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How much is renters insurance in my state? States with the most expensive renters insurance States with the cheapest renters insurance Average renters insurance price by coverage amount Other factors that influence your renters insurance costs How to get the best price on renters insurance.
But, the price you'll pay for your policy varies by where you live and the coverage amount. In general, the more coverage you buy, the more expensive your insurance will be.
Popular Articles. Best travel credit cards. Best cash-back credit cards. Every renters insurance policy has standard coverage limits, which are the maximum amount your policy will pay in case you have a claim. Your personal property and liability coverage both offer protection up to two different dollar amounts. And there are also options to expand your coverage limits to protect valuable items worth more than your limits.
This not only gives you a higher coverage amount, but your items will be covered for more types of events. Just remember that extending your coverage limits will impact the cost of your renters insurance premium.
The location of your rental may also affect your insurance rate. If your area is prone to natural disasters or crime, your renters insurance rate will probably be higher than an area that is relatively safer. RCV does come with a slightly higher price tag than actual cash value which pays you what your property is worth today.
Your deductible factors into your renters insurance cost because the higher you set your deductible, the lower your premium will be. And vice versa — the lower your deductible, the higher your premium will be. Find out more about renters insurance and theft.
Like coverage limits, many renters insurance policies have the flexibility to be customized to fit your lifestyle. Ask yourself these questions to help you decide if you need additional coverage:. Adding identity theft insurance is an inexpensive coverage that helps you through the restoration process after getting your identity stolen.
It can help cover expenses such as legal fees, loan reapplication fees, notary expenses and lost wages due to time taken from work to restore your credit. You also might want to consider adding an umbrella liability policy since it can help cover costs from property damage or injuries your pet may cause.
Looking for ways to save on your insurance? American Family Insurance offers a variety of discounts that can lower the average cost of your renters insurance.
Some popular discounts include:. For starters, having renters coverage helps cover the cost to replace your personal property in the event your belongings are damaged by a covered loss.
And renters insurance provides loss of use coverage, which pays for additional living expenses if your place becomes uninhabitable after a covered loss. Wondering how much renters insurance will cost you? Get an estimate with our Renters Insurance Cost Calculator! All you need is your ZIP code to get started. Many insurers will lower your rate if your home has burglar alarms, smoke detectors, sprinkler systems or other devices designed to lower the danger of fire or theft. Depending on your insurer, you could also save money by choosing paperless billing or autopay, paying your policy in full rather than in monthly installments and not smoking.
Your best bet is to shop around. NerdWallet averaged rates for year-old men and women for multiple insurance companies in every ZIP code across all 50 states and Washington, D. We also averaged rates by city. Sample tenants were nonsmokers with good credit living in a two-bedroom apartment. We used the same assumptions for all other renter profiles, with the following exceptions:.
For renters with a history of claims, we added a single theft or water damage claim to their record. These are sample rates generated through Quadrant Information Services. Your own rates will be different. How much is renters insurance in your city? What determines your renters insurance cost? How to lower your renters insurance cost. Show More. How much is renters insurance in your state? Average annual cost. Average monthly cost. New Hampshire.
New Jersey. New Mexico. New York. North Carolina. North Dakota. Rhode Island. South Carolina. South Dakota. Washington, D. West Virginia. El Paso. Fort Worth.
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