Average Cost of Renters Insurance in 2026

Compare quotes from top insurers and find the cheapest rate for your ZIP code in minutes.

Personal property coverage has a larger impact on premiums than most renters expect. Renters with $20,000 in coverage pay $182 per year; those with $250,000 pay $1,084 per year, nearly six times more, per MoneyGeek's analysis. Coverage does not scale linearly with cost: moving from $50,000 to $100,000 adds $207 per year, about $17 per month.

Your personal property coverage amount has a bigger impact on your premium than most renters expect. Our analysis shows renters with $20,000 in coverage pay $182 annually, while those with $250,000 in coverage pay $1,084, nearly six times more. Coverage doesn't scale linearly with cost; moving from $50,000 to $100,000 costs just $207 more per year, or about $17 per month.

Our data shows that a $1,000 deductible hits the sweet spot for most renters, saving $41 per year versus a $500 deductible while keeping out-of-pocket exposure manageable. Only go higher if you have the cash reserves to cover it the same day a claim happens.

A $2,000 deductible saves $79 a year over the $1,000 baseline. That's a real saving, but only choose it if you could pay $2,000 out of pocket tomorrow. For more on how coverage and deductibles work together, see our guide to how much renters insurance you need.

Our state-by-state analysis finds that Louisiana renters pay the most at $325 per year, while Wisconsin and North Dakota renters pay as little as $104, a $221 annual gap driven almost entirely by weather risk and claim frequency.

Even in the most expensive states, renters insurance remains far more affordable than comparable homeowners coverage. California renters pay around $204 per year on average, slightly above the $182 national average. Georgia renters pay approximately $196 per year, in line with the national rate. Explore our state-by-state guides for a detailed breakdown of rates and top insurers in your area.

Credit score has the single largest effect on your renters insurance rate. Moving from poor to good credit saves you $301 a year on average, from $483 down to $182 for the same coverage. Insurers see a strong credit score as a sign of lower claim risk and price accordingly.

California, Hawaii, Massachusetts and Michigan prohibit insurers from using credit scores in pricing. In those states, your rate depends on location, coverage choices and claims history.

Most renters want to know what they'll pay monthly before committing to a policy. Based on our rate analysis, the typical renter pays between $9 and $22 per month, depending on how much coverage they carry. Our coverage amount breakdown above shows the full monthly and annual figures across all tiers. Use our renters insurance calculator to estimate your specific cost based on location and coverage needs.

We find insurers treat prior claims as a direct signal of future risk. A single claim in the past five years raises your premium by 10% compared to a claim-free record. Two claims push rates 24% higher than the claim-free baseline.

Where you live is one of the biggest drivers of your rate. We found a spread of more than $200 a year between the cheapest and most expensive states, driven mostly by weather risk and claim frequency.

Louisiana and Mississippi top our list as the most expensive states primarily because of hurricane and flooding risk. Insurers price in higher expected claim frequency in the Gulf Coast region. Florida ranks third at $282 per year, reflecting similar hurricane exposure. California renters pay around $198 per year on average, just above the $182 national average, driven by higher property values and elevated theft risk in urban areas. Georgia renters pay an average of $218 per year, slightly above the national rate.

Even in the most expensive states, renters insurance remains far more affordable than comparable homeowners coverage. If you want to see how your state stacks up, explore our state-by-state renters insurance guides.

Louisiana and Mississippi top the list at $325 and $320 a year, driven by hurricane and severe storm risk. Florida follows at $275, reflecting similar exposure. Wisconsin and Wyoming are the cheapest at $104 a year, with North Dakota close behind at $105. California renters pay about $192 a year, just above the national average, driven by higher property values and theft risk in urban areas. Even in the most expensive states, renters insurance costs far less than comparable homeowners coverage.

We compared rates from all major insurers using a base profile of $20,000 in personal property coverage, $100,000 in liability, and a $1,000 deductible. The cheapest company charges less than half of what the most expensive charges for identical protection, which is why we consistently recommend comparing at least three quotes before buying.

Amica leads for overall value, not just price, but also claims satisfaction and coverage depth. Lemonade offers the lowest rates in 15 states and Washington, D.C., making it worth checking in those markets specifically. USAA is restricted to military members and their families.

Our rate data points to six factors that drive what you'll pay.

Credit score has the biggest single effect on your rate in most states. Renters with poor credit pay $483 a year on average, more than three times the $153 average for renters with excellent credit. California, Hawaii, Massachusetts and Michigan block insurers from using credit scores at all.

Your state sets a baseline rate, but your ZIP code narrows it further. Areas with more property crime, more frequent storms or dense urban populations carry higher premiums. We've seen rate differences of $50 or more between ZIP codes in the same state. Moving to a gated or secured community can earn you a discount with many insurers.

Higher personal property coverage raises your premium, but not at the same rate throughout. Moving from $20,000 to $50,000 in coverage doesn't triple your cost. Calculate the real replacement value of your belongings before you settle on a limit, so you don't over- or underinsure. Our guide to how much renters insurance you need walks through the math.

A higher deductible lowers your premium but raises what you pay out of pocket when you file a claim. A $1,000 deductible balances monthly savings against manageable exposure for most renters.

A $2,000 deductible saves about $23 a year over $1,000. Unless you keep a solid emergency fund, that extra saving likely isn't worth the added risk. Only raise your deductible to an amount you could pay tomorrow if something happened.

Filing renters insurance claims, particularly multiple claims within a short period, raises rates at renewal and can make some insurers reluctant to renew coverage. Renters who go claim-free for three or more years often qualify for loyalty discounts of 5% to 10%, per MoneyGeek's analysis. For minor losses at or below your deductible, paying out of pocket rather than filing a claim avoids a rate increase.

Standard renters insurance policies cap payouts for valuables like jewelry, fine art and electronics. Items above those caps need a scheduled personal property rider, which raises your premium. Owning a pet can affect your rate too: some insurers charge extra for certain dog breeds or exclude pet-related liability altogether. Check what your standard policy covers before you assume your high-value items are covered in full.

We consistently find four strategies deliver the highest impact on your premium:

Four strategies deliver the biggest impact on your premium:

Yes, for nearly every renter. At $15 a month, you're covering losses that could cost tens of thousands of dollars. A single theft or fire claim often costs more than years of premiums combined. Most renters own more than $20,000 in belongings once they add up laptops, furniture, clothing and everyday electronics.

Liability coverage matters just as much. If a guest gets hurt in your unit or you damage a neighbor's property, your $100,000 limit covers the legal fees and damages that could otherwise wreck your finances.

Get at least three quotes and bundle with your auto insurance if you can. Make sure your coverage limit matches the real replacement cost of your belongings, not a round number you picked at sign-up.

Below are answers to common questions to help you understand how insurers determine renters insurance costs.

The rates in this article come from MoneyGeek's proprietary analysis of renters insurance quotes collected from licensed insurers across all 50 states and Washington, D.C. Our base profile uses a policy with $20,000 in personal property coverage, $100,000 in liability protection, and a $1,000 deductible for a renter with good credit and no prior claims. 

We analyze quotes at multiple coverage tiers, deductible levels, and credit score categories to produce the segmented averages shown throughout. Rates shown represent averages, and your actual premium will vary based on your location, insurer, coverage choices, and personal profile.