III - Renters Insurance

FACTS AND STATISTICS

Renters Insurance

AVERAGE PREMIUMS FOR HOMEOWNERS AND RENTERS INSURANCE, UNITED STATES,
1999-2005

Year	Homeowners (1)	Percent change	Renters (2)	Percent change
1999	$488	1.5%	$171	0.6%
2000	508	4.1	175	2.3
2001	536	5.5	178	1.7
2002	593	10.6	186	4.5
2003	668	12.6	192	3.2
2004	729	9.1	195	1.6
2005	764	4.8	193	-1.0
(1) 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, broad named-peril coverage on personal property, and is the most common package written. (2) Based on the HO-4 renters insurance policy for tenants. Includes broad named-peril coverage for the personal property of tenants. Source: ©2007 National Association of Insurance Commissioners. Reprinted with permission. Further reprint or distribution strictly prohibited without written permission of NAIC.

A 2006 Insurance Research Council poll found that 96 percent of homeowners had homeowners insurance while 43 percent of renters had renters insurance.

AVERAGE PREMIUMS FOR HOMEOWNERS AND RENTERS INSURANCE, BY STATE, 2005

	Homeowners		Renters			Homeowners		Renters
State	Average premium (1)	Rank	Average premium (2)		State	Average premium (1)	Rank	Average premium (2)	Rank
Alabama	$847	9	$225	6	Montana	$663	29	$163	35
Alaska	837	11	184	21	Nebraska	767	20	157	40
Arizona	635	38	219	9	Nevada	671	28	211	13
Arkansas	775	19	218	10	New Hampshire	636	37	157	41
California (3)	895	7	257	2	New Jersey	682	26	179	22
Colorado	807	17	174	25	New Mexico	605	42	203	15
Connecticut	823	15	199	17	New York	842	10	223	7
Delaware	498	47	158	37	North Carolina	644	33	153	42
Dist. of Columbia	963	5	188	20	North Dakota	736	21	128	49
Florida	1,083	3	202	16	Ohio	531	46	166	32
Georgia	672	27	214	12	Oklahoma	996	4	242	5
Hawaii	837	12	215	11	Oregon	491	49	168	31
Idaho	457	51	157	39	Pennsylvania	624	40	150	44
Illinois	660	30	174	26	Rhode Island	849	8	193	18
Indiana	639	36	177	23	South Carolina	817	16	189	19
Iowa	594	43	139	48	South Dakota	622	41	124	51
Kansas	836	13	173	27	Tennessee	692	24	209	14
Kentucky	628	39	163	33	Texas (4)	1,372	1	269	1
Louisiana	1,144	2	244	4	Utah	477	50	146	47
Maine	553	45	147	46	Vermont	646	32	159	36
Maryland	696	23	163	34	Virginia	641	34	149	45
Massachusetts	827	14	220	8	Washington	589	44	173	30
Michigan	734	22	173	28	West Virginia	640	35	177	24
Minnesota	790	18	150	43	Wisconsin	495	48	126	50
Mississippi	939	6	253	3	Wyoming	649	31	158	38
Missouri	688	25	173	29	United States	$764		$193
(1) 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, broad named-peril coverage on personal property, and is the most common package written. (2) Based on the HO-4 renters insurance policy for tenants. Includes broad named-peril coverage for the personal property of tenants. (3) California data were provided by the California Department of Insurance. (4) The Texas Department of Insurance developed home insurance policy forms that are similar but not identical to the standard forms. 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 Expenditures and does not endorse any conclusions drawn from this data. Source: © 2007 National Association of Insurance Commissioners. Reprinted with permission. Further reprint or distribution strictly prohibited without written permission of NAIC.

PROPERTY CRIME RATES BY TYPE OF HOUSEHOLD, 2005 (1)

Type of household	Burglary (2)	Motor vehicle theft	Theft (3)	Total property
Renters	38.6	13.3	140.3	192.3
Owners	25.3	6.1	105.1	136.5
Percent difference (renters vs. owners)	52.6%	118.0%	33.5%	40.9%
(1) Rate per 1,000 households. (2) Involves unlawful or forcible entry. (3) Does not involve personal contact or forced entry. Source: U. S. Bureau of Justice Statistics, National Crime Victimization Survey.

Rented households are burglarized at rates about 50 percent higher than owned households.

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