Skip to main content
All Calculators

Renters Insurance Cost Estimator

Estimate your annual renters insurance premium based on coverage needs and location

Location & Property

Estimate replacement value of furniture, electronics, clothing

Coverage Options

Estimated Monthly Premium
$6.40/mo
Estimated Annual Premium
$77/yr
National average: $174/year — you're $97 below average
Coverage Summary
Personal Property$15,000
Liability Coverage$100,000
Deductible$1,000
Landlord Tip
Many landlords require a minimum of $100,000 in liability coverage. Make sure your policy meets your lease requirements.

What Renters Insurance Covers

Standard renters insurance policies cover three main areas: personal property (your belongings damaged by fire, theft, vandalism, or certain water damage), liability (if someone is injured in your apartment or you accidentally damage a neighbor's property), and additional living expenses (hotel and meals if your unit becomes uninhabitable due to a covered loss). The average policy costs just $15-25/month — less than most streaming subscriptions.

Why Landlords Require Renters Insurance

Increasingly, landlords are requiring proof of renters insurance as a condition of the lease. The primary reason is liability: if a tenant causes a fire or flooding that damages other units, the landlord can face claims from multiple parties. A tenant with renters insurance has a liability policy that can cover these claims, reducing the landlord's exposure. It also protects the landlord-tenant relationship — tenants with insurance are less likely to disappear after an incident.

Real Cost Factors

Premium rates vary significantly by state — Louisiana and Mississippi top the list at $25-26/month due to high hurricane and storm risk, while North Dakota and Vermont are among the cheapest at $12-13/month. Within a state, urban renters pay 10-15% more than suburban renters due to higher theft rates. Credit score is also a factor in most states — poor credit can increase premiums by 30% or more.

What Renters Insurance Does NOT Cover

Standard policies exclude: floods (you need separate flood insurance), earthquakes (separate policy required, especially in CA), pest infestations (considered maintenance), roommate's property (unless added to the policy), and high-value items above policy limits (jewelry, art, electronics often capped at $1,500-2,500 without a rider). Read the exclusions section of any policy carefully.

Frequently Asked Questions

Is renters insurance required by law?
No state requires renters insurance by law. However, individual landlords can require it as a lease condition. If your lease requires it, you must maintain coverage or risk lease violation.
Does renters insurance cover car theft?
Your renters policy may cover personal property stolen from your car (like a laptop), but it does not cover the car itself. Auto insurance covers vehicle theft and damage.
Can my roommate be on my renters insurance policy?
Sometimes. Some insurers allow you to add a roommate to your policy, but this can complicate claims. It's often cleaner for each person to carry their own policy — the combined cost is usually only $5-10 more per month.
How much personal property coverage do I need?
Take an inventory of your belongings and estimate replacement cost. Most renters underestimate — a standard apartment's contents (furniture, electronics, clothing, kitchen items) typically totals $15,000-30,000 at replacement value.
Does my credit score affect my renters insurance rate?
In most states, yes. Insurers use a credit-based insurance score (different from your credit score but based on similar data) to price policies. Better credit = lower premiums. California, Massachusetts, and Hawaii prohibit this practice.

Landlords: Require Renters Insurance in Your Lease

This estimator is not a carrier quote. VerticalRent does not sell or verify renters insurance policies today.

Try VerticalRent Free