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How much is renters insurance?

For most people who rent an apartment or home, the cost of renters insurance fits within their budget.

Renters insurance runs about $15 a month for approximately $35,000 in coverage limits, based on the National Association of Insurance Commissioners (NAIC) survey. That’s almost less than a fast-food lunch.

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Moving to her new apartment, a daughter laughs over packing green throw pillows into boxes. Her grinning mother holds a yellow desk lamp.

Renters insurance savings

Bundling renters and auto policies might save enough to cover the cost of your new renters policy.1 But it’s not the only way you can save money. Installing a home security device also may help keep money in your pocket.

Explore renters insurance savings

Take an inventory to determine need

Personal property coverage is probably the main reason you purchase a renters policy. The coverage will reimburse you for covered damage, loss, or theft of your personal possessions up to a certain dollar amount, so you'll want to make sure you get that amount right.

Performing a home inventory is a good way to determine how much property coverage you need. Follow this step-by-step checklist to inventory your personal property:

  1. List each item, when you acquired it and the purchase price or current value.
  2. Total the amounts of these items for a rough idea of what your property is worth.
  3. Once this is done, put your inventory in a safe place away from home - for example, in a bank safe deposit box.
  4. Consider adding photos to your inventory – it could help if you have a claim.

Choose the right renters insurance deductible

A deductible is the amount you’re responsible for when you file a claim. For example, suppose your covered burglary claim is $10,000 and your deductible is $500. The amount of your claim settlement after applying your deductible is $9,500.

Generally, the higher the deductible, the lower your premium. However, with the higher deductible, the bigger your financial responsibility will be if you file a claim. When choosing a deductible, think carefully about the out-of-pocket costs that you are willing, and able, to pay. Your agent can help you determine the deductible that’s right for you.

Additional coverages available

You may want more coverage than your renters policy provides. We can help.

Inflation coverage

Automatically increases the amount of your insurance coverage on your personal property as inflation changes the cost of living. The changes are based on the movement of an inflation index and are reflected in the premium at each annual policy renewal. This coverage provides payment based on the cost to repair or replace the damaged property at the time of loss, if actually replaced.

Tip: Select replacement cost coverage from State Farm to get the most protection for your money.

Personal liability

Provides payment for your legal liability because of bodily injury or property damage caused by an accident to which the coverage applies. In addition, it may provide for the payment of your legal defense arising from these claims or suits.

Medical payments to others

Pays medical expenses up to the limits in the policy for people who are on your premises with your permission and are accidentally injured from a covered loss.

Additional provisions about personal property to consider

Limited replacement cost loss settlement

Provides payment based on the cost to repair or replace the damaged property at the time of loss.

Depreciated loss settlement

Provides payment based on the cost to repair or replace damaged property less depreciation at the time of loss.

Personal property special limits

Most policies have maximum limits the company will pay for loss to specified types of property (these limits can vary among companies). So, while the Personal Property Loss Settlement provisions determine the loss payment on your personal property, know that special coverage limits apply to certain types of property, including

  • Boats and other watercraft equipment
  • Money, bank notes and coins (including collections)
  • Property used or intended for use in a business
  • Securities, checks, travelers checks, gift cards, phone cards
  • Stamps, trading cards and comic books (including collections)
  • Theft losses of jewelry, furs, firearms, silverware and goldware, rugs, tapestries and wall hangings

If you need higher limits for certain types of property, your State Farm agent can help.

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1 Customers may always choose to purchase only one policy, but the discount for two or more purchases of different lines of insurance will not then apply. Savings, discount names, percentages, availability and eligibility may vary by state.


This document contains only a general description of coverages and is not a statement of contract. All coverages are subject to all policy provisions and applicable endorsements. For further information, please see a State Farm Agent.

Please refer to your actual policy for a complete list of covered losses or a complete list of losses not insured and policy exclusion.

Actual annual premiums for Renters insurance will vary depending on coverages selected, amounts of coverage, deductibles, and other factors. This is only a general description of coverage and not a statement of contract. Coverage is subject to the terms, provisions, exclusions and conditions in the policy itself and in any endorsements.

State Farm Fire and Casualty Company
Bloomington, IL

State Farm General Insurance Company
Bloomington, IL

State Farm Florida Insurance Company
Winter Haven, FL

State Farm Lloyds
Richardson, TX