Renters insurance costs vary depending on several factors, including the location of the rental property, the coverage amount, and the deductible. On average, renters insurance can cost between $120 to $190 per year, which is relatively affordable compared to other types of insurance. The actual cost can be higher or lower based on individual circumstances. Factors that can influence the cost include the value of personal belongings, the chosen coverage limits, the location's crime rate, and the deductible amount. It's important to shop around and compare quotes from different insurance providers to find the best coverage at a competitive price. Additionally, bundling renters insurance with other policies, such as auto insurance, may lead to discounts. Overall, renters insurance is a valuable investment to protect personal belongings and provide liability coverage in case of unforeseen events.