Renters Insurance Calculator: Cost and Coverage
Renters paid $173 a year on average for an HO-4 policy in 2023, from $125 in South Dakota to $263 in Mississippi (NAIC). Pick your state to start from its average, then enter what your belongings are worth, the coverage type and the deductible to see your premium and any gaps in coverage.
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Pre-filled: NAIC countrywide HO-4 average premium, data for 2023 (pick your state above for its own average)
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Estimated Annual Premium
Estimated • Based on your inputs
Estimated Monthly Cost
$14.00
Detailed Breakdown
Disclaimer: This calculator provides estimates for informational purposes only. Results should not be considered financial, tax, or legal advice. Consult a qualified professional for your specific situation.
How this calculator works
The estimate starts from an average HO-4 premium (pick a state for NAIC's 2023 Table 5 figure, or keep the $173 countrywide average) and treats it as the price of a $25,000 personal-property policy, the example the Insurance Information Institute uses; more or less coverage scales the premium in proportion. That anchor runs slightly high: NAIC's countrywide band data puts the median renters policy at $20,000-$24,999 of coverage, and the $25,000-$29,999 band averaged $164 against the $173 blended average. Two adjustments come from III: replacement-cost coverage costs about 10% more than actual cash value, and a deductible of $1,000 or more can save up to 25%. The liability limit you pick is shown as a recommendation only, because insurers do not publish a standard price for raising it. Off-premises coverage is shown at about 10% of the property limit (III's example), and any jewelry above the usual $1,500 sub-limit is flagged as needing a floater.
Source: NAIC Homeowners Report, data for 2023 (Table 5, HO-4 Total-row average premium by state) checked
Average renters insurance premium by state (NAIC, data for 2023)
NAIC Table 5, HO-4 Total-row average premium per state, against the $173 countrywide average. The last column is this calculator's estimate from that average for $25,000 of belongings at actual cash value with a $500 deductible.
| State | HO-4 average a year | Per month | vs countrywide | Calculator estimate, $25,000 of belongings |
|---|---|---|---|---|
| Alabama | $219 | $18 | +27% | $219 |
| Alaska | $193 | $16 | +12% | $193 |
| Arizona | $166 | $14 | -4% | $166 |
| Arkansas | $208 | $17 | +20% | $208 |
| California | $171 | $14 | -1% | $171 |
| Colorado | $166 | $14 | -4% | $166 |
| Connecticut | $177 | $15 | +2% | $177 |
| Delaware | $146 | $12 | -16% | $146 |
| Florida | $186 | $16 | +8% | $186 |
| Georgia | $206 | $17 | +19% | $206 |
| Hawaii | $178 | $15 | +3% | $178 |
| Idaho | $152 | $13 | -12% | $152 |
| Illinois | $155 | $13 | -10% | $155 |
| Indiana | $167 | $14 | -3% | $167 |
| Iowa | $142 | $12 | -18% | $142 |
| Kansas | $163 | $14 | -6% | $163 |
| Kentucky | $160 | $13 | -8% | $160 |
| Louisiana | $250 | $21 | +45% | $250 |
| Maine | $146 | $12 | -16% | $146 |
| Maryland | $162 | $14 | -6% | $162 |
| Massachusetts | $180 | $15 | +4% | $180 |
| Michigan | $178 | $15 | +3% | $178 |
| Minnesota | $137 | $11 | -21% | $137 |
| Mississippi | $263 | $22 | +52% | $263 |
| Missouri | $173 | $14 | same | $173 |
| Montana | $163 | $14 | -6% | $163 |
| Nebraska | $146 | $12 | -16% | $146 |
| Nevada | $174 | $15 | +1% | $174 |
| New Hampshire | $153 | $13 | -12% | $153 |
| New Jersey | $151 | $13 | -13% | $151 |
| New Mexico | $177 | $15 | +2% | $177 |
| New York | $176 | $15 | +2% | $176 |
| North Carolina | $174 | $15 | +1% | $174 |
| North Dakota | $127 | $11 | -27% | $127 |
| Ohio | $163 | $14 | -6% | $163 |
| Oklahoma | $220 | $18 | +27% | $220 |
| Oregon | $160 | $13 | -8% | $160 |
| Pennsylvania | $153 | $13 | -12% | $153 |
| Rhode Island | $184 | $15 | +6% | $184 |
| South Carolina | $187 | $16 | +8% | $187 |
| South Dakota | $125 | $10 | -28% | $125 |
| Tennessee | $189 | $16 | +9% | $189 |
| Texas | $201 | $17 | +16% | $201 |
| Utah | $148 | $12 | -14% | $148 |
| Vermont | $155 | $13 | -10% | $155 |
| Virginia | $158 | $13 | -9% | $158 |
| Washington | $165 | $14 | -5% | $165 |
| West Virginia | $172 | $14 | -1% | $172 |
| Wisconsin | $133 | $11 | -23% | $133 |
| Wyoming | $141 | $12 | -18% | $141 |
Comparing NAIC's data-for-2023 report with its data-for-2021 report (Table 5, HO-4) shows the countrywide average rising from $170 to $173 and state averages rising in 41 states. A state's homeowners (HO-3) average is not comparable line for line: it covers the building too.
Frequently Asked Questions
How much is renters insurance?
The countrywide average HO-4 premium was $173 a year in 2023, about $14 a month (NAIC). State averages ran from $125 in South Dakota to $263 in Mississippi. At the countrywide average, this calculator gives $173 a year for $25,000 of belongings at actual cash value with a $500 deductible.
How much renters insurance coverage do I need?
Enough personal-property coverage to replace what you own, which a home inventory tells you, and at least $100,000 of liability; some experts suggest $300,000 or more. Add a floater for jewelry or collectibles worth more than the policy's sub-limit.
What does renters insurance not cover?
Flood and earthquake damage (separate policies), your car (auto insurance) and the building itself, which is the landlord's policy. Valuables above the sub-limit need a floater.