How Much Does Renters Insurance Cost?
Renters insurance costs $15-$30/month ($180-$360/year) on average. It covers your personal belongings, liability, and temporary housing if your rental becomes uninhabitable. It's one of the cheapest insurance policies available.
Cost Breakdown
| Service | Low | High | Notes |
|---|---|---|---|
| Basic ($20k coverage) | $10 | $15 | Per month |
| Standard ($50k coverage) | $15 | $25 | Per month |
| Premium ($100k+ coverage) | $25 | $50 | Per month |
| Bundle discount (with auto) | 10% | 25% | Off both policies |
Renters Insurance Cost
Renters insurance is surprisingly cheap for what it covers.
Average Costs
- National average: $15-$30/month
- Basic coverage ($20k belongings): $10-$15/month
- Standard coverage ($50k belongings): $15-$25/month
- Premium coverage ($100k+ belongings): $25-$50/month
What It Covers
- Personal property: Theft, fire, water damage to your stuff
- Liability: Someone gets hurt in your apartment
- Loss of use: Hotel costs if your place is uninhabitable
- Medical payments: Guest injuries regardless of fault
What Affects the Price
Location, coverage amount, deductible, claims history, and credit score. Bundling with auto insurance saves 10-25%.
Related Questions
Is renters insurance required?
Not by law, but many landlords require it in the lease. Even if not required, it's one of the best insurance values — $15/month to protect thousands in belongings.
Does renters insurance cover floods?
No. Standard renters insurance excludes floods and earthquakes. You need separate flood insurance through FEMA's NFIP program if you're in a flood zone.
Does renters insurance cover roommates?
Usually no — each roommate needs their own policy unless you're married or domestic partners. Some insurers allow adding a roommate for an extra fee.