What renters insurance costs, and what moves the price

Renters · Updated October 2026

Why renters insurance costs so little

Your renters policy doesn't insure the building, only your belongings and your liability. That's a much smaller risk than a homeowners policy, which is why renters insurance is often one of the cheapest policies a household buys. Exact prices depend on the company and your situation, so the best way to know yours is a quote.

What affects your price

• Personal property limit. More coverage costs more, but the increase is usually modest.
• Liability limit. Moving from $100,000 to $300,000 often adds little.
• Deductible. A $1,000 deductible costs less than $500.
• Replacement cost vs actual cash value. Replacement cost costs a bit more and pays far better.
• Location. Your ZIP code and building affect theft and weather risk.
• Building features. Smoke detectors, sprinklers and security systems may lower the price with some companies.
• Claims history.
• Dogs. Some companies ask about breed for liability.
• Credit-based insurance score, where allowed.
• Scheduled valuables, such as an engagement ring.

Ways to lower the cost

• Bundle with your auto policy. This is the big one. Many companies offer a multi-policy discount that can offset much of the renters premium. Sometimes adding renters makes the total bill barely change.
• Choose a sensible deductible.
• Pay in full or set up automatic payments.
• Ask about protective device discounts.

Don't cut the wrong things

Dropping liability to the lowest option or choosing actual cash value to save a few dollars a month can cost thousands after a loss. Renters insurance is inexpensive enough that the better coverage is usually worth it.

Get a real number

We can quote renters by itself and bundled with your auto, so you can see the difference. It takes a few minutes by phone, and proof is emailed to you.

Replacement cost math, in one example

A fire destroys your belongings: a four-year-old couch, a three-year-old TV, a five-year-old bed, clothes and kitchen items that would cost $22,000 to replace new.

• Replacement cost policy, $500 deductible: about $21,500 to buy new things.
• Actual cash value policy, $500 deductible: depreciated value, which might be closer to $9,000 or $10,000.

The premium difference between the two is usually small. The payout difference is not.

Valuables

If you own an engagement ring, a watch, a firearm collection or other high-value items, standard renters policies limit coverage for those categories. Scheduling them adds cost but provides broader coverage, often including loss. It is usually worth it for anything you could not easily replace.

Common questions

How much is renters insurance in Missouri?

It varies by company, coverage and location, but renters insurance is usually one of the least expensive policies available. A quote takes a few minutes.

Is renters insurance cheaper with car insurance?

Often, yes. Many companies discount both when bundled.

Does a higher deductible lower renters insurance?

Usually, yes.

Is replacement cost worth the extra cost?

Usually. It pays to buy new items instead of depreciated value.

Related

• Renters insurance
• What renters insurance covers, and what it doesn't
• How much renters insurance do you need?
• Bundling renters with your car insurance

Questions about your own situation? Call 417.206.3733 or send us your current policy. We are licensed in Missouri, Kansas and Oklahoma, and you can buy by phone without coming in.