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How Much Renters Insurance – Cost of Renters Insurance in 2022

How much renters insurance do I need or do you need renters insurance before applying? These are popular questions when it comes to how much renters insurance might be required. In the article, you can learn more about how much renter insurance you need.

How Much Renters Insurance - Cost of Renters Insurance in 2022

Initially, renter insurance isn’t essentially required, unlike car insurance which is mandatory under the state laws. However, you’re only required to provide a renter insurance policy if you’re renting an apartment and also requested by your landlord as part of your lease or renter agreement for liability purposes. Likewise, renters insurance might be needed based on the fact that the landlord’s insurance policy only covers unforeseen events on the property and not your own personal possessions.

In other to cover any cost of expenses on your damaged possessions due to a fire outbreak or any other event you might need to consider renters insurance. However, even if your landlord does not request you to provide a renters insurance policy, you might want to consider it because its insurance policy includes cover on the loss of personal property.

Therefore, before acquiring a renters insurance policy, you need to know how much renter insurance you need by comparing renter insurance quotes with various renter insurance providers in your respective states such as Florida, New York, Texas, Los Angeles, and more.

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What is the Average Cost of Renters Insurance?

According to our research, we found that the average cost of renters insurance for a year is $326 and about $27 a month. This is the national average cost for a policy based on the level of coverage which is $40,000 for personal property. Alongside, $1,000 deductible and $100,000 of liability protection based on the information online.

Other renter insurance providers has their own cost of renter insurance which you can find out below. Is a renter insurance policy cheap if you want to buy more protection? Yes, renter insurance is not expensive if you want to add more protection to your policy. Its price is compared to that of more liability coverage. 

How Much is Renters Insurance by State

States is one of the facts that affect the cost of your renters insurance. Hence, you can check out how much is renters insurance in your states like Florida, New York, Texas, and others.

StatesAverage annual costAverage monthly cost
National average$326$27
Alabama$222$18
Alaska$123$10
Arizona$179$15
Arkansas$214$18
California$217$18
Colorado$156$13
Connecticut$172$14
Delaware$150$13
Florida$191$16
Georgia$243$20
Hawaii$164$14
Idaho$133$11
Illinois$167$14
Indiana$155$13
Iowa$110$9
Kansas$225$19
Kentucky$170$14
Louisiana$262$22
Maine$150$13
Maryland$175$15
Massachusetts$192$16
Michigan$201$17
Minnesota$153$13
Mississippi$228$19
Missouri$134$11
Montana$162$14
Nebraska$122$10
Nevada$162$13
New Hampshire$135$11
New Jersey$163$14
New Mexico$148$12
New York$142$12
North Carolina$148$12
North Dakota$116$10
Ohio$135$11
Oklahoma$210$17
Oregon$149$12
Pennsylvania$116$10
Rhode Island$166$14
South Carolina$188$16
South Dakota$123$10
Tennessee$155$13
Texas$197$16
Utah$138$11
Vermont$110$9
Virginia$149$12
Washington$140$12
Washington, D.C.$166$14
West Virginia$142$12
Wisconsin$122$10
Wyoming$101$8

Based on the data presented above, Louisiana, Georgia, Mississippi, Kansas, and Alabama are the most expensive renters insurance by state. In the meantime, Wyoming, Iowa, Vermont, North Dakota, and Pennsylvania are the cheapest renters insurance by states.

How Much Renters Insurance Do I Need?

According to insurance experts, it is important that you acquire enough renter insurance that helps to cover all your personal possessions if something happens to them such as being lost, stolen, or damaged. Here is the following reason why you might need to know how much renters insurance I need.

  • Personal property coverage: this is perhaps one of the main reasons that you might need to purchase a renters policy. It offers reimbursement coverage that will cover damage and loss of personal possessions.
  • Discounts: Account to insurance agents, it lot of insurers offer amazing discounts especially when you purchase more than one policy with a particular company.
  • Offers the right deductible: A deductible has to do with the amount of a covered loss or liability paid from your own pocket.

However, there are other reasons why you might need a renters insurance policy. These are the general tip that factors in the need for renters insurance.

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What Does Renters Insurance Cover?

In case you’re wondering “what does renter insurance cover?” it actually covers what you own including your personal possession. Initially, landlord insurance coverage only covers the building and structure. The coverage that covers your personal property from damage and loss that includes theft, vandalism, and fire is governed by your renters insurance coverage.

How Much Renters Insurance – Cost of Renters Insurance in 2022

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