How Much Is Renters Insurance In America?

The average cost of renters insurance is $15.58 per month or $187 per year. The costs are based on the policy coverage limits, deductibles, the company you choose, and location.

By Licensed Agent:  Sa El PublishedOctober 5, 2024  UpdatedJanuary 11, 2025

Renters insurance is an essential safeguard for tenants, providing coverage for personal belongings, liability, and additional living expenses in case of unforeseen events. But how much is renters insurance? In this article, we'll break down the average costs, factors affecting premiums, and how you can get the best rates for renters insurance.

What Is The Average Cost Of Renters Insurance?

The average cost of renters insurance is $187 per year. The cost of renters insurance can vary depending on several factors such as the policy coverage limits, deductible amount, the company you choose, and location.

What Is Another Name For Renters Insurance?

Renters insurance is also commonly referred to as tenant insurance or contents insurance. These terms are often used interchangeably and essentially mean the same thing: a policy that protects a tenant's personal property and provides liability coverage.

Is Renters Insurance More Expensive Than Homeowners Insurance?

Interestingly, renters insurance is generally less expensive than homeowners insurance. This is because renters insurance only covers personal belongings and liability, whereas homeowners insurance also covers the structure of the home itself. However, the cost can still vary based on factors like location, coverage limits, and the deductible chosen.

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How Much Is Renters Insurance Per Month?

When it comes to monthly costs, renters insurance is quite affordable $15.58 per month. Most policies range from $15 to $20 per month. However, this can fluctuate based on the amount of coverage you need and other factors like your location and credit score.

Factors Influencing Monthly Costs

Several factors can influence the monthly cost of renters insurance. These include the value of your personal belongings, the amount of liability coverage you choose, and the deductible you select. Additionally, your location can play a significant role, as areas prone to natural disasters or high crime rates may have higher premiums.

Ways to Save on Monthly Premiums

There are several ways to save on your monthly renters insurance premiums. Bundling your renters insurance with other policies, such as auto insurance, can often result in discounts. Additionally, installing safety features like smoke detectors and security systems can also lower your premiums.

How Much Is Renters Insurance By State?

The cost of renters insurance can vary widely from state to state. Factors such as local crime rates, weather conditions, and state regulations can all impact the cost. Below, we'll take a closer look at the average costs in some specific states.

How Much Does Renters Insurance Cost In CA?

In California, the average cost of renters insurance is around $17 per month. However, this can vary depending on the city and the specific coverage options you choose.

How Much Is Renters Insurance in GA?

In Georgia, renters insurance typically costs about $16 per month. Again, this can vary based on factors like location and the amount of coverage you need.

How much Is a HO-4 Insurance In Texas?

In Texas, HO-4 insurance, another term for renters insurance, averages around $18 per month. The cost can be higher in areas prone to natural disasters like hurricanes.

How Much Is Renters Insurance in Florida?

In Florida, renters insurance costs about $19 per month on average. The higher cost is often due to the state's susceptibility to hurricanes and other natural disasters.

RENTERS INSURANCE WHERE YOU LIVE

Renters insurance by state.

With a Renters Insurance policy you can protect your personal property. 

Should anything happen to your personal property at home or away renters insurance will cover you nest egg for their wellbeing. Click on your state to find out more.

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