Renters insurance cost information
The average price of renters insurance from ASI is based on 12-month policy data that’s been divided into monthly payments. ASI does not offer renters insurance in Hawaii, Idaho, or Wyoming.
We continuously update this page, so keep checking back for new information. When researching average prices, it's very important to pay attention to the source of the data and the year represented, because renters insurance rates may change frequently. Any data that's several years old may not be relevant anymore. Also, rates for another insurer within our carrier network may be different.
While this data provides insight about the average cost of renters insurance, it isn't customized to your situation. For exact prices, you can get a renters insurance quote online or by calling 1-866-749-7436.
Renters insurance cost factors
The cost of renters insurance is impacted by numerous factors. Here are the main components affecting your rate for renters insurance:
The crime rate in your ZIP code can significantly influence your renters insurance rate. Many insurance companies use it to determine your likelihood of filing a renters insurance theft claim. Geographical factors such as climate and weather patterns may not have as much influence on your renters insurance cost as they would on a home insurance policy.
Type of residence
The kind of structure you're renting may influence the cost of your renters insurance per month. Renting a single-family home will likely cost more than renting an apartment because theft is considered more common in homes than in apartments.
If you're renting an apartment, bigger buildings tend to equal lower renters insurance rates. For example, the average cost of renters insurance in a high-rise complex is generally lower than a building with less than nine rental units, because high-rises typically have a lower risk of theft and increased fire and security features.
Credit and insurance score
Some renters insurance companies may use an insurance score in certain states. Your insurance score is generally calculated from information on your credit report. Insurers value this information because data suggests a correlation between credit history and insurance risk. Typically, the higher your score, the lower your renters insurance cost.
Since you could be sued if your dog bites someone, certain breeds may raise your renters insurance rate or even disqualify you from getting a policy. Even if you have the friendliest dog in your apartment building, you still may be denied coverage because some insurers won't offer animal liability coverage for ineligible dog breeds or dogs with a bite history.
Increasing your coverage limits can raise the cost of your renters insurance policy. Choosing a lower renters insurance deductible, which is the amount you pay out of pocket if you have a claim, will also increase your renters insurance rate. On the other hand, choosing a higher deductible will decrease the price of renters insurance.
Renters insurance cost FAQ
Why does renters insurance cost less than home or condo insurance?
Renters insurance won’t cover the actual structure of the home or building you’re renting. This is typically covered by your landlord’s insurance.
Does the cost of renters insurance increase with high-value items like jewelry and expensive furniture?
Yes. The value of your personal property can impact your renters insurance cost. Make sure the limits on your policy’s personal property coverage are high enough to insure all of your belongings. Because your renters insurance company will often have sublimits on certain items, you may need an insurance rider on your policy to cover valuable belongings.
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