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Renters insurance costs an average of $29 per month or $347 per year for $300,000 of liability coverage and $40,000 in personal property coverage, based on 2022 Insurance.com data. Your rates will vary based on where you live and how much coverage you need, among other factors. Renters insurance is the only way to get coverage for your personal property, which isn't covered by your landlord's insurance, if it's damaged or stolen. It provides liability coverage in case you injure someone or damage their property, too. On top of that, it will cover hotel costs if you can’t live at home during repairs from a covered claim with additional living expenses coverage. Read on to learn how much you can expect to pay for renters insurance, get a renters insurance estimate for your own needs, and find out more about how renters insurance works. KEY TAKEAWAYS
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What is the average cost of renters insurance?The average cost of renters insurance is $347 a year, or about $29 a month. That’s the national average rate for a policy with $40,000 of personal property coverage, with a $1,000 deductible and $300,000 of liability protection, according to Insurance.com's 2022 rate analysis. But that’s just one set of coverage limits. Renters insurance rates go up as you increase coverage, but it depends on the type of coverage. For example, you can increase your liability to $300,000 for just a dollar more a month on average, while adding extra property coverage costs a bit more. Renters insurance costs at a glanceRenters Insurance CostsCost factorAverage renters insurance costAnnual renters insurance cost$347 Per YearRenters insurance cost per month$29 Per MonthState with most expensive renters insurance rateLouisiana - $540 Per YearState with least expensive renters insurance rateWyoming - $183 Per YearCheap renters insurance providerVermont Mutual - $130 Per Year Renters insurance cost calculatorWhat you pay for renters insurance will depend on factors like your credit history, where you live, and the amount of coverage you need. Whether you need apartment insurance or tenant insurance for a single-family home, calculating renters insurance cost is easy. The renters insurance calculator below will tell you the most and least expensive ZIP codes in your state. To get a personalized renters insurance quote, enter your ZIP code and choose a personal property, deductible, and liability limit. Loading... RENTERS INSURANCE CALCULATORAverage renters insurance rates in CALIFORNIA Zip Personal Property Coverage $40,000 Deductible Choose the amount you want to pay out-of-pocket before insurance kicks in. This applies to your dwelling and personal belongings claims. $1,000 Liability Covers the medical expenses of people who are hurt while in your home or on your property, as well as damage you caused to others’ property. Also covers legal fees if you are sued by someone hurt in your home or on your property. Limits of $300,000 or $500,000 are recommended. $100,000 SEARCH 94404 - Foster City Personal Property Coverage $40,000, Deductible $1,000 and Liability $100,000. AVERAGE RATE: $275 HIGHEST RATE: $709 LOWEST RATE: $139
Most & least expensive zip codes for renters insurance in CaliforniaMost ExpensiveZip CodeCityHighest Rate94603Oakland$37094621Oakland$37094605Oakland$36594601Oakland$365Least ExpensiveZip CodeCityLowest Rate93449Pismo Beach$18093410San Luis Obispo$18093433Grover Beach$18093424Avila Beach$181
How much does renters insurance cost in each state?The cost of renters insurance by state varies much like any other insurance policy. Compared to the national average of $347 for apartment renters insurance, South Carolina, Louisiana, and Rhode Island are the most expensive, at between $439 and $540 a year. Wisconsin is the cheapest, at about $196 a year. Here are average rental insurance costs by state based on Insurance.com’s most recent data, so you have an idea of what to expect. Rates are for common coverage levels of: $20,000, $40,000 and $60,000 in personal property coverage, with liability limits of $100,000 and $300,000, all with a $1,000 deductible. Renters insurance cost by state Renters Insurance Cost by StateState$20,000/100,000 liability$40,000/100,000 liability$40,000/300,000 liability$60,000/300,000 liabilityWisconsin$131$183$196$249North Dakota$132$185$201$251Wyoming$136$165$183$218New Hampshire$139$186$204$252Massachusetts$150$234$255$349Hawaii$151$231$247$330Vermont$155$202$222$292South Dakota$156$228$241$312Maine$156$232$250$324Colorado$162$216$232$286Washington$163$224$243$303New Jersey$171$234$259$328Maryland$172$243$256$336Utah$180$241$261$323Alaska$182$245$273$330Idaho$187$254$275$335Delaware$190$267$280$387Kansas$191$281$294$382New Mexico$192$249$266$322Pennsylvania$199$292$320$426California$207$257$276$329Virginia$211$296$317$416West Virginia$217$308$330$418Oregon$217$303$323$415Missouri$220$307$334$410Texas$223$333$351$454Oklahoma$226$323$339$427Nevada$226$300$317$397Iowa$226$325$241$308North Carolina$228$410$419$565Montana$228$322$345$447Arizona$230$316$348$434Washington