Average Cost of Renters Insurance in 2026

The average cost of renters insurance is about $13 per month, or $151 per year. These averages are based on a standard policy that includes $30,000 in personal property coverage and $100,000 in liability coverage with a $500 deductible. However, your policy's rates can vary depending on your location, insurance company, the amount of coverage you need, and other factors.

Fortunately, a local independent insurance agent can help you find affordable renters insurance near you. They'll compare renters insurance quotes from multiple carriers in your area to find the best deal. But first, use this guide to learn average renters insurance costs in 2026 and which factors affect your rates. 

How Much Is Renters Insurance Per Year?

Renters insurance costs in the U.S. currently average about $151 per year or $13 per month. These cost averages are based on a renters insurance policy with $100,000 in liability coverage, $30,000 in personal property coverage, and a $500 deductible. However, rates for your coverage may vary depending on several factors.

So, how much is renters insurance where you live? The cost of renters insurance per month depends on factors like property values, crime rates, the risk of storms, etc. The amount of coverage you need also affects your policy's premiums. 

Read on for more about the average cost of renters insurance in the U.S. in 2026. For a side-by-side breakdown of which carriers offer the lowest average rates for renters insurance per year, see our guide to the cheapest renters insurance companies. An independent insurance agent can also help you find all the coverage you need.

Renters Insurance Cost by State

The average cost of renters insurance by state is broken down in the table below. Find your state to determine the average renters insurance rates for 2026.

Most Expensive States for Renters Insurance

Renters insurance costs by state vary widely. States considered high-risk for various natural disasters, including hurricanes and tornadoes, tend to have more expensive renters insurance rates. But renters insurance costs may also be higher in your area because of other factors, including crime rates and property values. Here's a look at the most expensive states for renters insurance this year.

Top 5 Most Expensive States for Renters Insurance in 2026

Severe weather risks are much higher in many of these states than in others. Because of this, insurance companies consider policyholders in these areas to be much more likely to file a claim, leading to higher renters insurance rates.

Least Expensive States for Renters Insurance

States that are located further inland tend to be less prone to severe weather, have lower property values, and even lower crime rates. All of these factors together can create lower average renters insurance premiums. Here are the cheapest renters insurance states this year.

Top 5 Least Expensive States for Renters Insurance in 2026

Renters in these states have been found by insurance companies to be much less likely to file a claim under their renters insurance, resulting in lower premiums, on average.

Average Cost of Renters Insurance by City

Living in a major city or metropolitan area in your state may result in even higher renters insurance rates. Crime rates, property values, and more may be higher in major cities and metropolitan areas, resulting in higher renters insurance premiums than in small towns in your state. Check out some of the nation's major cities and their average costs for renters insurance.

Most Expensive Cities for Renters Insurance in 2026

Least Expensive Cities for Renters Insurance in 2026

Average Cost of Renters Insurance by Coverage Amount

The amount of personal property coverage you need is the biggest factor in determining your policy's rate. The table below compares the average renters insurance cost by coverage amount for 2026. 

If you've been asking, "How much renters insurance do I need?", work with a local independent insurance agent to determine an appropriate amount of coverage.

How Your Deductible Affects Renters Insurance Costs

Your renters insurance deductible also impacts your policy's premium rate. Typically, the higher your deductible is, the lower the premium rate is. Choosing a higher deductible can mean lower monthly or annual rates, but you'll have to pay more out of pocket if you file a claim. 

For example, raising your policy's deductible from $500 to $1,000 can save you an average of $14 per year, but doubles your out-of-pocket exposure if you suffer a large loss. The table below compares the average cost of renters insurance by deductible in 2026.

How Credit Score Affects Your Renters Insurance Rate

How does credit score affect renters insurance? In most states, policyholders with poor credit are seen as a higher risk, resulting in much higher average rates. Improving your credit score from poor to good can result in annual savings of nearly $300. 

However, California, Massachusetts, Hawaii, and Michigan prohibit credit score as a rating factor for insurance. The table below compares average renters insurance rates by credit score category for 2026.

Renters Insurance Cost by Carrier

Renters insurance rates also vary widely by carrier, even within the same state. An independent insurance agent can help you find affordable coverage, even if you don't live in one of the cheapest renters insurance states. 

The table below also compares renters insurance rates by carrier for 2026 to help you find affordable coverage.

What Is Renters Insurance?

A renters insurance policy is similar to a homeowners insurance policy, except without all the structural coverage. You don't need this coverage in renters insurance because you don't actually own the property. But it's still critical to have a policy to protect your personal belongings and liability. 

What’s Included in Renters Insurance Policy Rates?

