Renters insurance is an inexpensive way to cover your belongings—and it may be cheaper than you think.
By shopping around and comparing renters insurance quotes, you can often find the best renters insurance policy for about $12 a month. For that amount each month, you get coverage for all your belongings, including clothing, furniture rugs and your computer. Liability insurance is included as well.
Lemonade
$14
28 states + DC
How to Get Free Renters Insurance Quotes Today
The best renters insurance companies offer comprehensive coverage at a reasonable cost. You’ll find that rates vary by company, so make sure you compare renters insurance quotes from multiple insurers.
You can get free quotes for renters insurance:
Compare Renters Insurance Rates by Company
Renters insurance is relatively inexpensive compared to other types of insurance policies. You can find an affordable policy simply by comparing renters insurance among companies. Allstate renters insurance has the lowest rates, according to Forbes Advisor’s analysis of renters insurance costs for top-rated companies.
Rates From the Best Renters Insurance Companies
| Company | Average monthly renters insurance cost for $15,000 of personal property coverage | Average monthly renters insurance cost for $30,000 of personal property coverage | Average monthly renters insurance cost for $50,000 of personal property coverage |
|---|---|---|---|
|
$9
|
$13
|
$18
|
|
|
$9
|
$12
|
$16
|
|
|
$9
|
$10
|
$13
|
|
|
$10
|
$13
|
$16
|
|
|
$11
|
$14
|
$17
|
|
|
Westfield
|
$11
|
$13
|
$15
|
|
$13
|
$16
|
$19
|
|
|
$15
|
$17
|
$21
|
*USAA renters insurance is available only to the military, veterans and their families.
Rates From the Cheapest Renters Insurance Companies
You may be able to find cheap renters insurance for as low as $9 per month for a policy with $15,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.
| Company | Average annual renters insurance cost ($15,000 in coverage) | Average monthly renters insurance cost ($15,000 in coverage) |
|---|---|---|
|
$102
|
$9
|
|
|
$109
|
$9
|
|
|
$111
|
$9
|
|
|
$113
|
$9
|
|
|
$116
|
$10
|
|
|
$129
|
$11
|
|
|
Shelter
|
$136
|
$11
|
|
Westfield
|
$136
|
$11
|
*USAA renters insurance is available only to the military, veterans and their families.
Compare Renters Insurance Rates by State
Renters insurance costs will vary depending on where you live. We found that North Carolina and Wyoming have the lowest renters insurance cost ($92 a year), followed by Iowa ($93 a year) and South Dakota and Wisconsin ($98 a year).
The most expensive state for renters insurance is Rhode Island ($345 a year), followed by Louisiana ($298 a year) and Georgia ($287 a year).
| State | Average annual renters insurance cost | Average monthly renters insurance cost |
|---|---|---|
|
Alabama
|
$185
|
$15
|
|
Alaska
|
$126
|
$11
|
|
Arizona
|
$147
|
$12
|
|
Arkansas
|
$190
|
$16
|
|
$188
|
$16
|
|
|
Colorado
|
$145
|
$12
|
|
Connecticut
|
$160
|
$13
|
|
Delaware
|
$112
|
$9
|
|
$134
|
$11
|
|
|
Georgia
|
$287
|
$24
|
|
Hawaii
|
$130
|
$11
|
|
Idaho
|
$114
|
$10
|
|
Illinois
|
$153
|
$13
|
|
Indiana
|
$136
|
$11
|
|
Iowa
|
$93
|
$8
|
|
Kansas
|
$150
|
$13
|
|
Kentucky
|
$140
|
$12
|
|
Louisiana
|
$298
|
$25
|
|
Maine
|
$124
|
$10
|
|
Maryland
|
$154
|
$13
|
|
Massachusetts
|
$185
|
$15
|
|
$246
|
$21
|
|
|
Minnesota
|
$131
|
$11
|
|
Mississippi
|
$199
|
$17
|
|
Missouri
|
$139
|
$12
|
|
Montana
|
$134
|
$11
|
|
Nebraska
|
$152
|
$13
|
|
Nevada
|
$137
|
$11
|
|
New Hampshire
|
$110
|
$9
|
|
$112
|
$9
|
|
|
New Mexico
|
$126
|
$11
|
|
$222
|
$18
|
|
|
$92
|
$8
|
|
|
North Dakota
|
$99
|
$8
|
|
$126
|
$10
|
|
|
Oklahoma
|
$153
|
$13
|
|
$132
|
$11
|
|
|
$160
|
$13
|
|
|
Rhode Island
|
$345
|
$29
|
|
South Carolina
|
$151
|
$13
|
|
South Dakota
|
$98
|
$8
|
|
Tennessee
|
$143
|
$12
|
|
$172
|
$14
|
|
|
Utah
|
$107
|
$9
|
|
Vermont
|
$119
|
$10
|
|
Virginia
|
$122
|
$10
|
|
Washington
|
$169
|
$14
|
|
West Virginia
|
$118
|
$10
|
|
Wisconsin
|
$98
|
$8
|
|
Wyoming
|
$92
|
$8
|
*USAA renters insurance is available only to the military, veterans and their families.
