How much renters insurance do I need or how much renters insurance should a landlord require? These are some of the popular questions asked by people when considering renter insurance. In the article, you can find out how much renters insurance you need. First of all, renters insurance is part of the type of insurance that helps to offer you protection on you and your belongings against unexpected events like fire smoke damage, theft, and more. Some of the most profitable insurance company that offers amazing renters insurance for an apartment includes USAA, Progressive, State Farm, and Geico.
Contrarily, it doesn’t matter whether you live in an expensive rental home or a cozy apartment, having renter insurance is a good deal. According to reports from Insurance Information Institute (Triple-I), the cost of a renters insurance policy for a year is $179 as of 2018. However, you can find out the current average renter insurance cost per month and also per year.
Average renters insurance cost per month
For a new homeowner that just rented a new home or apartment and wondering “how much is renters insurance?”
Understand that renters insurance is much cheaper than homeowners insurance. An average cost of a renters insurance policy costs about $168 per year and about $14 per month. The average cost of homeowners insurance is $1,312 per year for $250,000 in dwelling coverage. The only thing on renters insurance is that its insurance coverage doesn’t include home or apartment structures like homeowners insurance. The cost also aligns with how much renters insurance for $100,000. However, factors like how much coverage you buy can determine the cost of your renters insurance policy.
Average Cost of Renter Insurance by State
| State | Average Annual Cost | Average monthly cost |
| National average | $168 | $14 |
| Alabama | $222 | $18 |
| Alaska | $123 | $10 |
| Arizona | $179 | $15 |
| Arkansas | $214 | $18 |
| California | $217 | $18 |
| Colorado | $156 | $13 |
| Connecticut | $172 | $14 |
| Delaware | $150 | $13 |
| Florida | $191 | $16 |
| Georgia | $243 | $20 |
| Hawaii | $164 | $14 |
| Idaho | $133 | $11 |
| Illinois | $167 | $14 |
| Indiana | $155 | $13 |
| Iowa | $110 | $9 |
| Kansas | $225 | $19 |
| Kentucky | $170 | $14 |
| Louisiana | $262 | $22 |
| Maine | $150 | $13 |
| Maryland | $175 | $15 |
| Massachusetts | $192 | $16 |
| Michigan | $201 | $17 |
| Mississippi | $228 | $19 |
| Missouri | $134 | $11 |
| Montana | $162 | $14 |
| Nebraska | $122 | $10 |
| Nevada | $162 | $13 |
| New Hampshire | $135 | $11 |
| New Jersey | $163 | $14 |
| New Mexico | $148 | $12 |
| New York | $142 | $12 |
| North Carolina | $148 | $12 |
| North Dakota | $116 | $10 |
| Ohio | $135 | $11 |
| Oklahoma | $210 | $17 |
| Oregon | $149 | $12 |
| Pennsylvania | $116 | $10 |
| Rhode Island | $166 | $14 |
| South Carolina | $188 | $16 |
| South Dakota | $123 | $10 |
| Tennessee | $155 | $13 |
| Texas | $197 | $16 |
| Utah | $138 | $11 |
| Vermont | $110 | $9 |
| Virginia | $149 | $12 |
| Washington | $140 | $12 |
| Washington, D.C. | $166 | $14 |
| West Virginia | $142 | $12 |
| Wisconsin | $122 | $10 |
| Wyoming | $101 | $8 |
Top Renters Insurance Companies Provider
- State Farm
- Geico
- Progressive
- USAA
- Allstate
- Farmers Insurance
- The Travelers
- Liberty Mutual.
Policies on renters insurance rates
The most important renters insurance policies you get to enjoy include the following lists mentioned below which include:
- Personal property
- Liability
- Medical payments
- Loss of use.
However, other amazing renters insurance coverage is also included. But the following are what is included in renter insurance rates.
In determining your renters insurance cost, some of the factors that influence how much renter insurance cost includes where you live, your previous claims, your credit history, your dog, your coverage limits, and also your deductive. These factors are used in calculating your