On average, renters insurance costs $15 per month. The main factor that affects whether your monthly cost will be lower or higher is the state or city you live in. For example, renters insurance averages $28 per month in Louisiana because it’s prone to extreme weather, and only $9 in Wyoming because it’s sheltered from natural disasters.
Other factors that affect the monthly cost of renters insurance include your credit and claims history, your city’s crime rate, and your home’s safety features, but it is generally very affordable.
Bear in mind that while most of the time renters insurance comes with no down payment, some insurance companies charge an extra payment on the first month.