The average nationwide cost of renter insurance is only $15 a month. Renter insurance policies are calculated by how much coverage you need, and how much risk there is that you will have a loss. Your insurance rate is made up of where you live, security features in your rental, insurance claims you’ve made in the past, and more.
Insurance companies always balance charging enough to pay you for a covered loss with the need to have a competitive price. This means the amount you pay is probably an accurate reflection of your actual risk.
Here’s a list of the things that impact your price that you can’t change in the short-term. The next section has a list of things you can change (and ways to get discounts).
These are the rating factors you can tinker with to make sure you have the coverage you need at the best price possible.
Most people are pleasantly surprised at just how affordable renter insurance can be. The nationwide average renter insurance premium is $180 a year, or just $15 per month. And this isn’t just for your stuff, it’s also for significant liability limits.
The below by-state averages will vary based on all the rating criteria listed above, but this is a great ballpark to be in.
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