Only about 37% of renters regularly buy renters insurance, compared to the 95% of homeowners who buy insurance on their home, according to the Insurance Information Institute. For a typical 2-bedroom apartment, the average American renter pays $180 a year, but rates are higher in the South due primarily to higher property crime rates and weather-related damages. What states have the least affordable renters insurance?
1. Mississippi, $258 a year with a mean monthly rent of $812.
2. Oklahoma, $236 a year with a mean monthly rent of $778.
3. Louisiana, $235 a year with mean monthly rent of $883
4. Alabama, 235 a year with mean monthly rent of $835