policies start at $50,000 of coverage, but $100,000 is more typical. |
 Medical payments to others | This coverage can help pay for medical bills if a guest is injured in your home, such as if someone slips on your stairs. Limits for this coverage typically range from $1,000 to $5,000. |
Renters insurance typically does not cover floods, earthquakes, and sinkholes. However, you can purchase separate policies or additional coverage for these threats.
Frequently asked questions
Our national study found that the average cost of renters insurance is $214 per year. The amount of coverage you choose, your claims history and your location are all factors that may affect how much you pay for renters insurance.
The worth of your belongings determine how much renters insurance you need. Typically, you'll need enough personal property coverage to cover the cost of replacing your belongings. To figure out how much coverage you need, we recommend starting with an inventory of your belongings.
Methodology
We collected quotes from thousands of addresses across the U.S. for a renters insurance policy. We used the following coverages:
- $30,000 personal property coverage
- $500 deductible
- $100,000 personal liability
- $1,000 medical payments to guests
- Loss of use: 30%
QuoteWizard rated insurance companies based on their cost, discounts, coverages, financial strength, J.D. Power score and online experience. We used a weighted rating for each of these categories and scored them out of five.
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