As 2024 begins, the average insurance rate for renters coverage in the U.S. is around $148 per year, or about $12 a month, according to NerdWallet, which based the rate on a 30-year-old tenant with $30,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible. The cost of renters insurance, like most types of coverage, largely depends on where the policyholder is located. For example, renters in Wyoming and Alaska see an average premium of about $8 per month, while those in Louisiana and Mississippi have average renters costs of around $21 per month, NerdWallet reported. According to Policygenius, renters insurance is one of the most affordable types of policies around because it does not insure a physical dwelling, just the personal property, liability and living expenses. Much like other types of property insurance, renters coverage can either pay out replacement costs or actual cash value (ACV). When a claim occurs on a replacement cost policy, the insurer pays for the value to replace items as if they were new, while ACV pays the depreciated amount for the belongings. The above slideshow reviews the highest-rated renters insurance carriers, according to NerdWallet. NAIC complaint ratings are relative to a company's size and are based on grievances filed with state regulators over a three-year period. Related: |

• Real-life renters insurance claims tenants should know about
• 5 reasons for insureds to consider renters insurance
• Renters insurance 101: Protecting your college student's tech