What Is Renters Insurance?
Renters insurance is a type of insurance that is designed for tenants in rented homes. It pays to repair or replace your personal belongings if they’re stolen or damaged by problems covered by your policy, such as a fire. Renters insurance also includes coverage for additional living expenses, liability and medical payments.
What’s Covered by Renters Insurance?
What’s covered by renters insurance can generally be broken down into these coverage types.
Incidents Covered by Renters Insurance
A standard renters insurance policy covers these causes of damage to your belongings:
1. Accidental discharge or overflow of water or steam
2. Aircraft
3. Explosion
4. Falling objects
5. Fire or lightning
6. Freezing
7. Hail or windstorm
8. Riots
9. Smoke
10. Sudden and accidental damage due to short circuiting
11. Sudden and accidental cracking, tearing, bulging or burning
12. Theft
13. Vandalism
14. Vehicles
15. Volcanic eruption
16. Weight of snow, sleet or ice
What’s Not Covered by Renters Insurance?
Renters insurance doesn’t cover problems such as:
- The building. Your landlord’s insurance covers the building structure. For example, if a tornado damages the building’s roof, landlord insurance should cover it.
- Damage caused by floods, earthquakes and landslides. Renters insurance does not cover flood water that came from outside your house. It also does not cover earthquakes. You’ll need a separate flood insurance or earthquake insurance policy if you want coverage for these problems.
- Accidents that happen in common areas, such as stairwells and hallways. That falls under a landlord’s insurance. For example, if a guest trips on an uneven sidewalk, they could make a claim against the landlord’s insurance.
- Pet damage to your home or belongings. If your dog or cat tears up your couch or the carpet, it won’t be covered by renters insurance.
How to Get Renters Insurance
Jason Metz
Insurance Lead Editor
Penny Gusner
Insurance Senior Writer
Michelle Megna
Insurance Lead Editor
Ashlee Valentine
Insurance Editor
Understand What’s Covered
I recommend starting with the basics—and that’s understanding what a renters insurance policy covers. Renters insurance also includes liability coverage, as well as additional living expenses if you can’t live in your home due to a problem covered by your policy (like a fire).
Insurance Lead Editor
Determine Your Coverage Amount
I suggest you buy enough coverage to replace your belongings if they are destroyed by a problem like a fire. If you want extra coverage for high-value items such as jewelry, you can schedule personal property.
When you’re determining how much liability coverage you need, a good rule of thumb is to buy enough to cover what could be taken from you in a lawsuit.
Insurance Senior Writer
Explore Renters Insurance Companies
I think starting with your car insurance company is a good idea. You might be able to land a good discount by bundling renters and auto insurance with the same company.
I would also recommend you ask about other types of renters insurance discounts. For instance, you may snag a price break if your home has smoke detectors, fire alarms or burglar alarms.
Insurance Lead Editor
Compare Renters Insurance Quotes
I recommend comparing renters insurance quotes from a few companies. Make sure you get quotes for the same coverage levels so you’re comparing them in an apples-to-apples way. Once you find a company you like, go ahead and apply. You can typically apply online and get a policy on the same day.
Insurance Editor
Find the Best Renters Insurance Of 2024
Compare Renters Insurance Quotes FAQs
How much is renters insurance?
Renters insurance costs an average of $12 a month, according to Forbes Advisor’s analysis. That’s for a policy with $15,000 of personal property coverage, $100,000 in liability coverage and a $500 deductible.
Renters insurance costs will depend on several factors. Including your location, how much coverage you buy, your deductible amount and your claims history.
What does renters insurance cover?
The types of problems covered by renters insurance include fire, lightning, theft, vandalism, windstorms, hail, falling objects and explosions.
Renters insurance also includes other valuable coverage types, such as liability insurance that pays for accidental injuries or property damage you cause to someone else, and medical payments coverage for minor injuries to guests no matter who is at fault for the accident.
You’ll also be covered for additional living expenses if you can’t live in your home due to a problem covered by your policy (such as a fire).
Do I need renters insurance?
You need renters insurance if you could not afford to replace all your belongings after a disaster that destroys your apartment or rental home. You can buy renters insurance for about $12 a month for $15,000 worth of personal belongings coverage.
In addition, some landlords require renters insurance as a condition of the lease.
