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The average U.S. tenant pays $264 annually for renters insurance, but costs climb much higher in certain areas, especially the south, according to Insurify.
Several factors influence renters insurance costs, the data showed, and they vary significantly between states and cities including building and security features, neighborhood property crime rates, area fire incident rates, response times and individual policy details.
"A renter's credit history also comes into play in many areas," Insurify said in the report. "The average credit score in the U.S. is 715. But the average credit score among the 10 most expensive cities for renters insurance is 670."
Meanwhile, the average household income in the most expensive cities is $69,994, but among the cheapest cities, it's $85,032, according to 2024 U.S Census Bureau data.
Key findings…
- New York is among the least expensive states for renters insurance, with an annual average rate of just $216. Manhattan renters pay a little more, at $264 per year, but Syracuse renters pay the second-lowest average rates among cities, at $168 per year.
- Six of the 10 most expensive cities for renters insurance are in Louisiana and Mississippi.
- Delaware is the least expensive state for renters insurance, with an annual average rate of $180. But Rapid City, South Dakota, is the least expensive city in the country, where renters pay just $156 per year on average.
- Renters insurance costs have risen significantly in the last two years, according to the Consumer Price Index. The index was 169.9 in September, up from 150.5 in September 2022.
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