Renters insurance statistics 2020

Everything you need to know about renters insurance facts, with up-to-date statistics and figures about renters insurance in the U.S. in 2020.

Kara McGinley

Kara McGinley

Published February 24, 2020

KEY TAKEAWAYS

  • Despite the growing number of renters in the United States, only 37% of tenants have renters insurance

  • The average cost of renters insurance is $180 a year, or $15 a month

  • The cheapest state for renters insurance is North Dakota and the most expensive state is Alabama, due to its frequent extreme weather

  • The insurance company with the highest percentage of market share for homeowners and renters insurance is State Farm, as of 2017

Renters insurance is financial protection for your personal property and liability. It can cover everything from replacing your furniture and clothing after a house fire, to paying your neighbor’s medical bills if your dog bites them, to even covering the cost of a hotel room if your apartment is broken into and you need to stay somewhere else while it’s being repaired.

According to the Insurance Information Institute, the cost of renters insurance premiums went down in 2017 from 2016, but the majority of renters still do not have renters insurance. Despite being cheap, renters insurance can save you thousands of dollars if disaster does strike.

Read on for an outline of renters insurance by the numbers, stats, and figures in the U.S. in 2020.

In this article:

Renters insurance by the numbers

37% — The percentage of renters who had renters insurance in 2014, according to the Insurance Information Institute

2.7% — The percentage that the average renters insurance premium decreased in 2017 from the year before

$180 — The average cost of an annual renters insurance premium in the U.S. in 2017

$120 — The average cost of an annual renters insurance premium in North Dakota, the state with the lowest renters insurance premium rates in 2017

$500 — A common renters insurance deductible amount, according to the Insurance Information Institute

50% — The percentage of people in rental housing under the age of 30 in 2017, according to the National Multifamily Housing Council

Average cost of renters insurance by state

Renters insurance map

The state and even the ZIP code you live in can affect the price of your renters insurance premium. States that experience severe weather will have a higher renters premium than states that typically have more mild weather. If you live in a crime-prone area, your renters insurance premium might be higher because you are considered more at-risk for perils like theft and vandalism.

With those caveats in mind, here are the average annual renters insurance premiums in each U.S. state as of 2017, per the NAIC:

Average Annual Premium by State, 2017

StateAvg Annual Premium
Alabama$235
Alaska$166
Arizona$178
Arkansas$212
California$182
Colorado$159
Connecticut$192
Delaware$159
District of Columbia$158
Florida$188
Georgia$219
Hawaii$185
Idaho$153
Illinois$167
Indiana$174
Iowa$144
Kansas$172
Kentucky$168
Louisiana$235
Maine$149
Maryland$161
Massachusetts$194
Michigan$182
Minnesota$140
Mississippi$258
Missouri$173
Montana$146
Nebraska$143
Nevada$178
New Hampshire$149
New Jersey$165
New Mexico$187
New York$194
North Carolina$157
North Dakota$120
Ohio$175
Oklahoma$236
Oregon$163
Pennsylvania$158
Rhode Island$182
South Carolina$188
South Dakota$123
Tennessee$199
Texas$232
Utah$151
Vermont$155
Virginia$152
Washington$163
West Virginia$188
Wisconsin$134
Wyoming$147
United States$180
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Average coverage amounts of renters insurance

A typical renters insurance policy is made up of three components: personal property coverage, liability coverage, and loss-of-use coverage.

Each category offers different types of coverage and protection.

  • Personal property coverage: Covers your personal property if it is stolen, damaged, or destroyed by a covered peril.
  • Liability coverage: Covers your personal liability if you cause damage to someone’s property or if someone gets hurt in your home. For example, if your friend gets injured in your apartment and needs medical expenses, your renters liability coverage can help pay for their medical fees.
  • Loss-of-use coverage: If your home becomes uninhabitable due to a covered peril, the loss-of-use provision of your renters policy will pay for you to stay elsewhere, like at a nearby hotel.

Here are common coverage amounts for each type of coverage in a renters insurance policy:

Type of coverageCoverage amounts and ranges
Personal property$15,000 - $500,000
Liability and medical expenses$100,000 or $300,000 or $500,000
Loss-of-use and additional living expenses$3,000 - $5,000 or 40% of your personal property limit

Biggest renters insurance companies

The NAIC ranks insurance companies by their total share of the market. This table shows the top renters insurance companies, their J.D. Power U.S. renters insurance rating, their A.M. Best Rating, and their total homeowners (which renters insurance falls under) share of the market as of 2017, according to National Association of Insurance Commissions.

RENTERS INSURANCE COMPANIESJ.D. POWER RENTERS INSURANCE RATINGA.M. BEST RATINGMARKET SHARE
AllstateAbout averageA+8.44%
American FamilyBetter than mostA3.23%
Auto Club of Southern California Insurance Group (AAA)About averageA+0.95%
CSAA Insurance GroupAbout averageA1.04%
Erie InsuranceWinnerA+1.69%
Farmers InsuranceThe restA5.96%
Liberty MutualAbout averageA6.86%
MetLifeThe restA+1.17%
NationwideAbout averageA+3.60%
Safeco (a division of Liberty Mutual)The restANA
State FarmAbout averageA++18.63%
The HartfordAbout averageA+1.10%
TravelersThe restA++3.76%
USAAAmong the best*A++6.05%
  • *USAA was given a designation, but not profiled, given that it didn’t meet J.D. Power’s study criteria.
Insurance Editor

Kara McGinley

Insurance Editor

Kara McGinley is an Insurance Editor at Policygenius. She previously worked as a freelance writer and a copywriter for various startups. Her work can be found in Teen Vogue, The Culture Crush, and more.

Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.

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