Short answer: renters insurance (an HO-4 policy) averaged $173 a year, about $14 a month, in 2023, the latest year in the National Association of Insurance Commissioners (NAIC) report published July 2026. State averages ranged from $125 in South Dakota to $263 in Mississippi. Prices have changed since 2023, and your price depends on how much coverage you choose and where you live.
Most and least expensive states
These are the NAIC’s average annual premiums for renters (HO-4) policies in 2023. The NAIC calculates each average by dividing the premiums written by the number of rentals insured for a year. Every state’s average is in Table 5 of the NAIC report.
- Highest averages: Mississippi ($263), Louisiana ($250), Oklahoma ($220), Alabama ($219), Arkansas ($208).
- Lowest averages: South Dakota ($125), North Dakota ($127), Wisconsin ($133), Minnesota ($137), Wyoming ($141).
Source: NAIC, Data for 2023, Table 5. Averages include all coverage amounts.
What renters insurance pays for
Your landlord’s policy covers the building, not your belongings. According to the Insurance Information Institute, renters insurance covers:
- Your belongings against the risks the policy lists, such as fire, theft, windstorm and some water damage. Floods and earthquakes are excluded and need separate coverage.
- Liability if you, your family or your pets injure someone or damage their property, including legal defense costs.
- Additional living expenses, such as a hotel, if a covered loss makes your home unlivable.
See renters insurance explained for more.
What changes the price
- How much property coverage you buy. More coverage costs more; take an inventory of what you own to choose an amount.
- Replacement cost or actual cash value. Replacement cost pays to replace items without subtracting depreciation; Triple-I says it costs about 10% more than actual cash value coverage.
- Your liability limit and deductible.
- Where you live, as the highest and lowest states above show.
How to pay less
- Bundle with your car insurance. Many insurers give a multi-policy discount. See whether bundling is worth it.
- Choose a higher deductible you could comfortably pay.
- Ask about discounts for security systems, smoke detectors and deadbolt locks.
- Compare at least three quotes. You can compare renters insurance quotes with one form.
Frequently asked questions
How much is renters insurance per month?
Based on the NAIC’s 2023 average of $173 a year for renters (HO-4) policies, about $14 a month. Your price depends on your coverage and location, and prices have changed since 2023.
Which state has the most expensive renters insurance?
In the NAIC’s 2023 data, Mississippi had the highest average renters premium ($263), followed by Louisiana ($250) and Oklahoma ($220).
Which state has the cheapest renters insurance?
In the NAIC’s 2023 data, South Dakota had the lowest average renters premium ($125), followed by North Dakota ($127) and Wisconsin ($133).
Does my landlord’s insurance cover my things?
Generally no. A landlord’s policy covers the building; your belongings and your liability need your own renters policy.
Is condo insurance more expensive than renters insurance?
Usually, because a condo policy also covers parts of the unit you own. In the NAIC’s 2023 data, condo (HO-6) policies averaged $658 a year, compared with $173 for renters policies.
Sources
- NAIC: Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report, Data for 2023 (July 2026)
- Insurance Information Institute (Triple-I): Renters insurance
This guide is general information, not insurance or legal advice. Coverage and requirements vary by insurer and state.
