As 2024 begins, the average insurance rate for renters coverage in the U.S. is around $148 per year, or about $12 a month, according to NerdWallet, which based the rate on a 30-year-old tenant with $30,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.
The cost of renters insurance, like most types of coverage, largely depends on where the policyholder is located. For example, renters in Wyoming and Alaska see an average premium of about $8 per month, while those in Louisiana and Mississippi have average renters costs of around $21 per month, NerdWallet reported.
According to Policygenius, renters insurance is one of the most affordable types of policies around because it does not insure a physical dwelling, just the personal property, liability and living expenses.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
