Lindsay Frankel is a personal finance and insurance writer who’s been writing for Compare.com since 2023. Her work has been featured in publications such as Investopedia, LendingTree, The Balance, SFGate, Bankrate, and FinanceBuzz.
Nick Versaw leads Compare.com's editorial department, where he and his team specialize in crafting helpful, easy-to-understand content about car insurance and other related topics. With nearly a decade of experience writing and editing insurance and personal finance articles, his work has helped readers discover substantial savings on necessary expenses, including insurance, transportation, health care, and more. As an award-winning writer, Nick has seen his work published in countless renowned publications, such as the Washington Post, Los Angeles Times, and U.S. News & World Report. He graduated with Latin honors from Virginia Commonwealth University, where he earned his Bachelor's Degree in Digital Journalism.
Why You Can Trust Compare.com: At Compare.com, it’s our mission to find simple ways to help our customers save money on the things they need. While we partner with some of the companies and brands we talk about in our articles, all of our content is written and reviewed by our independent editorial team and never influenced by our partnerships. Learn about how we make money, review our editorial standards, and reference our data methodology to learn more about why you can trust Compare.com.
Renters insurance protects your belongings and your finances if something goes wrong in your building or while you’re on the go. For example, a renters insurance policy may help replace your stolen bike, pay for your neighbor’s medical bills after they slip in your entryway, or help you purchase new clothes after a fire in your building.
For the coverage it provides, renters insurance is surprisingly affordable. The national average renters insurance premium is just $20 per month for $30,000 in personal property coverage and $100,000 in personal liability coverage, and some companies offer policies for as little as $5 per month.
Keep reading to learn how to compare quotes and find an affordable policy.
Quick Facts
Renters insurance protects your stuff from risks like fire and theft, provides essential liability protection, and may even pay for a hotel stay while your landlord repairs your apartment.
Comparing renters insurance quotes can help you find the most affordable policy. Depending on your coverage needs, you may pay less than the cost of a latte.
Your auto insurance company may offer you a discount on renters insurance if you bundle the two policies together.
What Renters Insurance Covers
A standard renters insurance policy typically includes three types of coverage:[1]
Personal property: This helps with the cost of repairing or replacing your damaged or stolen personal belongings after a covered peril, like a fire, theft, or a tornado. Your policy may also include coverage for when you’re out and about — for example, you might be covered if someone steals your laptop out of your car.
Liability: If you, your family, or your pet causes an injury or damage to someone else’s property, renters insurance helps pay for the medical bills and required repairs. It also helps pay your legal fees in a lawsuit. For example, if your dog bites a stranger and they sue you, you won’t need to foot the bill for an attorney.
Additional living expenses: If a disaster causes severe damage to your apartment, it may become uninhabitable. Renters insurance pays the difference between your regular daily living expenses and the cost of staying at a hotel or alternative accommodation. If you need to eat at restaurants during this time, renters insurance may also help pay for the extra meal costs.
What renters insurance doesn’t cover
A typical renters insurance policy doesn’t include coverage for damages from:
Earthquakes
Floods
Sump pump or sewer backups (unless you buy a special endorsement)
Law enforcement, war, or nuclear hazards
Neglect or intentional actions
Construction defects
For example, renters insurance won’t pay to replace your furniture if your dog destroys it or a flood causes irreparable water damage (you’ll need flood insurance for that).
Renters insurance coverage is also subject to your policy limits, and the policy may specify sublimits for valuable items like jewelry and artwork, so make sure to read the fine print. You may also be responsible for paying a deductible before your renters insurance company will reimburse you.
Is Renters Insurance Worth It?
Consider the total value of your personal property, including your furniture, electronics, and sports equipment. If a fire or burst pipe were to damage your belongings beyond repair, would you have enough money in the bank to replace the items you need? Could you afford to stay elsewhere while your landlord repairs your rental unit?
Even if you don’t think your personal belongings are valuable, renters liability insurance coverage can prevent a lawsuit from wiping out your assets, especially considering a standard policy costs an average of just $20 per month.
