U.S. Renters Insurance Averages $170 a Year, With Monthly Costs Varying by State

U.S. renters insurance costs about $170 a year on average, or roughly $14 a month, according to the Insurance Information Institute’s latest cited data, making it one of the lower-cost consumer insurance products. Monthly premiums vary by location and coverage choices, ranging from about $10 in North Dakota to $22 in Mississippi. Policies typically cover personal property, liability protection and additional living expenses if a rental unit becomes uninhabitable after a covered loss. Consumers can reduce premiums by bundling renters and auto policies, raising deductibles, lowering coverage limits, improving credit where insurers use credit history, or qualifying for safety-equipment discounts. Some insurers also offer discounts for paying annual premiums upfront. Progressive cites average monthly renters insurance costs of $13 to $27, while Allstate says policies can start as low as $5 a month, though actual rates vary by market and applicant profile.