Last Updated March 2025

The average yearly premium for renters insurance is $170, or about $14 per month, according to the Insurance Information Institute. Renters insurance can be quite a bargain, when you consider the cost of replacing things like a cell phone, computer, furniture and other belongings if they’re damaged or stolen. And it might be required as part of your lease.

What does renters insurance cover?

Many variables can affect the cost of your renters insurance policy. 

• How much coverage you want. (You’d pay an average of $171 yearly for $35,000 in coverage, but the cost would rise to $432 for $100,000 in coverage, according to the most recent NAIC data.) 

• Your deductible

• Where you live 

• Risks specific to you and your area

• Choosing replacement value coverage over cash value coverage 

• Discounts for bundling multiple policies with Farmers®

To figure out how much insurance you need, it helps to make an inventory of your personal belongings — things like electronics, furniture, appliances and other valuables — and their estimated value. Think about whether you might want additional coverage for high-value items like jewelry or art. For liability coverage limits, consider the value of your financial assets (think: savings, mutual funds or other investment accounts) you’d want to protect against a lawsuit. 

Average cost by state

Renters insurance costs vary widely depending on which state you live in. Find your state’s average cost in the chart below. Also, you can learn more about renters insurance in your state.

Source: National Association of Insurance Commissioners, 2023, Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report: Data for 2021. Based on HO-4 renters insurance policy with broad named-peril coverage for personal property.

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers^® and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

Produced on behalf of the following specific insurers and seeking to obtain business for insurance underwritten by Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange, Mid-Century Insurance Company, Civic Property and Casualty Company, Exact Property and Casualty Company, Neighborhood Property and Casualty Company, and their affiliates. In Texas, insurance is underwritten by Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange, Mid-Century Insurance Company, Texas County Mutual Insurance Company, Mid-Century Insurance Company of Texas, and Texas Farmers Insurance Company. In New York, insurance is underwritten by Farmers Insurance Exchange, Truck Insurance Exchange, Mid-Century Insurance Company, and Farmers New Century Insurance Company, home office Los Angeles, California.

Each insurer has sole financial responsibility for its own insurance products. Visit farmers.com for a complete list of companies. Not all insurers are authorized to provide insurance in all states. Not all products, coverages and discounts are available in every state. Restrictions, exclusions, limits and conditions apply. See agents for details.

Related articles