How much is renters insurance?

Renters insurance is one of the cheapest policies you can buy. The national average was $171 a year in the most recent regulator data (2022), or about $14 a month. NAIC's consumer guidance puts a typical policy at about $15 to $30 a month.

By the Fast Insurance Group editorial teamPublished by Marcus L. Barber, former licensed Maryland property and casualty producer (2010–2012)Reviewed by Marcus L. Barber on October 17, 2026Updated October 17, 2026

This guide is general education, not advice for your situation. We're an independent publisher, not an insurer or agent, and we may earn a commission from partner links. How we make money.

The average cost

The most recent national figures come from the National Association of Insurance Commissioners (NAIC), which collects premium data from insurers in every state. Its latest report, released in May 2025, covers 2022. The average renters policy that year cost $171, up slightly from $170 in 2021.

That works out to about $14 a month. NAIC's consumer guidance puts a typical policy at $15 to $30 a month, and the Texas Department of Insurance says the average Texas policy costs about $20 a month. Prices have risen since 2022 for many kinds of property insurance, so treat these as a starting point, not a quote.

Average cost by state

Average annual renters insurance premiums in 2022, for a sample of states:

States along the Gulf Coast have the highest averages, and the Upper Midwest the lowest. These are averages for all renters in the state; your own price can be well above or below them.

What the price buys

A standard renters policy, known as an HO-4, has four main parts:

• Personal property: your belongings, at home and usually away from home, against fire, theft, smoke, certain water damage and other listed causes.
• Loss of use: extra living costs, like a hotel and meals, if a covered loss makes your home unlivable.
• Personal liability: if you're responsible for injuring someone or damaging their property, including your legal defense.
• Medical payments to others: small medical bills for guests hurt at your place, regardless of fault.

Your landlord's insurance covers the building, not your things. Flood and earthquake are excluded from standard renters policies and need separate coverage. For help choosing limits, seehow much renters insurance you need.

What changes your price

• Coverage amount. More personal property and liability coverage costs more, though raising liability is usually cheap.
• Replacement cost or actual cash value. A basic policy may pay only the depreciated value of what you lose. Texas regulators give the example of a laptop bought for $1,300 that would now sell for $500: a basic policy pays $500. Replacement cost coverage pays to buy a new one and costs somewhat more.
• Deductible. A higher deductible lowers the premium.
• Location. Local theft rates, weather and how far you are from a fire station all matter.
• Credit-based insurance score. Most insurers use one where state law allows; some states restrict or ban the practice.
• Valuables. Policies cap some categories, such as cash and jewelry; check your policy's special limits. Covering an engagement ring or collection fully takes a scheduled item endorsement, which adds to the price.

How to pay less

• Bundle with your car insurance. Buying both from one company usually earns a multi-policy discount, though sometimes it applies only to the auto premium.
• Ask about safety discounts. Smoke detectors, deadbolts, fire extinguishers, sprinklers and monitored alarms can each reduce your price.
• Pay in full. Many insurers charge less if you pay the year up front or set up automatic payments.
• Raise your deductible if you have savings to cover it.
• Insure what you own, not a round number. A quick room-by-room inventory keeps you from paying for coverage you don't need.
• Compare at least three quotes with the same limits, deductible and replacement cost setting.

Is it worth the cost?

For most renters, yes. Replacing the contents of even a small apartment after a fire or burglary usually costs thousands of dollars, and a single liability claim can cost far more. For about the price of one streaming subscription a month, a renters policy covers both, plus a place to stay if you're displaced.