Renters Insurance Calculator
Personal property, deductible and liability - priced for your state
Belongings value - about $30,000 is typical for a two-bedroom apartment.
What this result means
Adjust the inputs above to see the analysis.
Your policy vs the national average
How this is calculated
Renters premiums are built from four levers: the value of your contents, your state's disaster exposure, the deductible you accept, and your claim history. The base reflects the national average near $16-$20 per month for $30,000 of contents at a $1,000 deductible and $300,000 liability; state factors follow published 2026 market spreads where coastal wind, hurricane and wildfire exposure run well above the median. Your landlord's policy covers the building only - your contents and liability are on you.
- Term length typically matches the longest dependency (kids to adulthood, mortgage paid off).
- Whole life is usually 6–10x the price for the same death benefit — buy term, invest the difference.
Numbers you can check
$70,000 income, 10-year replacement, $250k debts, $100k education, $15k final expenses, $100k existing cover, $50k savings: need 1,065,000 − 150,000 = $915,000 gap.
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Renters Insurance: What It Costs and What It Covers
Renters insurance is the cheapest real protection in personal finance - typically $15-$35 per month for the average tenant. It covers three things your landlord's policy does not: your belongings (fire, theft, water damage, wind), your liability if someone is injured in your unit or you damage someone else's property, and additional living expenses if a covered loss makes the place unlivable (you still pay rent, the policy covers the delta).
- Contents: $30,000 is a common two-bedroom budget - schedule jewelry, bikes and electronics separately if they exceed $2,500 per item
- Deductible: $1,000 saves roughly 10-15% over $500 and still clears small claims math; $2,000 saves more but you absorb more of a laptop theft
- Liability: $300,000 is the standard tenant limit and costs little more than $100,000 - take it
- Landlord requirements: many leases mandate $100,000 liability - a barebones policy satisfies most landlords for under $15/month
This calculator prices your choices against your state's market, then shows where you land versus the national average - so you know when a quote is a deal and when it is just the ZIP code. Compare with our home insurance hub for the homeowners side and carrier landscape.
Types of Life Insurance
Written by Finance Experts · Last updated September 2026
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Frequently Asked Questions
How much is renters insurance per month?
The national average is roughly $15-$20 per month ($180-$240 per year) for $30,000 of personal property coverage, a $1,000 deductible and $300,000 liability. Coastal and storm-exposed states such as Florida, Louisiana and Texas run 30-60% above that, while quieter inland states sit slightly below.
Is renters insurance required by law?
No state requires renters insurance, but landlords can require it as a lease condition - typically $100,000 in personal liability coverage. Even when it is optional, tenants with more than a few thousand dollars of belongings should carry it: replacing a furnished apartment after a fire far exceeds one year of premiums.
What does renters insurance actually cover?
Personal property against named perils such as fire, theft, vandalism and wind; personal liability for injuries you cause to others or damage to their property; additional living expenses when a covered loss makes the unit unlivable; and medical payments for guests injured on the premises. Floods and earthquakes are excluded - those need separate policies or endorsements.
How much personal property coverage do I need?
Total what it costs to replace your belongings at today's prices - not their resale value - and use that number. $20,000-$40,000 covers most two-bedroom tenants; choose replacement cost coverage over actual cash value, which deducts for depreciation and pays far less on aging furniture and electronics.
Does renters insurance cover my roommate?
Generally no. A policy covers the named tenant and their relatives by blood or marriage. Roommates need their own policy unless they are named on the lease and added as an insured - which usually raises the premium slightly and is worth doing in writing.
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