Renters insurance premiums should cost anywhere from $10 to $35 per month. On average, renters insurance costs just $15 per month, but it’s unlikely you’ll personally see that figure because the price can vary significantly depending on a few factors.
The main reasons your premium costs may be higher than normal include:
- Your location: If you’re in a crime-prone city, or in a state that’s subject to frequent natural disasters, your premiums will go up.
- Your credit and claims history: If you have a poor credit rating, or have made several insurance claims in the past, your premiums will go up.
- Your coverage amounts: If you’re purchasing more than the standard policy of $30,000 in personal property and $100,000 in personal liability coverage, your premiums will go up.
- Your additional riders and endorsements: If you’re adding extra coverage, like identity theft, earthquake, or flood protection, your premiums will go up.
- The size of your deductible: If you choose a lower deductible, your premiums will go up, and vice versa.
In other words, how much renters insurance should cost is dependent on your personal history, your own coverage choices, and where you live — but it should be within the boundary of $10 to $35. If it isn’t, we recommend first shopping around and then talking directly with an insurance agent.