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Pizza...Movie Tickets...Renters Insurance...
What do these things have in common? They all cost as little as $26 bucks a month. Of course, renter's insurance is the only one that will pay to replace all of your personal stuff that is damaged or destroyed by a fire, windstorm or sudden water damage like a burst pipe.
You may not realize that your landlord's insurance only covers the building, NOT your belongings. Think about how expensive it would be to pay out of pocket for new furniture, electronics, clothes, etc. Renters insurance is a cheap investment for peace-of-mind that when the unthinkable happens you're covered.
Renters Insurance Covers:
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Replaces personal belongings up to policy limits.
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Provides legal protection if someone sues you, such as if your dog bites someone.
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Most policies include additional living expenses (also called loss-of-use coverage), if you are forced by fire or other damage to live elsewhere.
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Flood coverage is available to renters as a separate policy.
Ask about discounts for buying renter's insurance with the same company as your car insurance.
Cost of Renters Insurance by State
The following chart is based on the latest data from the valuepenguin,com on 2020 premiums.
Also visit: Renters Insurance Q&A
| State |
2020 Average Premium |
2020 Rank |
| Alabama |
$239 |
3 |
| Alaska |
$161 |
33 |
| Arizona |
$195 |
17 |
| Arkansas |
$215 |
9 |
| California |
$207 |
12 |
| Colorado |
$169 |
29 |
| Connecticut |
$196 |
15 |
| Delaware |
$153 |
40 |
| D.C. |
$164 |
32 |
| Florida |
$217 |
8 |
| Georgia |
$226 |
6 |
| Hawaii |
$221 |
7 |
| Idaho |
$157 |
36 |
| Illinois |
$171 |
27 |
| Indiana |
$182 |
21 |
| Iowa |
$147 |
45 |
| Kansas |
$174 |
25 |
| Kentucky |
$171 |
28 |
| Louisiana |
$242 |
2 |
| Maine |
$149 |
43 |
| Maryland |
$160 |
34 |
| Massachusetts |
$206 |
14 |
| Michigan |
$207 |
13 |
| Minnesota |
$149 |
44 |
| Mississippi |
$244 |
1 |
| Missouri |
$182 |
22 |
| Montana |
$145 |
46 |
| Nebraska |
$150 |
41 |
| Nevada |
$193 |
18 |
| New Hampshire |
$150 |
42 |
| New Jersey |
$166 |
31 |
| New Mexico |
$183 |
20 |
| New York |
$211 |
11 |
| North Carolina |
$134 |
48 |
| North Dakota |
$115 |
51 |
| Ohio |
$185 |
19 |
| Oklahoma |
$234 |
4 |
| Oregon |
$168 |
30 |
| Pennsylvania |
$156 |
37 |
| Rhode Island |
$182 |
23 |
| South Carolina |
$196 |
16 |
| South Dakota |
$118 |
50 |
| Tennessee |
$210 |
8 |
| Texas |
$212 |
10 |
| Utah |
$145 |
47 |
| Vermont |
$154 |
39 |
| Virginia |
$158 |
35 |
| Washington |
$173 |
26 |
| West Virginia |
$176 |
24 |
| Wisconsin |
$130 |
49 |
| Wyoming |
$156 |
38 |
| United States |
$187 |
N/A |
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