Average Cost of Renters Insurance for College Students

Cost of Renters Insurance for College Students by State

College students across the United States can protect their belongings through affordable renters insurance policies. Unfortunately, many college students don’t know that they need this coverage, or that it is available to them. For college students off campus, renters insurance is a necessity, as landlords will only have insurance to cover their homes, not the belongings inside. In addition, college students living on campus may not be protected either, if their parents do not have special provisions in their homeowners insurance policies covering off-premises theft or vandalism.

For older and more established renters, a landlord may require a renters insurance policy to sign a lease. But for many college students, they have never even heard of renters insurance, and they falsely assume that their landlord covers anything happening to their belongings. Instead, you have to take it upon yourself to make sure you are covered with an affordable renters insurance policy.

Here, we break down the costs of renters insurance by state, and then we have created a state-by-stage guide, specific to college students, looking at the cost and benefit of renters insurance in your area.

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC

Metropolitan Areas with the Highest Proportions of Renting Households

New York 27%
Los Angeles 24%
San Diego 21%
Miami 21%
San Jose 20%

States with the Highest Number of Renting Households

New York 24%
California 17%
North Dakota 17%
Maryland 15%
Nevada 14%

Source: https://www.iii.org/fact-statistic/facts-statistics-renters-insurance

For renters insurance, a vast majority of renters do not have any coverage. According to the Insurance Information Institute, only 37 percent of renters have renters insurance, while 95 percent of homeowners have homeowners insurance. Since renters insurance is relatively inexpensive, especially compared to the cost of replacing stolen or damaged items, this gap in coverage is surely due to awareness, rather than neglect. Many people don’t know how easy it is to get renters insurance, and how much they can save using discounts like bundling and by getting good grades.

According to the National Association of Insurance Commissioners, states cannot base your rate on any sort of credit score and getting an alarm or camera like Ring or Nest will also save you on your premium.

Here’s a look at all 50 states and the average premiums for each. Remember there are a multitude of factors that go into a renters insurance policy premium, including location, your age and the level of coverage you are seeking.

For each state, we looked at major cities where college students might live, and we took a look at sample quotes across a few different insurance partners, such as Lemonade, State Farm, Allstate and some others. Remember that these quotes are to give you a ballpark idea of the cost, since your own specific situation may impact the premium cost, including what add-ons you choose.  

More state data coming soon!

As you can see, larger cities tend to have higher premium costs, which makes sense since there is typically more crime overall the larger the city is.

The costliest states for renters insurance premiums were New York and California, with Florida and North Dakota among the cheapest.

Highest premium state data coming soon!

The least expensive areas for renters insurance are…

Lowest premium state data coming soon!

California has the most insured renter households, with more than 3.8 million, followed by New York with 2.6 million and Texas with 2.3 million. Following behind are Florida with 1.6 million and Texas with 800,000 covered tenants.

However, this barely scratches the surface, when you consider that there are over 45 million rental households in the United States, and only 37 percent of these have any sort of rental coverage. Our mission at College Educated is to make sure that college students are educated about their future, and the risks that come from being a college student and being uninsured are high.

Source: Insurance Information Institute

Get a renters insurance quote today and compare that with the expected cost of replacing any or all your stolen items. Phones, laptops, AirPods, iPads, speakers and more all total thousands of dollars, not to mention a huge headache to replace. Having a simple renters insurance policy will give you peace of mind, and it certainly won’t break the bank, while replacing all your belongings might.