Average Cost of Renters Insurance in 2026

Renters insurance rates vary by ZIP code and provider, so compare quotes from top insurers to see how your options stack up.

Personal property coverage drives premiums more than most renters anticipate. Renters with $20,000 in coverage pay $182 per year; those with $250,000 pay $1,084 per year, nearly six times as much, per MoneyGeek's analysis. The relationship between coverage and cost is not linear: moving from $50,000 to $100,000 adds $207 per year, roughly $17 per month.

Our data shows that a $1,000 deductible hits the sweet spot for most renters, saving $17 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 $23 a year over the $1,000 baseline. That's a saving if you could pay $2,000 out of pocket tomorrow. Your ideal deductible depends on how much renters insurance you need overall.

Louisiana renters pay the most per year, while renters in Wisconsin and Wyoming pay less. This difference is almost entirely because of weather risk and claim frequency.

Values shown on the map are averages for good credit only.

California renters pay $192 a year, just above the $182 national average. Georgia renters pay $208 a year, also slightly above the national rate. See state-by-state renters insurance guides for a full breakdown by location.

Credit score has the single largest effect on your renters insurance rate. Moving from poor to good credit saves you $298 a year on average, from $480 down to $182 for the same coverage. Insurers see a high 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.

Insurers treat prior claims as an indicator of future risk. A single claim in the past five years raises rates by 10% compared to a claim-free record. Two claims push rates up 25% above the claim-free baseline.

Location is one of the biggest drivers of your rate. We find a $226 annual spread between the cheapest and most expensive states, driven almost entirely by weather risk and claim frequency.

Louisiana tops our list of most expensive states for renters insurance at $338 a year, followed by Alabama ($251) and Oklahoma ($227). Michigan ($219) also ranks among the most expensive in this comparison. Wisconsin ($112) and North Dakota ($113) are the most affordable.

California renters pay $192 a year, just above the $182 national average. Higher property values and theft risk in cities push the state's rate up. Georgia renters pay $208 a year, also slightly above the national average. Even in the priciest 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 scores highest for overall value in MoneyGeek's analysis, based on claims satisfaction and coverage depth ratings. Lemonade offers the lowest rates in 15 states and Washington, D.C. Renters in those markets should compare Lemonade rates directly. 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, especially multiple claims within a short period, raises rates at renewal. Renters who remain 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 the deductible, paying out of pocket instead of filing a claim avoids a rate increase.

Standard renters insurance policies cap payouts for valuables such as jewelry, fine art and electronics. Items above those caps require a scheduled personal property rider, which raises the premium. Owning a pet can affect the rate as well: some insurers charge extra for certain dog breeds or exclude pet-related liability altogether. The standard policy terms should be reviewed to confirm whether high-value items are covered in full.

We consistently find four strategies deliver the highest 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.

Insurers weigh several factors when pricing renters insurance, including coverage amount, location and claims history.

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.