How Much Does Renters Insurance Cost?
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Average Renters Insurance Costs (2025)
📊 Quick Stats
- National average: $180/year ($15/month)
- Cost range: $120-$300/year ($10-25/month)
- Coverage included: $30,000 personal property typical
- Cheapest states: North Dakota, South Dakota, Iowa
- Most expensive: Mississippi, Louisiana, Oklahoma
Cost by Coverage Amount
| Personal Property | Monthly | Annual |
|---|---|---|
| $15,000 | $10 | $120 |
| $20,000 | $12 | $144 |
| $30,000 | $15 | $180 |
| $50,000 | $20 | $240 |
| $75,000 | $25 | $300 |
| $100,000 | $30 | $360 |
Cost by Company
| Company | Avg. Monthly | Best For |
|---|---|---|
| 🍋 Lemonade | $10-12 | Fastest signup, young renters |
| 🦎 GEICO | $12-15 | Bundling with auto |
| 🔴 State Farm | $14-18 | Agent support, claims |
| 🟢 Allstate | $15-20 | Rewards, identity protection |
| 🔵 Progressive | $13-16 | Customized coverage |
What Does Renters Insurance Cover?
📦 Personal Property
Your belongings: electronics, furniture, clothes, appliances if damaged or stolen.
⚖️ Liability
Legal defense and damages if someone sues you for injury on your property.
🏨 Additional Living
Hotel and food costs if your apartment becomes uninhabitable.
🏥 Medical Payments
Medical bills if a guest is injured regardless of fault (usually $1-5K).
Renters Insurance Cost FAQs
How much is renters insurance per month?
Renters insurance costs an average of $15 per month ($180/year). Rates range from $10-25/month depending on location, coverage amount, and deductible.
Is renters insurance required?
While not legally required, many landlords require proof of renters insurance before signing a lease. Even if not required, it's highly recommended for protection.
Does renters insurance cover roommates?
Usually not automatically. Roommates typically need their own policies. Some insurers allow adding a roommate to your policy for an additional fee.
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