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Facts + Statistics: Renters insurance

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  • According to the National Association of Insurance Commissioners:
    • The average premiums for renters insurance in 2022 was $171.
    • Renters in Mississippi, Louisiana, and Alabama had the highest renters insurance premiums.
    • Renters in North Dakota, South Dakota, and Minnesota 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 2024 was 48.2 percent. Florida, Nevada, California, Connecticut, and Hawaii 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, 2013-2022 (1)

 

Year Homeowners (2) Percent change Renters (3)  Percent change
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
2022 1,569 11.2 171 0.6

(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.

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

View Archived Tables

Average Premiums For Homeowners And Renters Insurance By State, 2022 (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 $1,748 13 $219 3 Montana $1,639 17 $156 31
Alaska 1,129 38 186 9 Nebraska 1,869 9 144 45
Arizona 1,018 45 163 25 Nevada 948 49 174 16
Arkansas 1,740 14 205 5 New Hampshire 1,188 36 150 40
California (5) 1,492 23 169 22 New Jersey 1,417 26 151 37
Colorado 2,079 5 158 30 New Mexico 1,322 33 177 14
Connecticut 1,814 10 175 15 New York 1,628 18 169 22
Delaware 1,103 42 147 41 North Carolina 1,621 19 170 21
D.C. 1,384 28 153 35 North Dakota 1,325 32 123 51
Florida 2,677 1 181 11 Ohio 995 47 160 27
Georgia 1,655 16 205 5 Oklahoma 2,268 4 216 4
Hawaii 1,431 25 174 16 Oregon 893 51 155 32
Idaho 1,002 46 147 41 Pennsylvania 1,120 39 151 37
Illinois 1,343 30 151 37 Rhode Island 2,074 6 181 11
Indiana 1,191 35 168 24 South Carolina 1,571 22 186 9
Iowa 1,268 34 144 45 South Dakota 1,756 12 129 50
Kansas 1,583 21 159 28 Tennessee 1,492 23 187 8
Kentucky 1,359 29 159 28 Texas (6) 2,397 3 199 7
Louisiana 2,603 2 243 2 Utah 937 50 145 43
Maine 1,077 43 145 43 Vermont 1,109 41 154 34
Maryland 1,392 27 155 32 Virginia 1,332 31 152 36
Massachusetts 1,871 8 173 18 Washington 1,151 37 162 26
Michigan 1,056 44 180 13 West Virginia 1,113 40 173 18
Minnesota 1,774 11 135 49 Wisconsin 957 48 141 48
Mississippi 1,907 7 262 1 Wyoming 1,596 20 142 47
Missouri 1,668 15 173 18 United States $1,569   $171  

(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, 2022 (1)

 

Rank (2) Most expensive states Average premium (3) Rank (2) Least expensive states Average premium (3)
1 Florida $2,677 1 Oregon $893
2 Louisiana 2,603 2 Utah 937
3 Texas (4) 2,397 3 Nevada 948
4 Oklahoma 2,268 4 Wisconsin 957
5 Colorado 2,079 5 Ohio 995
6 Rhode Island 2,074 6 Idaho 1,002
7 Mississippi 1,907 7 Arizona 1,018
8 Massachusetts 1,871 8 Michigan 1,056
9 Nebraska 1,869 9 Maine 1,077
10 Connecticut 1,814 10 Delaware 1,103

(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, 2024

 

State Percent Rank (1) State Percent Rank (1)
Alabama 71.0% 13 Montana 68.6% 19
Alaska 66.5 37 Nebraska 66.7 35
Arizona 67.8 28 Nevada 60.1 49
Arkansas 67.1 31 New Hampshire 72.6 6
California 55.8 50 New Jersey 63.9 41
Colorado 65.9 39 New Mexico 71.1 12
Connecticut 66.7 35 New York 54.3 51
Delaware 73.8 2 North Carolina 66.8 33
D.C. 40.9 52 North Dakota 61.2 48
Florida 68.0 25 Ohio 68.0 25
Georgia 66.3 38 Oklahoma 65.7 40
Hawaii 61.6 47 Oregon 63.1 43
Idaho 71.7 8 Pennsylvania 69.3 17
Illinois 67.6 30 Puerto Rico 69.3 17
Indiana 70.7 14 Rhode Island 63.5 42
Iowa 71.3 11 South Carolina 72.3 7
Kansas 68.1 22 South Dakota 68.3 21
Kentucky 68.1 22 Tennessee 66.8 33
Louisiana 68.1 22 Texas 62.3 46
Maine 73.3 4 Utah 69.6 16
Maryland 67.8 28 Vermont 73.2 5
Massachusetts 62.4 45 Virginia 67.1 31
Michigan 73.5 3 Washington 62.9 44
Minnesota 71.6 10 West Virginia 75.5 1
Mississippi 70.5 15 Wisconsin 68.0 25
Missouri 68.6 19 Wyoming 71.7 8
      United States 65.3%  

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

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

View Archived Tables

Percent Of Renter Occupied Units Spending 30 Percent Or More Of Their Income On Rent And Utilities, 2024

 

State Percent (1) Rank (2) State Percent (1) Rank (2)
Alabama 41.6% 40 Montana 38.6% 47
Alaska 37.4 50 Nebraska 43.5 36
Arizona 49.0 11 Nevada 54.9 2
Arkansas 40.1 43 New Hampshire 46.2 23
California 53.0 3 New Jersey 49.7 7
Colorado 50.0 6 New Mexico 44.1 35
Connecticut 51.1 4 New York 48.5 13
Delaware 47.1 20 North Carolina 47.6 17
District of Columbia 45.5 28 North Dakota 33.8 51
Florida 58.1 1 Ohio 44.2 34
Georgia 48.8 12 Oklahoma 41.4 41
Hawaii 50.6 5 Oregon 49.2 10
Idaho 45.0 31 Pennsylvania 45.8 26
Illinois 45.4 30 Puerto Rico 27.2 52
Indiana 44.9 32 Rhode Island 48.4 14
Iowa 39.8 45 South Carolina 46.9 21
Kansas 40.0 44 South Dakota 38.1 49
Kentucky 40.2 42 Tennessee 45.9 25
Louisiana 47.2 18 Texas 49.3 9
Maine 46.4 22 Utah 45.7 27
Maryland 48.4 14 Vermont 45.5 28
Massachusetts 49.4 8 Virginia 46.1 24
Michigan 47.2 18 Washington 48.3 16
Minnesota 44.9 32 West Virginia 39.1 46
Mississippi 43.0 37 Wisconsin 42.5 38
Missouri 41.8 39 Wyoming 38.6 47
      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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