Renters insurance in the United States costs an average of $148 annually, or about $12 each month, according to Nerd Wallet, though that number fluctuates depending on where someone lives. While renters insurance doesn’t cover damage to the structure, rates are still largely based upon how prone an area is to natural disasters like severe storms, hurricanes and flooding.
Renters insurance generally includes coverage for liability, the renters’ personal property and additional living expenses that may be incurred if a renter has to leave their unit due to a covered peril. Coverage limits vary policy-to-policy, but it is common for a renter to purchase policies with a threshold somewhere from $100,000 to $300,000.
Insurify compared renters insurance rates across the U.S. to determine how they ranked when it came to the affordability of coverage. Their research found the cheapest states for renters insurance are:
1. North Dakota: $120 annually 2. South Dakota $123 annually 3. Minnesota: $140 annually 4. Nebraska: $144 annually 5. Iowa: $144 annually
In the slideshow above, we’ll look at the ten states where renters can expect to pay the highest premiums for insurance coverage, according to Insurify.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.