One hundred seventy-three dollars a year. That is the national average for renters insurance, against one thousand two hundred eighty-one dollars and ninety-two cents spent on the average insured car.
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Chapters
- 0:00 Renters insurance averages $173 a year. The average car costs $1,281.92.
- 0:13 I. Two policies, one discount
- 0:36 II. Nearly free
- 0:56 III. Price it both ways
- 1:17 IV. What the renters line costs
- 1:47 V. What renters covers
- 2:10 VI. At every renewal
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The figures in this explainer come from our live dataset. Explore them for your own state or metro:
Full transcript
I. Two policies, one discount
A bundle puts both policies at one company, which unlocks a multi-policy discount, usually on each policy. The auto side is the big number. Renters is the small one: one hundred seventy-three nationally, and two hundred six in Georgia. Five set-up steps and five common questions are in the free guide.
II. Nearly free
That size gap is why renters coverage in a bundle gets called nearly free. A modest discount on a four-figure auto premium can approach the whole renters bill. But it is not free. It is a real renters policy, with its own coverage and its own claims.
III. Price it both ways
The honest caveat: one company's bundle can still lose to the two best separate policies. So the guide prices it both ways, the bundle total against the best standalone auto plus a standalone renters policy. The bundle tends to lose when the auto price is not competitive.
IV. What the renters line costs
And the renters line barely moves with the cover you pick. In NAIC data for twenty twenty-three, under ten thousand dollars of belongings cover averages one hundred fifteen dollars a year. A twenty-five thousand dollar limit averages one hundred sixty-four. At two hundred thousand and over, it is seven hundred ten. Going from twenty-five to fifty thousand costs about forty dollars more.
V. What renters covers
Either way it is the same policy: belongings, liability with legal defense, and extra living costs after a covered loss. The landlord's policy covers the building only, flood needs its own policy, and an unrelated roommate needs their own. Leases commonly require one hundred thousand dollars of liability.
VI. At every renewal
Bundling adds inertia, and insurers count on it. The two policies stay separate contracts with separate claims, and if a rival wins at renewal, both can move the same week. The full guide is free at Dreamy Leads Research. What state do you rent in, and what does your renters policy cost a year? Tell us in the comments.
Frequently Asked Questions
Is renters insurance free when you bundle?
No — but the multi-policy discount on an average $1,281.92 auto expenditure (NAIC, 2023) can approach the $173 average renters premium, which is why it can feel close.
Does bundling always save money?
No. Quote the bundle total against your best separate auto quote plus a standalone renters policy — a company can pad the auto side and hide it behind bundle convenience.
Sources
- Dreamy Leads Research Financial Data Explorer
- NAIC
- Insurance Information Institute
