The demand for renters insurance is projected to experience rapid growth in the coming years due to ongoing global urbanization trends, landlords' increasing insistence on renters' coverage and a growing preference for renting over homeownership, according to HTF Market Intelligence.

As it stands, the nationwide average cost for renters insurance is $180 annually, or about $15 per month, according to MarketWatch.

Much like home insurance, however, renters insurance premiums vary widely depending on location. For example, renters insurance has an average annual cost of $123 in Waitsfield, Vermont, for $60,000 in coverage. On the other end of the spectrum is Erath, Louisiana, which has an average annual cost of $1,241 for renters insurance, MarketWatch reported.

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Steve Hallo

Steve Hallo is managing editor of He can be reached at [email protected]