Facts + Statistics: Renters insurance

A 2016 Insurance Information Institute poll conducted by ORC International found that 95 percent of homeowners had homeowners insurance. Among renters, only 41 percent said they had renters insurance. However, this proportion has been increasing since the first time the question was asked in 2011, when 29 percent of renters said they had renters insurance.

Nationwide, 47.9 percent of renters spent at least 30 percent of their household income on rent and utilities in 2014, according to the U.S. Census. In California the percentage was 53.8 percent of renters, the highest among all the states.

The renter share of all households in the United States increased steadily from 34.1 percent in 2009 to 37 percent in 2014 according to the Census Bureau. In 2014 large cities with the high proportions of renting households included New York (51 percent), Washington, D.C. (42 percent) and Dallas, Houston and Los Angeles (41 percent each) according to National Multifamily Housing Council’s (NMHC) analysis of U.S. Census statistics. On a state by state basis District of Columbia had the most people living in rental units (35.9 percent) followed by New York (24.3 percent) and California (16.8 percent). The NMHC analysis also found that 51 percent of people living in rental housing were under 30 years old.

Relative to other households, renters are more likely to be single-person households, according to Harvard’s 2015 State of the Nation’s Housing Report. As of early 2013, 37 percent of renters are single-person households, a much larger share than the 23 percent of owner-occupants.

 

 
Average Premiums For Homeowners And Renters Insurance, United States, 2006-2015

Year Homeowners (1) Percent change Renters (2) Percent change
2006 $804 5.2% $189 -2.1%
2007 822 2.2 182 -3.7
2008 830 1.0 182 (3)
2009 880 6.0 184 1.1
2010 909 3.3 185 0.5
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

(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: © 2017 National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or distribution strictly prohibited without written permission of NAIC.

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  • A 2016 Insurance Information Institute poll conducted by ORC International found that 95 percent of homeowners had homeowners insurance but only 41 percent of renters had renters insurance.
  • The U.S. homeownership rate was 64.3 percent in second-quarter 2018, up from 63.7 percent a year ago, according to the U.S. Census Bureau. The 2010 Census showed that in some of the largest cities renters outnumbered owners, including New York, where 69.0 percent of households were occupied by renters, followed by Los Angeles (61.8 percent), Chicago (55.1 percent) and Houston (54.6 percent).

 
Average Premiums For Homeowners And Renters Insurance By State, 2015 (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 $1,358 12 $242 3 Montana $1,081 25 $147 45
Alaska 982 32 172 27 Nebraska 1,360 11 149 43
Arizona 810 45 191 17 Nevada 737 48 189 19
Arkansas 1,312 14 235 6 New Hampshire 941 36 150 42
California (5) 986 30 202 10 New Jersey 1,149 21 171 29
Colorado 1,383 9 166 31 New Mexico 982 32 191 17
Connecticut 1,411 8 201 12 New York 1,287 15 202 10
Delaware 780 46 156 35 North Carolina 1,075 26 154 39
D.C. 1,196 19 158 34 North Dakota 1,200 18 114 51
Florida 1,993 1 195 15 Ohio 819 43 185 21
Georgia 1,152 20 226 7 Oklahoma 1,879 4 242 3
Hawaii 1,014 29 201 12 Oregon 643 51 166 31
Idaho 692 49 155 37 Pennsylvania 913 38 156 35
Illinois 1,033 28 173 26 Rhode Island 1,446 7 179 24
Indiana 983 31 183 22 South Carolina 1,284 16 192 16
Iowa 919 37 146 47 South Dakota 1,096 23 121 50
Kansas 1,531 5 177 25 Tennessee 1,149 21 210 8
Kentucky 1,062 27 172 27 Texas (6) 1,991 2 241 5
Louisiana 1,945 3 249 2 Utah 673 50 149 43
Maine 843 42 147 45 Vermont 873 41 155 37
Maryland 982 32 161 33 Virginia 946 35 153 40
Massachusetts 1,379 10 196 14 Washington 811 44 169 30
Michigan 908 39 203 9 West Virginia 907 40 186 20
Minnesota 1,323 13 144 48 Wisconsin 750 47 132 49
Mississippi 1,508 6 262 1 Wyoming 1,088 24 153 40
Missouri 1,253 17 180 23 United States $1,173   $188  

(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) The Texas Department of Insurance developed home insurance policy forms that are similar but not identical to the standard forms. In addition, due to the Texas Windstorm Association (which writes wind-only policies) classifying HO-1, 2 and 5 premiums as HO-3, the average premium for homeowners insurance is artificially high.

