Facts + Statistics: Renters insurance

  • According to the National Association of Insurance Commissioners: 
    • The average premiums for renters insurance in 2020 was $173.
    • Renters in Mississippi, Louisiana and Oklahoma had the highest 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, 2011-2020

 

Year Homeowners (1) Percent change Renters (2)  Percent change
2011 $979 7.7% $187 1.1%
2012 1,034 5.6 187 (3)
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

(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 and 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) Less than 0.1 percent.

Source: © 2022 National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or distribution strictly prohibited without written permission of NAIC.

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Average Premiums For Homeowners And Renters Insurance By State, 2020 (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  $1,501  10 $225  4 Montana $1,347  16 $153  27
Alaska   989  37 186  9 Nebraska 1,586  8 143  33
Arizona   866  45 164  19 Nevada 824  46 179  14
Arkansas   1,498  11 210  7 New Hampshire 1,048  33 147  31
California (5) 1,241  23 171  18 New Jersey 1,277  21 154  26
Colorado   1,667  7 161  21 New Mexico 1,151  29 180  13
Connecticut   1,582  9 180  13 New York 1,356  15 173  16
Delaware 907  43 151  29 North Carolina 1,119  31 160  22
D.C. 1,229  25 159  23 North Dakota 1,230  24 116  38
Florida   2,165  1 182  11 Ohio 871  44 162  20
Georgia   1,403  14 212  6 Oklahoma 2,040  2 226  3
Hawaii   1,245  22 176  15 Oregon 735  50 154  26
Idaho   810  47 148  30 Pennsylvania 967  40 152  28
Illinois   1,144  30 157  25 Rhode Island 1,788  5 183  10
Indiana   1,021  34 164  19 South Carolina 1,327  17 186  9
Iowa   998  36 136  34 South Dakota 1,222  26 118  37
Kansas   1,478  13 162  20 Tennessee 1,296  20 187  8
Kentucky   1,174  27 157  25 Texas (6) 2,000  4 216  5
Louisiana   2,038  3 247  2 Utah 764  48 147  31
Maine   956  41 148  30 Vermont 984  38 151  29
Maryland   1,169  28 160  22 Virginia   1,107  32 152  28
Massachusetts   1,667  7 172  17 Washington 937  42 158  24
Michigan   1,002  35 181  12 West Virginia 974  39 179  14
Minnesota   1,481  12 134  35 Wisconsin 762  49 128  36
Mississippi   1,674  6 256  1 Wyoming 1,308  18 146  32
Missouri   1,301  19 172  17 United States $1,311    $173  

(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 expenditures and does not endorse any conclusions drawn from this data.

Source: ©2022 National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or distribution strictly prohibited without written permission of NAIC.

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Top 10 Most Expensive And Least Expensive States For Homeowners Insurance Premiums, 2020 (1)

 

 
Rank Most expensive states Average expenditure Rank Least expensive states Average expenditure
1 Florida $2,165 Oregon $735
2 Oklahoma 2,040 Wisconsin 762
3 Louisiana 2,038 Utah 764
4 Texas (2) 2,000 Idaho 810
5 Rhode Island 1,788 Nevada 824
6 Mississippi 1,674 Arizona 866
7 Colorado  1,667 Ohio 871
7 Massachusetts 1,667 8 Delaware 907
8 Nebraska 1,586 9 Washington 937
9 Connecticut 1,582 10 Maine 956

(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 and broad named-peril coverage on personal property, and is the most common package written.
(2) Texas data were obtained from the Texas Department of Insurance.

Source: © 2022 National Association of Insurance Commissioners (NAIC). Further reprint or distribution strictly prohibited without written permission of NAIC.

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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.

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