Renters Insurance Calculator
Estimate how much renters insurance coverage you need, see what's covered vs excluded, and find out if the premium is worth it for your situation.
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How to Use This Calculator
Coverage Need tab
The default tab. Check the categories of belongings you own — furniture, electronics, clothing, kitchen items, jewelry, and more — and adjust the dollar amounts. The calculator totals your belongings, recommends a coverage amount, and estimates your monthly premium based on your deductible, liability limit, and medical payments selection. Expand "More options" to adjust the deductible and see how it affects your premium.
What’s Covered? tab
Select a specific scenario — theft, fire, water damage from a burst pipe, windstorm, vandalism, liability incident, or guest injury — and see whether it’s covered, the typical claim amount, your deductible applied, and the estimated payout. Each scenario includes common exclusions and practical tips for filing claims.
Is It Worth It? tab
Enter your total belongings value, monthly rent, how long you plan to rent, and your risk tolerance. The calculator compares the annual premium vs expected loss, shows break-even analysis (how many years of premiums equal one claim payout), and compares insuring vs self-insuring.
Share your result
Every input is encoded in the URL. Click Share to send your exact scenario to a roommate, landlord, or insurance agent.
How Premiums Are Estimated
Renters insurance premiums (HO-4 policy) depend on several factors:
Adjustments:
• $500 deductible → baseline
• $1,000 deductible → -10% premium
• $2,500 deductible → -18% premium
• $300K liability (vs $100K) → +$3/month
• $5K medical payments (vs $1K) → +$1.50/month
• Bundling with auto → -5% to -20% discount
Estimated Monthly Premium = (Coverage ÷ 1,000) × Base Rate × Adjustments
Actual premiums vary by state (Louisiana averages $35/mo, Alaska $6/mo), credit score, claims history, building type (frame vs masonry), floor level, and proximity to a fire station. RCV (Replacement Cost Value) policies cost 10-15% more than ACV (Actual Cash Value) but pay the full cost to replace items without depreciation. Most experts recommend RCV.
Example
Jordan — renting a 1BR apartment in Chicago, IL
Jordan is 28, rents a 1-bedroom apartment for $1,400/month. He owns about $16,000 in belongings: $5,000 furniture, $3,000 electronics, $3,000 clothing, $2,000 kitchen items, $2,000 jewelry, and $1,000 other. His landlord requires renters insurance with at least $100K liability.
Coverage Need tab
Jordan pays $21/month for $16,000 in property protection, $300,000 in liability coverage, and $5,000 in medical payments. That’s less than his monthly coffee spend.
Is It Worth It? tab
One fire or theft and the policy pays for itself 80 times over. The $100K liability protection alone — covering lawsuits from a guest slipping in Jordan’s apartment — makes the $16/month a no-brainer.