D.C$233$302$316$429Nebraska$233$331$347$445Connecticut$233$332$364$465Florida$237$374$395$538Indiana$241$343$370$475Georgia$261$391$411$539Tennessee$266$376$404$522New York$267$353$378$468Illinois$270$357$381$376Kentucky$276$329$352$379Minnesota$283$242$251$307Alabama$298$417$436$554Ohio$300$304$330$420Arkansas$340$481$501$629Michigan$344$483$500$615Mississippi$348$476$500$645South Carolina$359$403$439$572Louisiana$375$509$540$721Rhode Island$392$469$479$548 How much is renters insurance per month?Renters insurance starts at less than $20 a month, depending on your coverage amounts. Here are monthly renters insurance quotes for common coverage levels: Monthly Renters Insurance CostCoverageAverage renters insurance cost per month$20,000 property/$500 deductible/$100,000 liability$22$20,000 property/$500 deductible/$300,000 liability$23$20,000 property/$1000 deductible/$100,000 liability$20$20,000 property/$1000 deductible/$300,000 liability$22$40,000 property/$500 deductible/$100,000 liability$29$40,000 property/$500 deductible/$300,000 liability$31$40,000 property/$1000 deductible/$100,000 liability$27$40,000 property/$1000 deductible/$300,000 liability$29$60,000 property/$500 deductible/$100,000 liability$38$60,000 property/$500 deductible/$300,000 liability$40$60,000 property/$1000 deductible/$100,000 liability$34$60,000 property/$1000 deductible/$300,000 liability$36 What company has the cheapest renters insurance?The company that offers the cheapest rates for you will depend on where you live and your particular renter profile, as well as how much coverage you buy. The cheapest renters insurance, according to Insurance.com’s 2022 data, is Vermont Mutual at $123 a year for $40,000 in property coverage with $100,000 in liability. However, that company doesn’t operate everywhere. The cheapest major insurance company is Amica Mutual at $173 a year. Renters insurance cost by companyRenters insurance rates vary by company just like they do from state to state. The table below shows the cost of renters insurance by company for both large, national companies and some smaller ones. As you can see, the larger companies don’t always have the best deal on renters insurance; however, smaller companies may not be available in all areas. First, here’s a look at the major renters insurance carriers operating nationwide for $40,000 in property coverage/$100,000 liability, of those surveyed: Renters Insurance Rates by CompanyCompany nameAverage annual ratesNationwide$308State Farm$260Travelers$567Allstate$283Farmers$390 Company name$40,000/$100,000 liability$40,000/$300,000 liabilityVermont Mutual$123$133North Carolina Farm Bureau$129$135West Bend Mutual$133$139PEMCO$143$155MMG Insurance$151$156Tennessee Farmers$153$159Mercury$156$158Secura Insurance$153$169New Jersey Manufacturers$153$172Cumberland Insurance$157$169Donegal$161$168Frankenmuth Insurance$157$174Nodak Insurance$161$171Georgia Farm Bureau$166$172Wisconsin Mutual$168$174Amica Mutual$173$179Co-operative Insurance$173$185Agraria Mutual$171$189Union Mutual$144$220Kansas Insurance$183$190American National Finance$189$195Universal Insurance Holding$192$211Andover Insurance$198$217Franklin Mutual$224$224Automobile club MI$221$232Auto Club$219$238Quincy Mutual$226$238IMT Insurance$239$249Indiana Farmers$245$257Universal Insurance Co$252$259CSAA Insurance$248$263Island Insurance$251$265Safety Insurance$252$268Arbella Insurance$236$289Chubb Ltd$258$271State Farm$260$270Progressive$271$284USAA$265$295Shelter Insurance$276$289Farm Bureau Mutual Ins Co of AR$292$292Allstate$283$308Kentucky Farm Bureau$295$301Alfa Corporation$294$303American Family$300$315Oregon Mutual$296$320Nationwide$308$323Western National Mutual$313$325Farm Bureau$320$332RLI Insurance$318$334NYCM Insurance$316$348Country Financial$328$339Kemper Insurance$325$346Heritage Insurance Holding$317$354Oklahoma Farm Bureau$334$338Mutual of Enumclaw$330$341Erie Insurance$327$360Palisades$350$355Citizens Property Insurance$357$357Mapfre Insurance$347$367New London County Insurance$362$367Farm Bureau$363$367Ocean Harbor$372$397FedNat Holdings$382$399United Insurance Holding$388$397Marysville Mutual$392$396Southern Farm Bureau$393$397South Carolina Farm Bureau Mutual$392$399Westfield Insurance$390$402Farmers$390$413Indiana Farm Bureau$428$435IAT Insurance Group$467$472AFR Insurance$471$477National General Insurance$491$496Security First Insurance$572$599HCI Group$582$600Travelers$567$615Auto-Owners$696$626The Hanover$1,109$1,116Michigan Farm Bureau$1,276$1,314AIG$1,340$1,340Pure Companies Group$1,463$1,463 How to get a renters insurance estimateTo get the right coverage at the best price, prepare before you buy with the following steps:
How much is renters insurance for an apartment?The average cost of renters insurance for an apartment is $29 a month, or $347 a year. There are a few things that affect your rates, including:
How much is renters insurance for $100,000 in liability coverage?Here’s how $100,000 renters insurance policies compare to $300,000 renters insurance policies. You’ll see that when you increase your liability coverage, the cost for apartment insurance is minimal. These renters insurance prices all have a $1,000 deductible:
How much is renters insurance for $300,000 liability coverage?
