Renters insurance cost information
The average price of renters insurance through Progressive Home’s program is based on 12-month policy data divided into monthly payments. Progressive Home doesn't offer renters insurance in Hawaii or Alaska.
We continuously update this page, so keep checking back for new information. When researching average prices, paying attention to the data source and the year represented is essential because renters insurance rates may change frequently. Any data that's several years old may not be relevant anymore. While this data provides insight about the average cost of renters insurance, it isn't customized to your situation. For exact prices, you can get a renters insurance quote online or by calling 1-866-749-7436.
Renters insurance cost factors
Location
The crime rate in your ZIP code can significantly influence your renters insurance rate. Many insurance companies use it to determine your likelihood of filing a renters insurance theft claim. Geographical factors such as climate and weather patterns may not influence your renters insurance cost as much they would on a homeowners insurance policy. Learn more about renters insurance requirements by state.
Type of residence
The kind of structure you're renting may influence the cost of your renters insurance per month. Renting a single-family home will likely cost more than renting an apartment because theft is considered more common in homes than in apartments.
If you're renting an apartment, bigger buildings may equal lower renters insurance rates. For example, the average cost of renters insurance in a high-rise complex may be lower than in a building with less than nine rental units. This cost increase is because high-rises often have a lower risk of theft and increased fire and security features.
Insurance score
Some renters insurance companies may use an insurance score in certain states. Companies calculate your insurance score using information on your credit report and your loss history. Insurers value this information because data suggests a correlation between credit and loss history and insurance risk. Typically, the higher your score, the lower your renters insurance cost.
Coverage selections
Increasing your coverage limits can raise the cost of your renters insurance policy. Choosing a lower renters insurance deductible, the amount you pay out of pocket if you have a claim, will also increase your renters insurance rate. On the other hand, choosing a higher deductible will decrease the price of renters insurance.
Learn more about our available renters insurance coverages.
Renters insurance cost FAQs
Why does renters insurance cost less than home insurance?
Renters insurance won’t cover the actual structure of the home or building you’re renting. This is typically covered by your landlord’s insurance.
Does the cost of renters insurance increase with high-value items?
Yes. The value of your personal property can impact your renters insurance cost. Make sure the limits on your policy’s personal property coverage are high enough to insure all your belongings. Because your renters insurance company often has sub-limits on certain items, you may need an insurance rider on your policy to cover valuable belongings such as jewelry or engagement rings.
How can I save on renters insurance?
You may be able to lower the cost of your policy with several renters insurance discounts, such as having multiple policies with Progressive, quoting in advance, paying in full, receiving documents by mail, and living in a gated or secured community.
