Renters Insurance Cost Calculator
Renters insurance is one of the most affordable insurance products available, yet many renters go without it. According to the National Association of Insurance Commissioners, the average US renter pays roughly $170 to $200 per year for a standard policy. This calculator estimates your annual premium based on your personal property value, liability limit, deductible, and location risk tier. The estimate uses the NAIC industry average base rate per $1,000 of coverage, adjusted for your selected deductible. Always get quotes from multiple licensed insurers for an accurate price.
Premium estimation formula
Base Rate = $4.50 per $1,000 of property coverage (NAIC average)
Deductible Adjustment: $500 deductible = 1.00x, $250 = 1.20x, $1,000 = 0.85x, $2,000 = 0.70x
Liability Add-on = $5 per $100,000 above base $100,000
Annual Premium = (Base Rate x Deductible Factor + Liability Add-on) x Risk Tier x Alarm Discount
This is an estimate for budgeting. Actual premiums depend on your insurer's rating factors, credit history (in most states), claims history, and specific coverages.
What to include in your property inventory
- Electronics: Laptops, phones, tablets, TVs, gaming consoles, cameras.
- Furniture: Sofas, beds, dining sets, desks, bookshelves.
- Clothing: Many renters underestimate clothing replacement cost. A full wardrobe can easily exceed $3,000 to $5,000.
- Kitchen items: Appliances, cookware, dishes, small appliances.
- High-value items: Jewelry, art, musical instruments, collectibles may need a scheduled endorsement for full coverage.
Frequently asked questions
What does renters insurance cover?
Renters insurance typically covers personal property (Coverage C) against named perils such as fire, theft, and vandalism; personal liability (Coverage E) if someone is injured in your home or you accidentally damage someone else's property; and additional living expenses (Coverage D) if your unit becomes uninhabitable due to a covered loss.
Does my landlord's insurance cover my belongings?
No. Your landlord's property insurance covers the building structure only. Your personal belongings, furniture, electronics, and clothing are not covered by the landlord's policy. You need your own renters insurance policy to protect your possessions.
How much personal property coverage do I need?
Take an inventory of your belongings and estimate their replacement cost. The Insurance Information Institute recommends creating a home inventory spreadsheet or video. Most renters underestimate their belongings: furniture, clothing, electronics, and kitchen items commonly total $20,000 to $50,000 or more.
How much liability coverage should renters insurance include?
Most standard renters policies include $100,000 of personal liability coverage. The Insurance Information Institute recommends at least $100,000 and suggests $300,000 if you have significant assets to protect, as medical and legal costs from an injury can easily exceed $100,000.
How much does renters insurance typically cost?
According to the National Association of Insurance Commissioners, the average renters insurance premium in the US is approximately $170 to $200 per year, or about $14 to $17 per month. Rates vary by location, coverage amounts, deductible, and insurer.
Official sources
- NAIC: Renters Insurance Consumer Guide.
- Insurance Information Institute: Do You Need Renters Insurance?
- NAIC Dwelling Fire, Homeowners Owner-Occupied and Tenant's Homeowners Insurance Report: NAIC Statistical Report.
Reviewed by the CalculatorHub team, edited by James Graham, 14 June 2026. See our methodology.