Renters insurance costs for three life stagesWhether you need apartment renters insurance for your first place, or you’re renting a home with your family, the needs of tenants vary through life’s stages. Below we provide advice for each state, gathered from sources including the Insurance Information Institute, United Policyholders (a consumer group), and William F. Harris, an independent insurance agent in Los Angeles. Minimum renters insurance coverageIf you are a college student living off-campus, or are in your first apartment and don't have a lot of valuable possessions or other assets, the basics will likely be fine. Minimal personal property coverage of $12,000 with $100,000 in liability and a $500 deductible costs about $100 a year. Increased personal property limits of $20,000 increases the rate to $280 a year. A $1,000 deductible brings that down by $260 a year but may not be worth it if you have a claim. Note, however, that the average person has at least $35,000 worth of property, according to State Farm. Many other insurance companies echo this, saying a typical renter with a two-bedroom apartment has about $35,000 in personal belongings. Mid-level renters insurance coverageFor a young family that has acquired more stuff, a policy with at least $50,000 in property coverage and $100,000 or more in liability protection is recommended. In general, for each additional $10,000 personal property coverage you carry, your premium might increase by $20 to $25. Also, insurers suggest raising liability to $300,000 in many cases, which could hike your premium by $50 or more a year. Renters often increase the deductible to $1,000 while raising the property coverage to $50,000 or $60,000. The higher deductible helps to keep the premium from rising significantly. For example, the national average renters rate for $60,000 in property coverage, a $1,000 deductible and $100,000 in liability is $414, or just about $34 a month. Increasing liability to $300,000 is a minor increase of only about $2 a month. Higher-end coverage limits for renters insuranceIf you’re renting a large house and have a lot of personal property, you may need more coverage. As you increase the amount of personal property coverage, rates will go up. To ensure you’re properly protected, make sure you have an accurate inventory of your belongings. Although insurers recommend $300,000 in liability protection for most people, you probably want higher limits if you have lots of savings or other valuable assets. You may want to buy an umbrella policy, which generally provides $1 million in coverage that pays out once your liability benefits are exhausted. Are there renters insurance endorsements for high-value items?A standard renters insurance policy includes coverage for jewelry and other high-value items (furs, watches, and collectibles, among other items). But there are limits on how much your policy covers, which is specified in the contract. For example, the Insurance Information Institute (III) notes that in a typical policy, stolen jewelry is only covered up to $1,500. Just like homeowners insurance endorsements, renters insurance offers endorsements (or riders) for high-value items. You’ll need an appraisal to prove the value of each item. "These valuable items need to be 'scheduled,' which means a separate (endorsement) policy for each item," explains III spokesperson Lynne McChristian. "For instance, insurance for jewelry is about one to two percent of the value of the item, so insuring a $50,000 diamond ring could cost between $500 and $1,000 annually." She adds that "you have the opportunity to select which deductible works best for you and your budget, and the higher the deductible amount means the lower your policy cost (for the endorsement). But it does mean you pay more out-of-pocket if you have a loss." Renters insurance: The bottom lineAs we’ve made clear, the cost of renters insurance depends on a few factors, including how much coverage you need and where you live. You can expect to pay around $29 a month for a basic policy. Because renters insurance rates don’t go up all that much when you increase coverage, it’s always best to overestimate your needs than to find yourself underinsured. And because rates vary by company, you might get more coverage from one insurer at the same price as a lower-coverage policy from another. Shop around and compare companies to find the best coverage at the best price. How much renters insurance should I require in California?Most landlords require $100,000 of coverage, but adding more is not expensive. For just a few dollars a year, you can get $300,000 or $500,000 of liability coverage on your California renters insurance.
How much is renters insurance per month in Canada?How much does renters insurance cost in Canada? The tenant insurance average cost in Canada is approximately $23 a month or $276 per year.
How do you determine the value of a personal property?Calculating the True Value
To get an item's actual cash value or ACV, multiply the replacement cash value or RCV, the cost of purchasing the item now, by the depreciation rate, or DPR, expressed as a percentage, and the item's age. Subtract that value from the RCV value. ACV = RCV (RCVDPRAGE).
How much is renters insurance in NY?The average cost of renters insurance in New York is $124 per year, $35 less than the national average of $159. That renters insurance policy includes personal property coverage of $20,000, liability coverage of $100,000 and a $500 deductible.
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