The cost of renters insurance can vary based on several factors, including the location of the rental property, the coverage amount, and the insurance company. On average, renters insurance costs around $180 to $300 per year. However, this figure can fluctuate significantly depending on the specific circumstances. Factors such as the crime rate in the area, the value of the insured belongings, and the chosen deductible can all influence the final cost. It's important for renters to carefully assess their individual needs and compare quotes from different insurance providers to find the most suitable and affordable coverage. Additionally, bundling renters insurance with other policies, such as auto insurance, may lead to discounts and cost savings. Ultimately, the cost of renters insurance is a worthwhile investment in protecting personal belongings and providing liability coverage in the event of unforeseen incidents.