Kelly MaxwellPosted in Statistics last updated on January 26, 2024
Renters insurance was started in the 1950s as a way for renters to insure all of their property and belongings.
Fast forward to today, and there are more renters and renters insurance policies than ever before.
This article has all of the most important and up-to-date renters insurance statistics for 2023.
Table Of Contents
- Key Renters Insurance Statistics
- Renters Insurance Premiums
- Renters Insurance By State
- Rent Vs. Homeownership Statistics
- Renters Insurance Demographics
- Renters Insurance Companies
Key Renters Insurance Statistics
- In the most recent national survey, 57% of all renters have purchased renters insurance. (InsuranceBusiness)
- 43% of renters have no renters insurance. (InsuranceBusiness)
- 44.1 million households are renters. (NMHC)
- 34% of all Americans rent and 66% own their property in 2022. (NMHC)
Renters Insurance Premiums
- Renters insurance premiums have actually fallen in the last 10 years. (iii)
- The average renters insurance premium is $174 a year in 2022. (iii)
Here is a graph of national average renters insurance premiums throughout the years.
Source: (iii)
Renters Insurance By State
Renters insurance premiums and the percentage of renters to owners vary greatly from state to state.
- California has the highest number of renters insurance policies at 3.8 million. (InsuranceBusiness)
- The most expensive state for renters insurance is Mississippi at $252 a year. (iii)
- The least expensive state for renters insurance is North Dakota at $115 a year. (iii)
| State | Yearly Premium | State | Yearly Premium |
|---|---|---|---|
| Alabama | $219 | Montana | $149 |
| Alaska | $182 | Nebraska | $144 |
| Arizona | $164 | Nevada | $179 |
| Arkansas | $208 | New Hampshire | $146 |
| California | $175 | New Jersey | $156 |
| Colorado | $159 | New Mexico | $186 |
| Connecticut | $183 | New York | $185 |
| Delaware | $153 | North Carolina | $159 |
| D.C. | $158 | North Dakota | $115 |
| Florida | $180 | Ohio | $163 |
| Georgia | $209 | Oklahoma | $235 |
| Hawaii | $174 | Oregon | $158 |
| Idaho | $148 | Pennsylvania | $153 |
| Illinois | $157 | Rhode Island | $182 |
| Indiana | $164 | South Carolina | $182 |
| Iowa | $132 | South Dakota | $117 |
| Kansas | $167 | Tennessee | $189 |
| Kentucky | $162 | Texas | $220 |
| Louisiana | $236 | Utah | $149 |
| Maine | $149 | Vermont | $151 |
| Maryland | $157 | Virginia | $149 |
| Massachusetts | $186 | Washington | $157 |
| Michigan | $182 | West Virginia | $185 |
| Minnesota | $135 | Wisconsin | $127 |
| Mississippi | $252 | Wyoming | $147 |
| Missouri | $173 | National Average | $174 |
Source: (iii)
Renter Vs Homeownership Statistics
- While Homeownership has been falling and more and more Americans have become renters since 2005, the pandemic has increased homeownership somewhat. (Census)
- 66% of Americans owned and home, and 34% rent at the end of 2021. (Census)
Renters Insurance Demographics
Renters Insurance Companies
Renters insurance is on the rise which bodes well for the following companies.
- 10 Companies make up 67.82% of the renters insurance market.
- State Farm makes up 24.26% of the renters insurance market.
- Allstate makes up 11.56% of the renters insurance market.
- USAA makes up 8.79% of the renters insurance market.
- Travelers Insurance makes up 6.12% of the renters insurance market.
- Nationwide makes up 3.88% of the renters insurance market.
- Chubb makes up 3.53% of the renters insurance market.
- American Family makes up 2.98% of the renters insurance market.
- Progressive Insurance makes up 2.44% of the renters insurance market.
- Erie makes up 2.15% of the renters insurance market.
- Auto-Owners makes up 2.11% of the renters insurance market.
Source: (InsuranceBusiness)
Summary
That’s it for our renters insurance statistics.
We hope you found these statistics useful.
If you want any more statistics or have any comments, let us know!
FAQs
What is the target market for renters insurance?
The target market for renters insurance is anyone who owns possessions but not a house or other property. Home insurance covers everything inside the home but since renters don’t own the home they have to buy renters insurance instead.
Do I need renters insurance?
While no state requires renters insurance, some landlords require it. It will depend on your area and building.
What does renters insurance cover?
Renters insurance covers your personal property if it is ever damaged, stolen, living expenses if your rental becomes uninhabitable, and liability if you damage someone else or their property.
About Kelly Maxwell
Kelly is the owner and founder of Seniors Mutual, the insurance agency designed to help seniors find the lowest cost life insurance, Medicare supplement, Medicare Advantage, and annuity insurance to give them financial peace of mind. Seniors Mutual is an independent insurance agency that works with all of the top insurance companies to find the best deal and product for you.
