Facts + Statistics: Renters insurance

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  • According to the National Association of Insurance Commissioners: 
    • The average premiums for renters insurance in 2021 was $170.
    • Renters in Mississippi, Louisiana and Alabama had the highest renters insurance premiums.
    • Renters in North Dakota, South Dakota and Wisconsin had the lowest premiums.
  • According to data from the US Department of Commerce, the US Census Bureau, and American Community Survey:
    • The percent of renter occupied units spending more than 30 percent on rent and utilities in 2022 was 48.2 percent. Florida, Nevada, and California had the largest percentage of rental units in which occupants spent at least 30 percent of their household income on rent and utilities. 

Average Premiums for Homeowners and Renters Insurance, 2012-2021 (1)

 

Year Homeowners (2) Percent change Renters (3)  Percent change
2012 1,034 5.6% 187 (4)
2013 1,096 6.0 188 0.5%
2014 1,132 3.3 190 1.1
2015 1,173 3.6 188 -1.1
2016 1,192 1.6 185 -1.6
2017 1,211 1.6 180 -2.7
2018 1,249 3.1 179 -0.6
2019 1,272 1.8 174 -2.8
2020 1,311 3.1 173 -0.6
2021 1,411 7.6 170 -1.7

(1) Includes state funds, residual markets and some wind pools.
(2) Based on the HO-3 homeowner package policy for owner-occupied dwellings, 1 to 4 family units. Provides all risks coverage (except those specifically excluded in the policy) on buildings and broad named-peril coverage on personal property, and is the most common package written.
(3) Based on the HO-4 renters insurance policy for tenants. Includes broad named-peril coverage for the personal property of tenants.
(4) Less than 0.1 percent.

Source: National Association of Insurance Commissioners (NAIC). Further reprint or distribution strictly prohibited without written permission of NAIC.

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Average Premiums for Homeowners and Renters Insurance by State, 2021 (1)

 

  Homeowners Renters   Homeowners Renters
State Average
premium (2)		 Rank (3) Average
premium (4)		 Rank (3) State Average
premium (2)		 Rank (3) Average
premium (4)		 Rank (3)
Alabama 1,610 12 222 3 Montana 1,471 15 154 31
Alaska 1,067 35 184 8 Nebraska 1,684 9 141 46
Arizona 917 46 160 25 Nevada 863 48 175 14
Arkansas 1,611 11 206 5 New Hampshire 1,090 34 145 42
California (5) 1,403 20 177 13 New Jersey 1,309 23 151 34
Colorado 1,802 6 159 27 New Mexico 1,229 30 175 14
Connecticut 1,651 10 171 18 New York 1,455 17 164 22
Delaware 988 44 144 44 North Carolina 1,192 33 164 22
D.C. 1,272 25 150 36 North Dakota 1,256 27 114 51
Florida 2,437 1 175 14 Ohio 920 45 160 25
Georgia 1,466 16 205 6 Oklahoma 2,155 3 221 4
Hawaii 1,299 24 172 17 Oregon 793 50 150 36
Idaho 884 47 146 40 Pennsylvania 1,014 40 147 39
Illinois 1,223 31 154 31 Rhode Island 1,900 5 178 12
Indiana 1,058 36 162 24 South Carolina 1,432 18 184 8
Iowa 1,043 37 135 47 South Dakota 1,270 26 117 50
Kansas 1,491 14 159 27 Tennessee 1,368 21 183 10
Kentucky 1,232 29 156 30 Texas (6) 2,146 4 204 7
Louisiana 2,259 2 243 2 Utah 831 49 145 42
Maine 996 42 146 40 Vermont 1,025 38 150 36
Maryland 1,238 28 152 33 Virginia 1,199 32 151 34
Massachusetts 1,712 8 168 21 Washington 1,001 41 159 27
Michigan 993 43 179 11 West Virginia 1,016 39 170 20
Minnesota 1,607 13 132 48 Wisconsin 780 51 127 49
Mississippi 1,766 7 258 1 Wyoming 1,432 18 142 45
Missouri 1,340 22 171 18 United States $1,411   $170  

(1) Includes state funds, residual markets and some wind pools.
(2) Based on the HO-3 homeowner package policy for owner-occupied dwellings, 1 to 4 family units. Provides all risks coverage (except those specifically excluded in the policy) on buildings and broad named-peril coverage on personal property, and is the most common package written.
(3) Ranked from highest to lowest. States with the same premium receive the same rank.
(4) Based on the HO-4 renters insurance policy for tenants. Includes broad named-peril coverage for the personal property of tenants.
(5) Data provided by the California Department of Insurance.
(6) Texas data were obtained from the Texas Department of Insurance.

Note: Average premium=Premiums/exposure per house years. A house year is equal to 365 days of insured coverage for a single dwelling. The NAIC does not rank state average premiums and does not endorse any conclusions drawn from this data.

Source: National Association of Insurance Commissioners (NAIC). Further reprint or distribution strictly prohibited without written permission of NAIC.

