For about $1 per day, renters insurance protects everything you own. Here's what it covers, what it doesn't, and how to get the best rate.
Only about 57% of renters in the US have renters insurance — despite it being one of the cheapest and most valuable insurance products available. The national average is just $148/year ($12.33/month). For that price, you get coverage for everything you own plus liability protection if someone gets hurt in your home.
Your landlord's insurance covers the building structure only — not your belongings. If there's a fire, flood, or break-in, your landlord's policy pays to repair the building. Your couch, TV, laptop, clothes, and everything else you own? That's 100% your responsibility. That's where renters insurance comes in.
| State | Avg Monthly | Avg Annual |
|---|---|---|
| Mississippi | $26/mo | $312/yr |
| Louisiana | $24/mo | $288/yr |
| Oklahoma | $23/mo | $276/yr |
| National Average | $12/mo | $148/yr |
| North Dakota | $8/mo | $96/yr |
| South Dakota | $8/mo | $96/yr |
| Wisconsin | $7/mo | $84/yr |
False. Your landlord's policy only covers the building. Your belongings are not covered at all under their policy.
You need your own renters policy to protect your belongings.
Most people vastly underestimate their possessions. Walk through your apartment and add up replacement costs — most renters have $15,000–$35,000 in belongings.
Even modest apartments typically have $20k+ in insurable property.
The national average is $148/year — about 41 cents per day. That's less than a cup of coffee for coverage on everything you own.
Renters insurance is one of the most affordable insurance products available.
Renters insurance covers far more than theft — fire, water damage from burst pipes, vandalism, wind, and even your belongings stolen from your car.
It's broad multi-peril coverage, not just theft protection.
Personal Property: Do a home inventory. Go room by room and estimate replacement cost (not what you paid — what it would cost to buy new today). Most renters need $15,000–$30,000 in coverage.
Liability: At minimum $100,000. Many experts recommend $300,000. If a guest is injured in your apartment and sues, $100k can disappear quickly in medical bills and legal fees.
Loss of Use: Usually 30–50% of personal property coverage. Covers hotel and meals if your apartment is uninhabitable after a covered event.
Use our free renters insurance calculator to get an instant estimate based on your property value, location, and coverage needs.
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