The demand for renters insurance is projected to experience rapid growth in the coming years due to ongoing global urbanization trends, landlords' increasing insistence on renters' coverage and a growing preference for renting over homeownership, according to HTF Market Intelligence. As it stands, the nationwide average cost for renters insurance is $180 annually, or about $15 per month, according to MarketWatch. Much like home insurance, however, renters insurance premiums vary widely depending on location. For example, renters insurance has an average annual cost of $123 in Waitsfield, Vermont, for $60,000 in coverage. On the other end of the spectrum is Erath, Louisiana, which has an average annual cost of $1,241 for renters insurance, MarketWatch reported. The slideshow above reviews the states with the highest average renters insurance premiums, according to data from MarketWatch. The sample quotes are based on a 30-year-old single male with good credit and no claims history. The sample policies have a $1,000 deductible, $9,000 in loss of use coverage, $100,000 in liability coverage and $1,000 in medical payments. Other factors that go into determining a premium include the age and condition of the property, security features installed and the types of pets kept in the unit, according to MarketWatch. Further, renters insurance is typically more expensive for single-family homes. Related: |

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