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.

Related:

|

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].