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: © 2017 National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or distribution strictly prohibited without written permission of NAIC.

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Percent Of Occupied Housing Units That Are Owner Occupied, 2016

State Percent Rank (1) State Percent Rank (1)
Alabama 68.5% 12 Montana 68.0 16
Alaska 64.5 34 Nebraska 65.3 26
Arizona 63.2 38 Nevada 54.9 48
Arkansas 64.6 33 New Hampshire 70.1 6
California 53.6 49 New Jersey 63.2 38
Colorado 64.8 31 New Mexico 67.4 17
Connecticut 64.8 31 New York 53.3 50
Delaware 69.8 8 North Carolina 64.2 36
D.C. 39.2 51 North Dakota 63.2 38
Florida 64.1 37 Ohio 65.4 25
Georgia 61.5 44 Oklahoma 64.9 30
Hawaii 57.2 47 Oregon 61.7 43
Idaho 68.5 12 Pennsylvania 68.5 12
Illinois 65.3 26 Rhode Island 58.0 46
Indiana 68.3 15 South Carolina 68.6 11
Iowa 70.6 4 South Dakota 67.2 19
Kansas 65.7 24 Tennessee 65.1 29
Kentucky 66.8 20 Texas 61.1 45
Louisiana 64.3 35 Utah 69.9 7
Maine 71.9 2 Vermont 69.8 8
Maryland 65.9 23 Virginia 65.3 26
Massachusetts 62.0 42 Washington 62.5 41
Michigan 70.3 5 West Virginia 72.4 1
Minnesota 71.3 3 Wisconsin 66.7 21
Mississippi 67.3 18 Wyoming 68.8 10
Missouri 66.1 22 United States 63.1%  

(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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  • In 2014 West Virginia, Minnesota and Maine had the highest percentage of owner-occupied housing units.
  • The District of Columbia had the lowest percentage of owner-occupied units, followed by New York, Nevada, California and Hawaii.

 
Percent Of Renter Occupied Units Spending 30 Percent Or More Of Their Income On Rent And Utilities, 2016

 

State Percent (1) Rank (2) State Percent (1) Rank (2)
Alabama 41.8% 34 Montana 39.0% 47
Alaska 38.2 48 Nebraska 40.7 39
Arizona 44.3 22 Nevada 47.3 10
Arkansas 39.2 46 New Hampshire 41.8 34
California 52.6 1 New Jersey 49.1 6
Colorado 49.7 5 New Mexico 42.4 30
Connecticut 48.1 8 New York 49.8 4
Delaware 45.6 16 North Carolina 42.6 28
D.C. 45.5 18 North Dakota 36.3 51
Florida 52.1 2 Ohio 42.0 33
Georgia 45.0 20 Oklahoma 39.4 45
Hawaii 51.5 3 Oregon 48.4 7
Idaho 41.3 37 Pennsylvania 43.1 25
Illinois 45.3 19 Rhode Island 45.7 15
Indiana 42.3 31 South Carolina 43.1 25
Iowa 40.5 41 South Dakota 37.2 50
Kansas 40.6 40 Tennessee 42.2 32
Kentucky 40.2 42 Texas 43.9 23
Louisiana 47.4 9 Utah 42.5 29
Maine 42.8 27 Vermont 46.7 12
Maryland 46.3 13 Virginia 45.6 16
Massachusetts 46.8 11 Washington 44.9 21
Michigan 45.8 14 West Virginia 40.0 44
Minnesota 43.3 24 Wisconsin 41.8 34
Mississippi 40.8 38 Wyoming 37.5 49
Missouri 40.2 42 United States 46.1%  

(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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  • Nationwide, 47.9 percent of renters spent at least 30 percent of their household income on rent and utilities in 2014.
  • In 2014 South Dakota, Wyoming, North Dakota and West Virginia had the lowest percentage of rental units in which occupants spent 30 percent or more of their income on rent. California, Florida, Hawaii and Oregon had the highest percentage.

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