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, 2005-2014

 

Year Homeowners (1) Percent change Renters (2)  Percent change
2005 $764 4.8% $193 -1%
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

(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 63.4 percent in second-quarter 2015, down from 64.7 percent a year ago to the lowest rate since 1967, 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, 2014 (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 $1,340 8 $245 5 Montana $1,003 27 $142 48
Alaska 976 30 168 30 Nebraska 1,226 15 150 42
Arizona 765 44 195 16 Nevada 704 46 190 19
Arkansas 1,252 13 213 8 New Hampshire 905 36 145 45
California (5) 974 31 203 12 New Jersey 1,092 21 168 31
Colorado 1,273 11 174 27 New Mexico 937 35 191 18
Connecticut 1,337 9 205 10 New York 1,256 12 205 11
Delaware 736 45 154 39 North Carolina 1,056 23 155 38
D.C. 1,151 18 160 34 North Dakota 1,136 20 114 51
Florida 2,055 1 202 14 Ohio 797 43 188 20
Georgia 1,089 22 226 6 Oklahoma 1,772 4 248 4
Hawaii 1,018 26 210 9 Oregon 574 51 164 32
Idaho 590 50 156 37 Pennsylvania 893 37 158 35
Illinois 987 29 177 26 Rhode Island 1,398 7 179 25
Indiana 944 33 187 21 South Carolina 1,240 14 194 17
Iowa 853 40 146 44 South Dakota 995 28 120 50
Kansas 1,431 6 179 24 Tennessee 1,139 19 215 7
Kentucky 1,023 24 169 28 Texas (6) 1,947 2 259 2
Louisiana 1,847 3 255 3 Utah 634 49 145 46
Maine 811 42 147 43 Vermont 844 41 152 41
Maryland 942 34 161 33 Virginia  946 32 157 36
Massachusetts 1,314 10 198 15 Washington 695 47 169 29
Michigan 865 39 203 13 West Virginia 877 38 180 23
Minnesota 1,219 16 144 47 Wisconsin 686 48 132 49
Mississippi 1,447 5 262 1 Wyoming 1,021 25 154 40
Missouri 1,199 17 181 22 United States $1,132   $190  

(1) Includes state funds and residual markets.
(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, 2015

 

State Percent Rank (1) State Percent Rank (1)
Alabama 67.9% 15 Montana 66.7 19
Alaska 63.9 33 Nebraska 65.9 24
Arizona 61.9 39 Nevada 54.0 47
Arkansas 65.2 30 New Hampshire 70.9 3
California 53.6 48 New Jersey 63.0 37
Colorado 63.7 36 New Mexico 67.5 16
Connecticut 66.2 22 New York 53.1 49
D.C. 39.9 50 North Carolina 63.9 33
Delaware 70.8 5 North Dakota 61.7 41
Florida 63.8 35 Ohio 65.4 27
Georgia 61.8 40 Oklahoma 65.3 28
Hawaii 56.6 46 Oregon 61.1 43
Idaho 69.0 9 Pennsylvania 68.7 11
Illinois 65.3 28 Rhode Island 59.0 45
Indiana 68.2 12 South Carolina 68.1 13
Iowa 70.7 6 South Dakota 68.2 12
Kansas 66.4 20 Tennessee 65.8 26
Kentucky 66.3 21 Texas 61.1 43
Louisiana 64.6 32 Utah 68.9 10
Maine 71.0 2 Vermont 70.7 6
Maryland 65.9 24 Virginia 65.0 31
Massachusetts 61.7 41 Washington 62.4 38
Michigan 70.4 8 West Virginia 72.3 1
Minnesota 70.9 3 Wisconsin 66.8 18
Mississippi 67.4 17 Wyoming 68.0 14
Missouri 66.1 23 United States 63.0%  

(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, 2014

 

State Percent (1) Rank (2) State Percent (1) Rank (2)
Alabama 44.7% 34   Montana 41.1% 44
Alaska 46.8 18   Nebraska 38.8 47
Arizona 45.6 27   Nevada 46.9 16
Arkansas 41.8 43   New Hampshire 46.9 16
California 53.8 1   New Jersey 50.0 6
Colorado 48.1 10   New Mexico 45.8 26
Connecticut 49.7 7   New York 51.4 5
Delaware 46.3 22   North Carolina 46.3 22
D.C. 45.5 29   North Dakota 36.4 49
Florida 53.6 2   Ohio 44.3 36
Georgia 47.5 13   Oklahoma 39.9 46
Hawaii 52.6 3   Oregon 51.9 4
Idaho 41.9 42   Pennsylvania 46.6 19
Illinois 46.3 22   Rhode Island 49.3 8
Indiana 45.4 31   South Carolina 46.3 22
Iowa 40.2 45   South Dakota 35.9 51
Kansas 42.0 41   Tennessee 45.6 27
Kentucky 43.2 40   Texas 45.3 33
Louisiana 45.4 31   Utah 43.7 37
Maine 46.6 19   Vermont 47.2 14
Maryland 48.8 9   Virginia 46.6 19
Massachusetts 47.8 12   Washington 47.1 15
Michigan 48.0 11   West Virginia 37.9 48
Minnesota 45.5 29   Wisconsin 44.6 35
Mississippi 43.5 39   Wyoming 36.2 50
Missouri 43.6 38 United States 47.9%  

(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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