How much is renters insurance?

The average cost of renters insurance through Progressive ranges from $15 to $21 per month, depending on your state, according to 2023 data from Progressive Home.^* Renters insurance rates are inexpensive and generally won’t vary as much as home insurance rates.

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What factors affect renters insurance rates?

Several factors influence the price you pay for renters insurance, and some impact the price more than others. You may have more control than you think, including customizing the coverage limits on your policy:

Location

Your ZIP code can significantly influence your renters insurance rate. Many insurance companies use it to determine your likelihood of filing a renters insurance theft claim or a claim related to common weather-related claims in your area. Learn more about renters insurance requirements by state.

Your deductible

Choosing a lower renter insurance deductible will typically increase your renters insurance rate. A higher deductible can bring down the cost of your policy.

Type of residence

The kind of structure you're renting may influence the cost of your renters insurance per month. Renting a single-family home may cost more than renting an apartment unit because theft is considered more common in homes than in apartments.

Pro tip:

If you're renting an apartment, bigger buildings may equal lower renters insurance rates. For example, the average cost of renters insurance in a high-rise complex may be lower than in a building with less than nine rental units. This cost increase is because high-rises often have a lower risk of theft and increased fire safety and security features.

Your credit-based insurance score

Some renters insurance companies may use a credit-based insurance score in certain states. Companies calculate your insurance score using information on your credit report. Insurers value this information because data suggests a correlation between credit and insurance risk. Typically, the higher your score, the lower your renters insurance cost.

Your limit for personal property coverage

The value of your personal property can also impact the cost of your policy. Make sure the limits on your policy’s personal property coverage are high enough to insure all your belongings. Because your renters insurance company often has sub-limits on certain items, you may need an insurance rider on your policy to cover valuable belongings such as jewelry or engagement rings.

Pro tip:

Taking a home inventory can help you determine your personal property coverage limit. Make a list, assign value to each item, and then add them up, ensuring you don't pay for more coverage than you need.

How can I save on renters insurance?

You may be able to lower the cost of your policy with several renters insurance discounts, such as having multiple policies with Progressive, quoting in advance, paying in full, receiving documents by mail, living in a gated or secured community, and by bundling your renters and auto insurance.

Learn more about bundling insurance at Progressive.