What’s The Statewide Average Cost Of Renters Insurance?
The average cost of renters insurance varies depending on the state, the amount of coverage, the deductible, and other factors. According to different sources, the average cost of renters insurance in the U.S. is between $12 to $18 per month or $148 to $216 per year. However, some states may have higher or lower rates than the national average. For example, Louisiana and Mississippi have the highest average cost of renters insurance, at $21 per month or $253 per year, while Wyoming and Alaska have the lowest, at $8 per month or $91 to $101 per year.
The table below shows the average cost of renters insurance in each state, based on the data from NerdWallet1 and Turtlemint. Note that the data from Turtlemint is in Indian rupees and is converted to U.S. dollars using the exchange rate of 1 USD = 74.64 INR as of February 15, 2024.
| State | Average annual cost (NerdWallet) | Average annual cost (Turtlemint) |
|---|---|---|
| Alabama | $183 | $184 |
| Alaska | $101 | $102 |
| Arizona | $169 | $170 |
| Arkansas | $225 | $226 |
| California | $182 | $183 |
| Colorado | $132 | $133 |
| Connecticut | $152 | $153 |
| Delaware | $153 | $154 |
| Florida | $152 | $153 |
| Georgia | $194 | $195 |
| Hawaii | $154 | $155 |
| Idaho | $131 | $132 |
| Illinois | $146 | $147 |
| Indiana | $149 | $150 |
| Iowa | $110 | $111 |
| Kansas | $169 | $170 |
| Kentucky | $141 | $142 |
| Louisiana | $253 | $254 |
| Maine | $123 | $124 |
| Maryland | $151 | $152 |
| Massachusetts | $140 | $141 |
| Michigan | $137 | $138 |
| Minnesota | $125 | $126 |
| Mississippi | $252 | $253 |
| Missouri | $167 | $168 |
| Montana | $160 | $161 |
| Nebraska | $135 | $136 |
| Nevada | $152 | $153 |
| New Hampshire | $115 | $116 |
| New Jersey | $132 | $133 |
| New Mexico | $154 | $155 |
| New York | $170 | $171 |
| North Carolina | $162 | $163 |
| North Dakota | $119 | $120 |
| Ohio | $124 | $125 |
| Oklahoma | $210 | $211 |
| Oregon | $146 | $147 |
| Pennsylvania | $124 | $125 |
| Rhode Island | $141 | $142 |
| South Carolina | $148 | $149 |
| South Dakota | $131 | $132 |
| Tennessee | $152 | $153 |
| Texas | $173 | $174 |
| Utah | $131 | $132 |
| Vermont | $110 | $111 |
How Much Is Renters Insurance?
Finding a home is a big step. It could be your first apartment or a new place to rent. Keeping your stuff safe is very important. Renters insurance helps protect your things from bad surprises like theft, fire, or natural disasters. It gives you financial security when unexpected things happen. It covers your things and helps if someone gets hurt in your place. Many people ask, “How much is renters insurance?”
Renters Insurance
In this article, we will discuss about the factors influencing the pricing of renters insurance policies, explore average costs, factors that change the price, and tips to save money on renters insurance.
Table of Content
- What Is Renter Insurance?
- What Components Affect The Cost Of Renter’s Insurance?
- What Is The Cost Of Renters Insurance?
- What’s The Statewide Average Cost Of Renters Insurance?
- How Can My Renters Insurance Cost Be Reduced?
- How Should I Purchase Renters Insurance?