Estimate your monthly renters insurance premium based on state, belongings value, liability, and deductible.
Monthly Premium = $12 (base)
x Belongings adjustment ($1.50 per $10k over $20k)
x Liability multiplier (0.88 - 1.25)
x Deductible multiplier (0.78 - 1.15)
x Area multiplier (Rural 0.88 - Urban 1.20)
x Building multiplier (0.92 - 1.05)
x Security discount (0.95 if Yes)
x Smoke-free discount (0.97 if Yes)
x State multiplier (ND 0.75 - LA 1.40)
+ Optional rider costs ($1.50 - $3.00 each)
Range = Monthly x 0.88 to Monthly x 1.12
What Affects Renters Insurance Rates?
While not legally required, renters insurance is strongly recommended. Your landlord's insurance covers the building, not your belongings.
Walk through each room and total what it would cost to replace your belongings new. Most renters need $20,000-$50,000 in personal property and at least $100,000 in liability.
Actual cash value pays what your items are worth today after depreciation. Replacement cost pays what it costs to buy an equivalent new item today.
Generally no. Each person usually needs their own policy, though some insurers extend coverage to a domestic partner.
No, your car is covered by auto insurance. However, personal items stolen from inside your car may be covered under your renters policy.
Personal property value. The total value of your belongings sets your contents coverage — the core of a renters policy. Walk through each room and estimate replacement cost rather than resale value.
Liability limit and location. Liability coverage protects you if someone is injured in your unit or you damage others' property. Your state and building risk also shift the (already low) premium.
Deductible. As with any policy, a higher deductible lowers the monthly cost but raises what you pay before coverage applies.
Renters insurance is one of the cheapest policies available, so even the high end of the range is modest. The low end reflects a lower-value inventory in a low-risk area; the high end reflects more belongings, higher liability limits, or a higher-risk building. Because the cost is small relative to what it protects, most renters choose enough coverage to replace everything rather than the bare minimum.
This is an educational estimate, not a quote. It does not price add-ons for high-value items like jewelry or electronics, which often need scheduled coverage, and it cannot see carrier discounts (such as bundling with auto). Loss-of-use and liability specifics vary by policy. Compare real quotes from licensed insurers before buying.
It is not required by law, but many landlords require it in the lease. Even when optional, it is inexpensive protection for your belongings and liability.
Generally no — a policy covers the named insured. Roommates typically need their own policies unless specifically added.
If a covered event makes your rental uninhabitable, loss-of-use helps pay for temporary housing and related expenses while repairs are made.
Interpret a quote with reading a renters insurance estimate, start with renters insurance basics, see the difference in renters vs. homeowners insurance, and learn about loss-of-use coverage. Bundling with a car policy? See the bundle savings calculator.
Premium estimates are based on 2026 national average renters insurance rates by state and coverage tier, from the Insurance Information Institute and NAIC market data. Adjustments are applied for personal property coverage amount, liability limit, deductible level, and multi-policy bundling discount. Rates reviewed June 2026.
Data sources: