While shopping around for a new place to rent, you might ask yourself if your new place will have some form of renters insurance to protect what’s yours inside.
To be sure, renters insurance helps cover the damage or loss of personal property due to theft, fire, and other such hazards. It can also help cover you if a visitor gets injured or gets their property damaged within your home.
Rental insurance is a good choice for protecting your valuables and essentially most things within your rented property. Although landlords do have the right to require that you have renters insurance before moving in, there is no state law requiring you to have it. It would be best to ask the landlord about rental insurance requirements to know what’s expected or required.
And then again, you might think it’s just another expense you’ll have to make. So, if it’s not required, why bother? The chances of a mishap are slim.
According to the National Apartment Association, the average rental insurance can run you less than $200 per year. That’s about $16 a month, or the cost of a theater ticket a month. Some sources even put the national average at $180 a month.
And while the chance could be slim, it’s a bit like gambling everything in your house that it won’t. If you happen to be away from your home often and no one is there, the value of protection for just $16 a month shoots up. Who will be around your home to fend off burglars or put out fires if they start?
The question you must ask yourself is, what will it cost to replace some or most of my possessions if something does happen? And, if you think that you don’t have anything valuable like gems or diamonds, even small things add up—televisions, clothing, books, computers, electronic devices, kitchen equipment, non-perishable foods, rugs, personal photos, even beds, and couches.
Learn More: Renters Insurance 101
Learn More: Can a Landlord Require Renters Insurance?
Average Cost Of Renters Insurance Where You Live
Generally, renters insurance is some of the best insurance protection across the board. It’s inexpensive for the payouts they offered—$16 a month could fetch a coverage amount of $30,000 personal property and $100,000 personal liability.
Find your home state in the list below to see just how much rental insurance is, on average, where you live. Those who live in North Dakota are paying the least. While those who are living in Mississippi are paying the most.
There is a bigger pattern here too. Weather plays a key factor in determining renters insurance premiums. Based on the National Association of Insurance Commissioners statistics, the Southern states are paying the most, possibly due to the number of hurricanes that make landfall in this area.
While the Dakotas experience consistently low rates influenced by low crime rates and less calamitous natural disasters. And in places like California, where wildfires are abundant, the number of insured is much higher, spreading the risk and lowering rates. California is just above the average.
Learn More: How Much is Renters Insurance?
| State | Average annual renters insurance cost | Average monthly renters insurance cost | Difference from the national average |
| Alabama | $235 | $20 | 31% |
| Alaska | $166 | $14 | -8% |
| Arizona | $178 | $15 | -1% |
| Arkansas | $212 | $18 | 18% |
| California | $182 | $15 | 1% |
| Colorado | $159 | $13 | -12% |
| Connecticut | $192 | $16 | 7% |
| Delaware | $159 | $13 | -12% |
| Florida | $188 | $16 | 4% |
| Georgia | $219 | $18 | 22% |
| Hawaii | $185 | $15 | 3% |
| Idaho | $153 | $13 | -15% |
| Illinois | $167 | $14 | -7% |
| Indiana | $174 | $15 | -3% |
| Iowa | $144 | $12 | -20% |
| Kansas | $172 | $14 | -4% |
| Kentucky | $168 | $14 | -7% |
| Louisiana | $235 | $20 | 31% |
| Maine | $149 | $12 | -17% |
| Maryland | $161 | $13 | -11% |
| Massachusetts | $194 | $16 | 8% |
| Michigan | $182 | $15 | 1% |
| Minnesota | $140 | $12 | -22% |
| Mississippi | $258 | $22 | 43% |
| Missouri | $173 | $14 | -4% |
| Montana | $146 | $12 | -19% |
| Nebraska | $143 | $12 | -21% |
| Nevada | $178 | $15 | -1% |
| New Hampshire | $149 | $12 | -17% |
| New Jersey | $165 | $14 | -8% |
| New Mexico | $187 | $16 | 4% |
| New York | $194 | $16 | 8% |
| North Carolina | $157 | $13 | -13% |
| North Dakota | $120 | $10 | -33% |
| Ohio | $175 | $15 | -3% |
| Oklahoma | $236 | $20 | 31% |
| Oregon | $163 | $14 | -9% |
| Pennsylvania | $158 | $13 | -12% |
| Rhode Island | $182 | $15 | 1% |
| South Carolina | $188 | $16 | 4% |
| South Dakota | $123 | $10 | -32% |
| Tennessee | $199 | $17 | 11% |
| Texas | $232 | $19 | 29% |
| U.S. average | $180 | $15 | – |
| Utah | $151 | $13 | -16% |
| Vermont | $155 | $13 | -14% |
| Virginia | $152 | $13 | -16% |
| Washington | $163 | $14 | -9% |
| Washington, D.C. | $158 | $13 | -12% |
| West Virginia | $188 | $16 | 4% |
| Wisconsin | $134 | $11 | -26% |
| Wyoming | $147 | $12 | -18% |
Get Your Renters Insurance Policy Today
Getting an affordable renters insurance quote from the experts at Freeway Insurance is easy. Our team of English and Spanish-speaking insurance experts has decades of experience in the insurance industry. We have helped thousands of renters obtain the best renters insurance policy to fit their needs and budget. Visit us online, at an office near you, or call us at (800) 777-5620 for a quote.