View Archived Tables

Top 10 Most Expensive And Least Expensive States For Homeowners Insurance Premiums, 2021 (1)

 

Rank (3) Most expensive states Average premium (2) Rank (3) Least expensive states Average premium (2)
1 Florida $2,437 1 Wisconsin $780
2 Louisiana 2,259 2 Oregon 793
3 Oklahoma 2,155 3 Utah 831
4 Texas (4) 2,146 4 Nevada 863
5 Rhode Island 1,900 5 Idaho 884
6 Colorado 1,802 6 Arizona 917
7 Mississippi 1,766 7 Ohio 920
8 Massachusetts 1,712 8 Delaware 988
9 Nebraska 1,684 9 Michigan 993
10 Connecticut 1,651 10 Maine 996

(1) Includes state funds, residual markets and some wind pools.
(2) Based on the HO-3 homeowner package policy for owner-occupied dwellings, 1 to 4 family units. Provides all risks coverage (except those specifically excluded in the policy) on buildings and broad named-peril coverage on personal property, and is the most common package written.
(3) Ranked from highest to lowest. States with the same premium receive the same rank.
(4) Texas data were obtained from the Texas Department of Insurance.

Note: Average premium=Premiums/exposure per house years. A house year is equal to 365 days of insured coverage for a single dwelling. The NAIC does not rank state average premiums and does not endorse any conclusions drawn from this data.

Source: National Association of Insurance Commissioners (NAIC). Further reprint or distribution strictly prohibited without written permission of NAIC.

View Archived Tables

Percent Of Occupied Housing Units That Are Owner Occupied, 2022

 

State Percent Rank (1) State Percent Rank (1)
Alabama 70.2% 15 Montana 68.8% 19
Alaska 66.1 36 Nebraska 66.0 37
Arizona 67.4 26 Nevada 60.3 48
Arkansas 66.5 33 New Hampshire 72.3 7
California 55.8 49 New Jersey 64.6 41
Colorado 66.4 34 New Mexico 70.9 13
Connecticut 66.3 35 New York 54.1 50
Delaware 74.1 2 North Carolina 66.7 32
D.C. 41.0 51 North Dakota 65.1 40
Florida 67.2 29 Ohio 67.3 28
Georgia 65.9 38 Oklahoma 65.4 39
Hawaii 62.6 45 Oregon 62.8 44
Idaho 72.3 7 Pennsylvania 69.1 18
Illinois 67.1 31 Rhode Island 63.3 43
Indiana 70.8 14 South Carolina 72.0 10
Iowa 72.0 10 South Dakota 69.6 17
Kansas 67.7 22 Tennessee 67.2 29
Kentucky 68.8 19 Texas 62.5 46
Louisiana 67.6 24 Utah 71.2 12
Maine 74.1 2 Vermont 73.7 4
Maryland 67.7 22 Virginia 67.4 26
Massachusetts 62.2 47 Washington 64.2 42
Michigan 73.2 5 West Virginia 74.5 1
Minnesota 72.1 9 Wisconsin 68.1 21
Mississippi 69.9 16 Wyoming 72.7 6
Missouri 67.6 24 United States 65.2%  

(1) States with the same percentages receive the same rank.

Source: U.S. Department of Commerce, Census Bureau; American Community Survey.

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Percent Of Renter Occupied Units Spending 30 Percent Or More Of Their Income On Rent And Utilities, 2022

 

State Percent (1) Rank (2) State Percent (1) Rank (2)
Alabama 42.7% 40 Montana 40.3% 47
Alaska 39.3 48 Nebraska 43.3 35
Arizona 49.4 11 Nevada 54.3 2
Arkansas 40.4 46 New Hampshire 46.3 22
California 53.1 3 New Jersey 49.7 8
Colorado 50.9 5 New Mexico 47.6 16
Connecticut 49.5 10 New York 49.4 11
Delaware 44.8 28 North Carolina 44 32
D.C. 45.3 25 North Dakota 38 50
Florida 56.3 1 Ohio 43.2 36
Georgia 47.6 16 Oklahoma 42.9 37
Hawaii 52.9 4 Oregon 49.9 7
Idaho 43.5 33 Pennsylvania 44.7 30
Illinois 45.9 24 Rhode Island 44.8 28
Indiana 44.9 27 South Carolina 46.5 21
Iowa 41.7 45 South Dakota 35.8 51
Kansas 43.5 33 Tennessee 44.1 31
Kentucky 42.5 41 Texas 49.6 9
Louisiana 48.5 15 Utah 45 26
Maine 42.8 38 Vermont 47 19
Maryland 48.8 13 Virginia 46.3 22
Massachusetts 50.5 6 Washington 48.6 14
Michigan 46.6 20 West Virginia 41.8 44
Minnesota 47.2 18 Wisconsin 42.8 38
Mississippi 42.4 42 Wyoming 38.6 49
Missouri 42.2 43 United States 48.2%  

(1) Percent of renter-occupied units spending 30 percent or more on rent and utilities such as electric, gas, water and sewer, and fuel (oil, coal, etc.) if paid by the renter.
(2) States with the same percentages receive the same rank.

Source: U.S. Department of Commerce, Census Bureau; American Community Survey.

View Archived Tables

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