25+ Important Renters Insurance Statistics In 2022

Renters Insurance Statistics


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 2022.

Table Of Contents

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)
StateYearly PremiumStateYearly Premium
Alabama$219Montana$149
Alaska$182Nebraska$144
Arizona$164Nevada$179
Arkansas$208New Hampshire$146
California$175New Jersey$156
Colorado$159New Mexico$186
Connecticut$183New York$185
Delaware$153North Carolina$159
D.C.$158North Dakota$115
Florida$180Ohio$163
Georgia$209Oklahoma$235
Hawaii$174Oregon$158
Idaho$148Pennsylvania$153
Illinois$157Rhode Island$182
Indiana$164South Carolina$182
Iowa$132South Dakota$117
Kansas$167Tennessee$189
Kentucky$162Texas$220
Louisiana$236Utah$149
Maine$149Vermont$151
Maryland$157Virginia$149
Massachusetts$186Washington$157
Michigan$182West Virginia$185
Minnesota$135Wisconsin$127
Mississippi$252Wyoming$147
Missouri$173National 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

  • 49% of renters are under the age of 30. (NMHC)
  • 49% of homeowners are over the age of 45. (NMHC)



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!

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