Renters insurance is usually pretty inexpensive each month, but the exact price depends on your situation. Most people pay somewhere in the teens to a few tens of dollars per month.
Typical monthly price
Across the U.S., many recent estimates put the average renters insurance premium in roughly the 14 to 25 dollars per month range, with some sources centering around 18 to 24 dollars a month depending on coverage levels and methodology. Some analyses using higher standard coverage amounts find averages closer to the mid‑20‑dollar range per month.
What affects your cost
Several personal and location factors push your rate up or down. Important ones include:
- How much personal property coverage you choose (for example, 10,000 dollars vs 40,000 dollars of belongings).
- Your deductible (higher deductibles usually mean a lower monthly premium) and your liability coverage limit (e.g., 100,000 vs 300,000 dollars).
- Where you live, including state and local crime and disaster risk, and your claims history.
Quick rule of thumb
For many renters with fairly typical coverage needs, planning on about 15 to 25 dollars per month is a reasonable starting estimate. If you have a lot of valuables, live in a high‑risk area, or want higher liability limits, it can easily run closer to 25 to 30 dollars or more per month, while low‑risk renters with minimal coverage sometimes pay closer to 10 to 15 dollars.
