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The average homeowners insurance premium rose by 1.6 percent in 2016, following a 3.6 percent increase in 2015, according to a January 2019 study by the National Association of Insurance Commissioners, the latest data available. The average renters insurance premium fell 1.6 percent in 2016 after falling 1.1 percent in 2015.
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.
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(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: © 2018 National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or distribution strictly prohibited without written permission of NAIC.
Percent Of Renter Occupied Units Spending 30 Percent Or More Of Their Income On Rent And Utilities, 2016
(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. Source: U.S. Department of Commerce, Census Bureau; American Community Survey. |
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