How Much Does Renters Insurance Cost?

Renters insurance is one of the most affordable types of insurance available, yet many renters still overestimate its cost or choose inadequate coverage to save a few dollars.

Average Cost of Renters Insurance

Most renters pay between $10 and $25 per month for renters insurance, depending on coverage limits, deductible choices, and location.

Basic policies with very low coverage limits may cost under $10 per month, but these policies often leave renters underinsured after a major loss.

What Actually Affects Your Premium

• Amount of personal property coverage
• Liability coverage limits
• Deductible amount
• Location and crime rates
• Claims history

Increasing personal property coverage from $15,000 to $30,000 often raises premiums by only a few dollars per month, yet doubles protection.

Cheap Policies vs Adequate Coverage

A $9 policy may sound appealing until you realize it only covers $10,000 of belongings. After a fire or major theft, that amount is rarely enough.

Most renters find better value in policies costing $15–$20 per month with higher limits and replacement cost coverage.

Ways to Lower Renters Insurance Costs

Bundling renters insurance with auto insurance, choosing a higher deductible, and adding basic security features can help reduce premiums.