The types of coverage you need, and how much of each, influence your overall renters insurance policy rates. The more coverage you need, the more you're likely to pay for your premiums. Here are the major types of coverage included in standard renters insurance policies:

• Personal property: Covers your personal property, like furniture, clothes, electronics, etc., for many disasters such as fire. The more valuable your property, the more coverage you'll need. You may even need to add endorsements to your policy if you have a lot of valuables. Further, if your policy has actual cash value coverage vs. replacement cost coverage, you'll pay lower premiums, but won't be eligible for as much compensation in the event of a loss. 
• Liability: Covers costs related to lawsuits if a third party sues you for personal property damage or bodily injury. Costs of an attorney, court fees, and settlement fees are included.
• Loss of use: Covers costs of staying at a temporary residence like a hotel if your rented home becomes uninhabitable after a major disaster. Costs related to maintaining your typical lifestyle while you're displaced from your home, including takeout meals, extra gas mileage, etc., are covered.
• Medical payments: Covers the costs of medical treatment for third parties who get injured on your property. This coverage is effective even if a lawsuit is not filed against you for the incident.

Additionally, owning a certain dog breed may raise your renters insurance policy rates or lead to a denial of coverage by some insurers. Ask your independent insurance agent about the renters insurance cost with a dog from carriers near you.

Vacation Homes, Airbnbs, and Short-Term Rentals

This can be requested in all sorts of rental transactions, such as when you are renting an apartment, townhome, or single-family residence. But it may also be required when you are renting a vacation home, Airbnb, etc. Typically, renters insurance isn't required when you rent a condo on the beach for a week, because most insurance companies won't write a short-term renters policy. 

However, the primary homeowners insurance or renters insurance you have for your place back home may cover you while you're on vacation. In fact, most policies include liability coverage that protects you while traveling, as well as a percentage of personal property coverage off-premises. However, your coverage won't usually follow you if you're traveling out of the country, so be sure to review the specifics of your policy before planning an international trip.

When you rent a property for a short term, the landlord's policy covers the structure against many types of damage. However, landlord insurance won't cover the tenant's belongings or liability. That's why it's important to still be covered by your own home or renters insurance coverage. An independent insurance agent can help ensure you're protected when making a short-term rental.

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How to Know If You Need Renters Insurance

If you're renting a home, you need renters insurance. If you're renting a single-family residence, an apartment, a condo, a mobile home, a tiny home, etc., you'll also need renters insurance. In fact, most landlords require this as a term of the lease. 

If you don't have renters insurance and a storm comes through your area and demolishes all your personal property, you'll be wishing you had it. If your landlord requires a renters policy from you prior to signing the lease agreement, it's time to get in touch with your independent insurance agent.

Factors That Affect How Much Renters Insurance Costs 

Insurance companies’ rates and policies can differ significantly. When calculating your renters insurance rates, insurance companies take several factors into account. These include:

• How much coverage you need
• The type of coverage you choose
• The deductible amount
• The location of your rented home or apartment
• Your credit score (in most states)
• Your claims history
• Whether you own a certain dog breed
• Actual cash value vs. replacement cost coverage

These factors affect your renters insurance rates, but you won’t know exactly how much each insurance company's cost varies until you compare quotes. If you're wondering how much renters insurance costs per month, an independent insurance agent can provide multiple quotes in one place.

Renters Insurance Coverage Statistics

The average cost of renters insurance varies by coverage amount and location, among other factors. The following statistics break down the average renters insurance cost in 2026:

• The national average cost of renters insurance is $151 per year.
• Renters insurance costs are highest, on average, in Louisiana, Mississippi, and Georgia.
• Renters insurance costs are cheapest, on average, in Alaska, Vermont, and Maine.

Regardless of where you live, your renters insurance policy and cost will be unique. An insurance company factors in your assets, risk factors, location, claims history, and more when calculating a quote.

How Much Renters Insurance Do You Need?

To get a quote for a renters insurance policy, you first must decide how much personal property and liability coverage you need. You must also consider whether you want additional endorsements to cover specific items, such as high-value jewelry or collections.

Additional coverage will affect your premium, but renters insurance is often still affordable, even with full coverage. There are several steps involved in deciding how much renters insurance you need:

1. Decide how much personal property coverage you need: To determine this, assess your belongings, including furniture, electronics, clothing, artwork, kitchenware, and collectibles. If you experience a loss, your reimbursement costs cannot exceed your coverage limit. Completing a full home inventory of all your possessions and their estimated value can help you choose an appropriate amount of coverage. 
2. Decide how much liability coverage you need: Your liability insurance covers medical bills if someone is injured on your property, as well as legal expenses if needed. Because the cost of a lawsuit and legal fees can exceed $1 million, many insurance professionals recommend increasing your coverage beyond the standard $100,000 limit, often to at least $300,000. While raising your liability limit will increase your premium, it’s probably more affordable than you think.

Most insurance companies impose caps on how much coverage they provide for various categories of personal belongings. If you have a large amount of electronic equipment, designer clothing, or expensive collectibles, you might want to get additional endorsements or riders to obtain full coverage for them. 

