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Introduction
Renters insurance is one of the most affordable insurance policies available — but prices can vary more than you expect.
In this guide, we break down the average cost of renters insurance in 2025, what affects pricing, and how renters can keep premiums low.
Average Cost of Renters Insurance in 2025
Most renters pay between:
- $10 to $25 per month
- $120 to $300 per year
Costs depend heavily on location, coverage limits, and personal factors.
Average Renters Insurance Cost by State
While rates change annually, typical ranges include:
- Low-cost states: $10–$15/month
- Mid-range states: $15–$20/month
- High-cost states: $20–$30/month
Urban areas, coastal regions, and high-crime ZIP codes generally cost more.
What Affects Renters Insurance Cost?
Key factors include:
1. Location
Crime rates, weather risks, and local claim history matter.
2. Coverage Amount
Higher personal property limits increase cost.
3. Deductible
Higher deductibles lower monthly premiums.
4. Credit History (where permitted)
Some insurers factor credit-based insurance scores.
What Does Renters Insurance Cover?
Most policies include:
- Personal property
- Liability coverage
- Loss of use (temporary housing)
- Medical payments to others
Optional add-ons (jewelry riders, electronics coverage) may increase cost.
How to Save on Renters Insurance
Renters can reduce costs by:
- Bundling with auto insurance
- Increasing deductibles
- Only insuring what you own
- Comparing multiple providers
Is Cheap Renters Insurance Worth It?
Yes — as long as coverage limits are adequate. The cheapest policy isn’t helpful if it doesn’t cover your belongings or liability exposure.
Final Takeaway
Renters insurance remains one of the most affordable ways to protect yourself financially — and skipping it often costs more in the long run.