Renters insurance calculator: Estimate your renters insurance cost

How much renters insurance do I need?

You need enough renters insurance to repair or replace all your personal property if anything is damaged in a fire, stolen or vandalized. 

To ensure that, take stock of everything you own. Take special note of anything that is of high value, especially jewelry, art, musical instruments and collectibles. These items may need a special endorsement.

“A wise first step is to take an inventory of your personal belongings,” says Lynne McChristian, Director, Office of Risk Management & Insurance Research and Senior Instructor at the Gies College of Business, University of Illinois. “Conduct a room-by-room survey of what you own, noting the higher-value items, such as appliances, furniture and electronics. Know how much it would cost you to replace all that stuff – and that is the amount of renter’s insurance you need.”

You also need to determine how much personal liability coverage you need. A standard renters insurance policy comes with $100,000, but increasing to $300,00 costs very little. Consider your level of risk for a lawsuit.

How much is renters insurance?

The average cost of renters insurance in the U.S. is $263 a year or $22 a month, based on coverage of $40,000 for personal property with a $1,000 deductible and $100,000 in liability coverage. Check out the average cost of renters insurance in your area below.

Average renters insurance rates by company

Renters insurance rates vary by location as well as by company. Among national companies, State Farm offers the cheapest renters insurance at $195 a year on average.

How to estimate renters insurance coverage

Here's a step-by-step look at how to calculate renters insurance coverage needs, which we'll illustrate with the example of a new renter we'll call Gabriel. Gabriel has recently finished college and rented his first apartment, which he has newly furnished. Here are the steps he'll follow to make sure his property is protected:

1. Take an inventory of all your personal belongings. Gabriel makes a list of everything he has in his new apartment, including the new towels and dishes he purchased, his furniture, clothes and electronics. He notes that he has a gold watch that was gifted to him as a college graduation gift, worth $5,000. He determines that he needs $40,000 in personal property coverage and a scheduled personal property endorsement for the watch, since his coverage limits jewelry and watches to $1,500.
2. Consider actual cash value (ACV) vs. replacement cost coverage. Gabriel wants to be sure his property will be replaced if something happens, so he chooses to upgrade his coverage to replacement cost, which pays the amount required to replace items at their value today. A standard actual cash value policy only pays the depreciated value of each item, so Gabriel decides the upgrade is worth the extra cost.
3. Decide how much liability coverage you want. Gabriel decides to stick with the standard included liability coverage of $100,000, since he doesn't have a lot of assets and has a low-risk lifestyle. He plans to review his coverage annually as he advances in his career and gathers more assets.

Gabriel needs a renters insurance policy with $40,000 in personal property coverage, a scheduled personal property endorsement for his $5,000 watch and $100,000 in liability coverage. With these coverage limits ready, Gabriel can compare renters insurance rates apples to apples across companies.

How to compare renters insurance quotes

To compare quotes, have your ZIP code ready as well as your coverage amounts and deductible amount. Plug them into the renters insurance calculator to see estimated costs. With that knowledge handy, you can start requesting personal quotes from renters insurance companies.

You should always compare quotes from multiple carriers. This is the best way to get a good deal. Remember that while a high deductible means a low rate, you’ll have to pay that amount if you file a claim. 

For example, if there is a storm that damages the roof, causing water to destroy your brand-new sofa, the deductible will be subtracted from the claim settlement amount. If your insurance company agrees the couch is worth $2,500 and you have a $1,000 deductible, the insurance company will only send you a check for $1,500. 

Another thing to consider when comparing quotes is what kind of customer service ratings and third party ratings an insurance company gets. These are important factors. Look at AM Best ratings, NAIC complaint scores and J.D. Power customer service scores. Our best renters insurance companies of 2024 is a good place to start.

What factors are used to calculate renters insurance rates?

Insurance companies look at the following factors to calculate your renters insurance rates:

• Your ZIP code
• Your coverage amounts  
• Your claims history 
• Weather patterns in your area 
• Theft and crime trends in your ZIP
• Your credit score, in most states

Severe weather, high crime and a history of claims translate to higher rates.  

Renters insurance FAQs

How much is renters insurance?

The average national cost of renters insurance is about $22 per month. To find out how much renters insurance costs in your particular area, use a renters insurance calculator or check out renters insurance rates for 2024.

How much is $100K renters insurance in liability coverage?

Depending on where you live and other factors, renters insurance for $100K of liability could be as cheap as $5 a month or up to $150 a month. Liability protection doesn’t affect rates as much as personal property coverage.

Is renters insurance expensive?

Renters insurance is relatively inexpensive because you only have to cover your personal belongings and liability– you don’t have to insure the structure of the building. That’s the job of your landlord’s insurance.

Can you have renters insurance on two places?

Yes. You can have renters insurance in more than one location. However, your renters insurance covers your belongings anywhere in the world, so if you’re a snowbird renting a condo for a few months in the winter and are only bringing a portion of your belongings, you likely don’t need a separate policy.

Helpful home insurance tools and calculators

• Home insurance calculator
• Condo insurance calculator
• Renters insurance calculator
• When to file a home insurance claim