Safeguard Your Stuff in Minutes
Quote-shop online for fast, affordable renters insurance.
Secure. Free. Easy-to-use.
4.7/5 (1,395+ reviews)
How to Get a Renters Insurance Quote
To give you an idea of what to expect when shopping for renters insurance, we’ll walk you through the typical process of getting a quote. Note that the process may vary slightly depending on the insurer. Make sure to get quotes from a few different companies or use an insurance-comparison site to find the best deal.
Determine your coverage needs
Add up the total value of your personal possessions and determine your net worth. Select your policy limits with guidance from the section below.
If you have valuable jewelry, art, sports equipment, musical instruments, or other items subject to a sublimit, consider choosing an insurer that allows you to schedule coverage for these items. For example, Liberty Mutual offers blanket jewelry coverage separate from your personal property limit.
Identify applicable discounts
You may save money by bundling your renters insurance with your auto insurance, living in a building with certain security or disaster-mitigation features, paying your premium up front, or setting up auto pay.
To find out how much you could save, ask your insurance agent or research discounts online.
Provide info about your rental
Most insurers require you to provide some information about your rental unit to get a quote. For example, with Liberty Mutual, start by entering your ZIP code and clicking “Get My Price.” Next, enter your full street address and continue to follow the prompts.
Then, enter your building type, previous address, full name, and birth date. Finally, you’ll estimate the value of your belongings and provide your email address and phone number to see your quote.
Find a Renters Policy Just for You
Customize your coverage and secure savings.
Secure. Free. Easy-to-use.
4.7/5 (1,395+ reviews)
Customize your coverage
Choose a deductible: If the insurer offers you a choice of deductible, choose one you can comfortably cover with your savings. Choosing a higher deductible will lower your monthly premium, but make sure you can afford the extra expense if you have to file a claim.
Add endorsements: You may have the option to add sewer backup coverage, increase your policy limits for your valuable belongings, or select other coverage options.
Decide between replacement cost and actual cash value coverage: Your insurer may offer you a choice between replacement cost and actual cash value (ACV) coverage. If you choose ACV, your insurer will reimburse you for only the depreciated value of your items. Replacement cost coverage is typically a good idea because it pays enough to replace your items, but it usually costs about 10% more in monthly premiums.
Sign your insurance contract and pay your first premium
After customizing your coverage, make sure you understand the terms of your renters policy before signing your contract and paying your first premium. Note the effective start date — some renters insurance policies take effect immediately, while other policies won’t cover you until the next day.
You may want to set up auto pay to ensure you pay your bills on time. You can typically manage your policy through the insurer’s online portal or mobile app, or you can contact the customer service team for help.
How Much Is Renters Insurance?
The national average cost of renters insurance is $20 per month for $30,000 in personal property coverage and $100,000 in personal liability coverage. But your personal premium may depend on factors like:
Your location and local theft rates and likelihood of natural disasters
The type of building and its security features
The coverage limits you choose
Your deductible
Whether you add endorsements or riders
Your credit history (in most states)
Your claims history
Which discounts you qualify for
Whether you buy a replacement cost or actual cash value policy
The insurance company you choose
It’s also worth keeping in mind that renters insurance premiums vary from one state to the next. For example, people in Louisiana pay more for renters insurance due to the state’s vulnerability to extreme weather events, like hurricanes.[2]
The chart below shows the average premium tenants in each state pay for renters insurance, according to our data.
State
Average Monthly Premium
Alabama
$18
Alaska
$6
Arizona
$18
Arkansas
$24
California
$20
Colorado
$16
Connecticut
$21
Delaware
$14
Florida
$18
Georgia
$23
Hawaii
$16
Idaho
$16
Illinois
$21
Indiana
$18
Iowa
$13
Kansas
$16
Kentucky
$18
Louisiana
$35
Maine
$16
Maryland
$17
Massachusetts
$20
Michigan
$17
Minnesota
$14
Mississippi
$25
Missouri
$20
Montana
$20
Nebraska
$20
Nevada
$18
New Hampshire
$14
New Jersey
$16
New Mexico
$18
New York
$16
North Carolina
$10
North Dakota
$13
Ohio
$17
Oklahoma
$18
Oregon
$17
Pennsylvania
$13
Rhode Island
$17
South Carolina
$21
South Dakota
$13
Tennessee
$18
Texas
$21
Utah
$16
Vermont
$13
Virginia
$17
Washington
$13
Washington, D.C.
$13
West Virginia
$20
Wisconsin
$11
Wyoming
$18
Disclaimer: Table data sourced from real-time quotes from Compare.com's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.
How Much Renters Insurance Do You Need?
When deciding on policy limits for your renters insurance policy, consider the value of your possessions, your net worth, and the cost of accommodations and meals in your area.
Renters insurance companies may offer personal property coverage limits of $10,000 or more. It’s a good idea to create a home inventory so you know how much coverage to buy and have a record of the items you own in case you need to file a claim. Keep in mind that many insurers set a limit for additional living expenses coverage as a percentage of your personal property limit.
Liability coverage limits typically start at $100,000, but you should buy enough to cover the total value of your assets. Some experts suggest buying $300,000 in liability protection, according to the Insurance Information Institute (Triple-I). You may also be able to choose a limit for no-fault medical coverage — typically between $1,000 and $5,000.
Get a Fast, Free Renters Insurance Quote
Protect your stuff and find affordable peace of mind.
Secure. Free. Easy-to-use.
4.7/5 (1,395+ reviews)
Renters Insurance Quote FAQs
If you still have questions about how to get an affordable renters policy, we’ve got you covered.
What’s the cheapest company for renters insurance?
Erie Insurance offers the lowest premiums for renters insurance, charging an average of just $15 per month, according to our data. That’s $5 less than the national average premium for $30,000 in personal property coverage and $100,000 in liability coverage. But the cheapest insurer for you will depend on where you live and the coverage you need.
What’s the average monthly cost for renters insurance?
The average monthly premium for a standard renters insurance policy from a national insurance company is $20 per month, according to Compare.com data. But you may qualify for an even lower premium, depending on where you live, the coverage you choose, and the discounts you qualify for. For example, Liberty Mutual offers renters policies for as low as $5 per month.
Can you bundle renters insurance and auto insurance?
Some insurance companies allow you to bundle your renters insurance with your auto insurance to earn a multi-policy discount. Check with your insurance company to find out if you can save on an auto and renters insurance bundle.
Can you get renters insurance if you live with roommates?
If you live with a domestic partner, your renters insurance company may extend coverage to them as well.[3] But if you have unrelated roommates, it may be wise to purchase an individual policy for each tenant. While some renters insurance companies may allow you to share a policy with your roommates, it could result in less coverage per person and unnecessary disputes.[4]
Compare.com's #1 goal is to save you money. We publish resources that are based on hard-hitting data and years of industry experience to help you make more informed decisions with your wallet.
All of Compare.com's content is written and reviewed for accuracy by a team of experienced writers and editors who are experts on the topics they cover.
None of Compare.com's content is ever influenced by the companies and brands we partner with.
Compare.com's editorial team operates independently of any of the company's partnership or business development interests. We publish unbiased information strictly for the benefit of our readers.
All of the content you see on Compare.com is based on comprehensive analysis and all data is gathered and vetted from trustworthy sources.
Lindsay Frankel is a personal finance and insurance writer who’s been writing for Compare.com since 2023. Her work has been featured in publications such as Investopedia, LendingTree, The Balance, SFGate, Bankrate, and FinanceBuzz.
Nick Versaw leads Compare.com's editorial department, where he and his team specialize in crafting helpful, easy-to-understand content about car insurance and other related topics. With nearly a decade of experience writing and editing insurance and personal finance articles, his work has helped readers discover substantial savings on necessary expenses, including insurance, transportation, health care, and more. As an award-winning writer, Nick has seen his work published in countless renowned publications, such as the Washington Post, Los Angeles Times, and U.S. News & World Report. He graduated with Latin honors from Virginia Commonwealth University, where he earned his Bachelor's Degree in Digital Journalism.
)
)
)
)
)
)
)
)
)
)
)
)