Additionally, college students with multiple electronics should also review sublimits carefully. Be sure to understand the differences required in renters insurance for college students. An independent insurance agent can advise on how much renters insurance coverage is right for you and your college student. 

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Actual Value vs. Replacement Cost Coverage

Insurance companies typically offer the choice of actual cash value (ACV) coverage or replacement cost coverage for your belongings. ACV coverage covers the current market value of your belongings (factoring in depreciation), while replacement cost coverage provides you with enough to purchase a new replacement. The type of coverage you choose will affect your renters insurance cost.

While replacement cost coverage can increase your policy's premium by an average of 11%, it's invaluable in the event of a burglary, fire, or other major incident that destroys a lot of your property. As you’re comparing rates and quotes, consider actual cash value vs. replacement cost renters insurance policies.

Choosing the Right Deductible for Your Renters Insurance

Your deductible is the amount you have to pay out of pocket before your insurance coverage kicks in after filing a claim. Having a very high renters insurance deductible can significantly lower your policy's premium. Lower deductible amounts result in more coverage, but at a higher rate. Common deductibles range from $500 to $2,500.

If you choose a $1,000 deductible and your camera and iPad are stolen in a burglary, it might not be worthwhile to file a claim. However, if you have a  $500 deductible, filing a claim might make sense because you stand to gain more reimbursement from your coverage. As a renter, finding the right balance in deductible amounts vs. premium rates is key.

Questions Your Independent Insurance Agent Should Ask You

When you compare renters insurance, your independent insurance agent will ask you a few questions to make sure you're covered properly and all of your assets and belongings are accounted for. Here are some of the most important questions your independent insurance agent will likely ask about renters insurance when shopping for your policy:

1. What's the address of the property you're renting?
2. Is this coverage for a long-term rental or a short-term rental?
3. What dollar amount do you want listed to replace your personal belongings?
4. What dollar amount of coverage do you need for personal belongings while traveling?
5. How old is the property you're renting?
6. What limit of personal liability do you want?
7. Do you want to bundle your renters and auto insurance for added savings?
8. Does your landlord have adequate coverage on the property? 
9. Is there anything your landlord hasn't insured that you need coverage for?

An independent insurance agent will be prepared with an appropriate set of questions designed to help you find the right type and amount of renters insurance.

How to Lower Your Average Monthly Cost of Renters Insurance

Fortunately for renters, there are several strategies you can follow when asking how to lower renters insurance costs. Many insurance companies offer a handful of renters insurance discounts that can help reduce your rates, such as for bundling your coverage with another policy or remaining claims-free. Your independent insurance agent can help you find out if you qualify for them. 

Here are a few of the most common ways to save money on renters insurance per month.

Bundle Your Policies

Many insurance companies offer bundling discounts if you buy more than one type of coverage through them. So if you pair your renters insurance and car insurance through the same company, you might save a good bit of money on the premiums for each coverage. Average savings range from 5% to 25%. 

Stay Claim-Free

Many insurance companies also offer claims-free discounts if you've gone without filing a claim for a set amount of time. This time frame varies by insurance company but often ranges from three to five years. Filing even a single claim can raise your premiums by an average of 18%. 

Install Safety and Security Devices

Improving the safety and security of your rented home can help decrease your risk of needing to file a claim and, therefore, lower your premium costs. A renters insurance company may discount your premium if you install burglar alarms, smart locks, cameras, motion sensor lights, etc., on your property. Average security systems discounts savings range from 5% to 15%.

Improve Your Credit Score

Insurance companies tend to correlate good credit scores with lower insurance rates. If you improve your credit score, you may be able to score a discount on your renters insurance coverage. Just remember that credit isn't allowed as a rating factor in every state. An independent insurance agent can further explain how credit score affects renters insurance in your area. 

Certificates of Insurance As They Pertain to Renters Insurance

You may receive a request form from your landlord if they require proof of renters insurance, known as a certificate of insurance (COI). A COI provides an overview of what coverage you have, your policy term effective dates, and the carriers that write your policies. 

You can request a COI from your carrier directly, or your independent insurance agent can get one for you. If you have additional questions about renters insurance or obtaining a COI, check out our renters insurance FAQ.

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FAQs About Average Renters Insurance Costs

Here are some of the most commonly asked questions about renters insurance costs:

An Independent Insurance Agent Can Help You Find Affordable Renters Insurance

Determining your cost for renters insurance on your own can be tricky. Many insurance websites require you to enter a ton of personal data to get a quote, and it can be difficult to see how altering various options can affect your rate. Some sites won't provide you with a rate online and require a call with a sales representative.

The easiest way to compare renters insurance rates in your area is by working with a local independent insurance agent. An independent insurance agent can help you assess your coverage needs and compare renters insurance quotes from several insurance companies to find a policy priced at a competitive rate. 

They'll break down the average renters insurance cost per year from reliable carriers in your area. And down the road, your agent can help you file renters insurance claims or update your coverage when necessary.