Renters insurance is one of the best financial deals available — for about the cost of a streaming subscription, you get coverage for your belongings, liability protection, and more. Despite this, only 55% of renters have it.
Table of Contents
Average Renters Insurance Cost by State
Rank
State
Avg. Annual Premium
Monthly Cost
1
Mississippi
$280
$23
2
Louisiana
$268
$22
3
Oklahoma
$256
$21
4
Alabama
$244
$20
5
Texas
$236
$20
6
Arkansas
$228
$19
7
Georgia
$220
$18
8
Kansas
$212
$18
9
Tennessee
$204
$17
10
Florida
$200
$17
11
Kentucky
$196
$16
12
South Carolina
$192
$16
13
Colorado
$188
$16
14
Nebraska
$184
$15
15
Missouri
$180
$15
16
Michigan
$176
$15
17
Montana
$172
$14
18
Nevada
$168
$14
19
Connecticut
$164
$14
20
New Mexico
$164
$14
21
Maryland
$160
$13
22
Illinois
$160
$13
23
New York
$156
$13
24
Indiana
$156
$13
25
Arizona
$152
$13
—
National Average
$148
$12
26
West Virginia
$148
$12
27
Delaware
$144
$12
28
Virginia
$140
$12
29
Minnesota
$140
$12
30
Pennsylvania
$136
$11
31
South Dakota
$136
$11
32
Ohio
$132
$11
33
North Carolina
$132
$11
34
Alaska
$128
$11
35
Oregon
$128
$11
36
California
$124
$10
37
New Jersey
$124
$10
38
Washington
$120
$10
39
Iowa
$120
$10
40
Massachusetts
$116
$10
41
Utah
$116
$10
42
New Hampshire
$112
$9
43
Wisconsin
$108
$9
44
Hawaii
$104
$9
45
Idaho
$104
$9
46
Maine
$100
$8
47
Wyoming
$96
$8
48
Vermont
$92
$8
49
Rhode Island
$88
$7
50
North Dakota
$86
$7
What Does Renters Insurance Cover?
Coverage Type
What It Covers
Typical Limit
Personal property
Your belongings (clothes, electronics, furniture)
$20,000-$50,000
Liability
If someone is injured at your place or you damage someone else’s property
$100,000-$300,000
Additional living expenses
Hotel/food costs if your unit becomes uninhabitable
20-40% of personal property coverage
Medical payments
Minor medical bills for guests injured at your place (no lawsuit needed)
$1,000-$5,000
Off-premises coverage
Your belongings stolen or damaged outside your home
Typically 10% of personal property coverage
What Renters Insurance Does NOT Cover
Flooding (requires separate flood insurance)
Earthquakes (requires separate earthquake insurance)
Your roommate’s belongings (they need their own policy)
Your car or items inside it (covered by auto insurance)
Expensive jewelry/art above standard limits (need a rider)
Pest damage (bed bugs, termites, rodents)
Intentional damage you cause
Replacement Cost vs. Actual Cash Value
Policy Type
How It Pays
Example: 3-Year-Old Laptop Worth $1,500 New
Actual Cash Value (ACV)
Pays depreciated value
$600 (after depreciation)
Replacement Cost Value (RCV)
Pays to replace with new equivalent
$1,500
Price difference
RCV costs 10-20% more in premiums
Worth it for most renters
Always choose replacement cost coverage. The premium difference is only $1-$3/month, but payouts are dramatically better.
How Much Coverage Do You Need?
Personal Property Inventory Guide
Category
Typical Value
Electronics (laptop, phone, TV, gaming)
$3,000-$8,000
Furniture (bed, couch, table, chairs)
$3,000-$10,000
Clothing and shoes
$2,000-$8,000
Kitchen items (appliances, cookware)
$1,000-$3,000
Books, media, decorations
$500-$2,000
Sports/hobby equipment
$500-$5,000
Jewelry and watches
$500-$5,000+
Typical total
$10,000-$40,000
For high-value items exceeding standard sub-limits:
