Average Renters Insurance Cost For Individuals & Families

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Today we’ll show you the average renters insurance cost in USA by age, state, company, plan type, and tier.

How much does individual renters insurance cost?

Individual renters insurance is an important type of insurance to purchase for those who are renting their living space, be that an apartment, townhouse, or another kind of structure. If you’re buying individual renters insurance, you can expect to pay $15 to $20 a month according to Nationwide.

It’s typically cheaper than homeowners insurance, and tenants are not required by federal law to have renters insurance. Still, since landlords might require you to have renters insurance before they allow you to sign the lease, it’s important to make sure that you have good and affordable renters insurance coverage. 

Also Read: 69+ Homeowners vs. Renters Statistics: How Many Americans Rent?

If you are eligible for discounts, it’s possible to pay even less for renters insurance. For example, some insurance companies have multi-policy discounts, so if you also purchase auto insurance from them, you might be able to snag a cheaper renters insurance deal. 

How much does renters insurance cost for families?

Renters insurance typically covers roommates who are named on the policy. Naturally, you could name your family members as your roommates. 

If you live with family, it’s a good idea to check your policy details carefully before buying to see whether coverage automatically extends to family or if you have to name them on the policy as roommates. 

The average renters insurance cost for families can be a few dollars extra each month because the potential risks may be higher. If your family members have had a past history of claims, for example, it can cause your premium to increase. 

Average renters insurance costs

By state

NerdWallet revealed the average monthly renters insurance costs by state. For example, Florida rates are generally lower than the national average. 

Mississippi was found to have the highest monthly average at $22. Meanwhile, Wyoming monthly renters insurance premium had the lowest average at $8. 

You can find the full list here: 

  • Alabama: $17 
  • Alaska: $10
  • Arizona: $15
  • Arkansas: $19
  • California: $17
  • Colorado: $11
  • Connecticut: $16
  • Delaware: $13
  • Florida: $18
  • Georgia: $18
  • Hawaii: $14
  • Idaho: $12
  • Illinois: $18
  • Indiana: $16
  • Iowa: $10
  • Kansas: $16
  • Kentucky: $15
  • Louisiana: $21
  • Maine: $14
  • Maryland: $15
  • Massachusetts: $17
  • Michigan: $22
  • Minnesota: $18
  • Mississippi: $22
  • Missouri: $12
  • Montana: $13
  • Nebraska: $12
  • Nevada: $13
  • New Hampshire: $11
  • New Jersey: $13
  • New Mexico: $12
  • New York: $14
  • North Carolina: $12
  • North Dakota: $9
  • Ohio: $17
  • Oklahoma: $17
  • Oregon: $13
  • Pennsylvania: $11
  • Rhode Island: $12
  • South Carolina: $17
  • South Dakota: $10
  • Tennessee: $16
  • Texas: $15
  • Utah: $11
  • Vermont: $11
  • Virginia: $13
  • Washington: $13
  • Washington, D.C.: $14
  • West Virginia: $12
  • Wisconsin: $9
  • Wyoming: $8

By company

Company policy prices vary greatly by state, but there are some companies that are more well known for their affordable insurance rates. 

According to MoneyGeek, Travelers offers the cheapest renters insurance in Florida on average, around $9/month. 

This is followed by Allstate and State Farm, both at around $10/month.

Our team at worth insurance can help you find the perfect renter's insurance across the State of Florida.

By plan type

There are three main types of coverage for renters insurance: 

  • Personal property
  • Liability
  • Additional living expenses 

When shopping for renters insurance, it’s a good idea to see how much of each kind of coverage your plan provides. 

By tier

Insurance companies typically sell insurance in tiered options. For example, the bronze options will be more affordable than the silver or gold options. 

In general, renters insurance needs are not as pressing as for homeowners, health, or auto insurance. Assess your personal risks to see whether you need a high tier renters insurance for you or your family. 

By previous claims 

If you have had no past or recent claims, the average renters insurance cost per month is $15. Meanwhile if you have made a recent theft claim, the average cost goes up to $18. Having a recent renters insurance claim can raise your premium by a noticeable amount.

How much does private renters insurance cost?

Private insurance refers to policies that are marketed by private insurance companies (i.e. NOT the government). Private renters insurance is just regular renters insurance, and it will cost anything from $15 to $20 a month, or higher if the insurance company has determined a more expensive premium for you. 

Compared to homeowners insurance which can easily go up to $100 a month, renters insurance typically costs less. 

Factors that impact the cost of renters insurance

Numerous factors can impact the cost of renters insurance. While the exact formula and factors often vary between insurance companies, knowing the common factors that change individual costs of renters insurance can help you stay informed.

The following factors can impact your renters insurance premium. 

Where you live 

One of the most important influencing factors is your address. Different locations have different risk levels, and safer neighborhoods and cities might see cheaper renters insurance premiums. This is because there is a lower risk of problems such as breaking and entering or theft.

Also ReadDoes Renter's Insurance Cover Theft?

Some states like Florida and California are more prone to natural disasters. Floods, wildfires, tornadoes, and other events can cause widespread damage, thus increasing the pooled risk in the region. For this reason, where you live can have an enormous impact on your renters insurance premium, even doubling it compared to lower-risk regions.

Also ReadHurricane Insurance In Florida: Definition & Coverage

Your renters insurance deductible 

Your deductible is how much you need to pay out of pocket for a covered event before renters insurance will kick in and cover the rest (up to a potential limit). Usually you want to have a reasonable deductible so that you won’t have to pay a very high premium, since the lower the deductible, the higher your insurance premium. 

Meanwhile, if you chose a policy with a high deductible, you will have to pay more out of pocket before your insurer will help you out. However, this also means your insurance premium will likely be cheaper.

Also Read: What Is An Insurance Deductible?

Discounts

Many insurance companies will offer discounts to those who are eligible, with the requirements depending on the specific discount. In general, discounts apply if you take precautionary measures to reduce your risk of needing to file a claim. 

Example discounts include:

  • Fire/burglar alarm implementation discount
  • Deadbolt lock discount 
  • Sprinkler system discount 
  • Discount for switching to paying an annual instead of monthly premium 
  • Having a fire safety plan/fire extinguisher 

Having a large pet

Some larger dog breeds may lead to you having a higher insurance premium because of the increased liability claim risk over dog bites. 

There are some insurance companies that will straight up refuse to offer liability coverage for more aggressive dog breeds. 

If you own a pet species with potential to injure others, check with your insurance company to see whether coverage applies to it. 

How can I find an affordable renters insurance plan that meets my needs?

If you’re looking for renters insurance that meets your needs, check out Worth Insurance’s renters insurance shopping options. With an expert team at your service, it can become much easier to find an affordable renters insurance policy that suits you. You may even be able to get a custom policy that is tailored to fit your specific lifestyle and valuable assets! 

How can I lower my renters insurance costs?

While moving to a city with lower renters insurance premiums, lowering your renters insurance cost is not a reason to uproot your life and move somewhere else. 

Here are some strategies that could help you potentially lower your renters insurance cost without having to move. 

Compare competitive rates 

While sticking with a single insurer could make you eligible for a loyalty program or discount, it’s a wise idea to shop around and compare premiums across different insurance companies. By getting quotes from various top insurance companies, you open yourself up to new policy choices. 

Change your payment method 

Some insurers have preferred payment methods and plans. If you opt into one of them, you may be able to receive a small discount. 

Invest in home security 

Insurance companies love policyholders who take security seriously. High level home security can help you garner the approval and discount options of insurance companies. Safe neighborhoods with 24/7 security systems may also be able to help you reduce your renters insurance cost. 

See if you are claim-free

If you have never filed a renters claim (or at least, have not done so in several years), you might be eligible for a claim-free discount with your insurance company! This can help reduce the price you need to pay for your insurance policy. 

Renters Insurance FAQs

1. Do I need renters insurance?

A majority of renters in America do not buy renters insurance or are underinsured. However, it could save you a lot of headache and money in the long run to have renters insurance. 

Renters insurance can be invaluable in helping you pay for personal property losses, liability claims, and additional living expenses. It’s often recommended to pay a low monthly premium on renters insurance because of how useful the coverage could be. 

2. How much does renters insurance cost?

Around $15 to $20 a month, or $180 to $240 a year. 

3. How often do you need to make a renters insurance claim?

While the possibility can vary greatly depending on your risk factor, around 1 out of every 20

insured homes needs to make a claim each year. 

4. Where do I buy cheap renters insurance? 

If you’re looking for renters insurance, reach out to our team of experts at Worth Insurance. We make it easy to shop for renters insurance across Florida.

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