[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.agilerates.com\/advice\/home\/renters-insurance-statistics\/#BlogPosting","mainEntityOfPage":"https:\/\/www.agilerates.com\/advice\/home\/renters-insurance-statistics\/","headline":"Renters Insurance Statistics (Updated 2023)","name":"Renters Insurance Statistics (Updated 2023)","description":"Renters insurance is a critical \u2014 yet often overlooked \u2014 form of property insurance. It provides financial protection for renters’ belongings and liability coverage if someone is injured in their rental unit. The most up-to-date renters insurance statistics show that over 40 million people in the U.S. rent their homes.  However, despite its importance, surveys […]","datePublished":"2023-08-03","dateModified":"2023-08-11","author":{"@type":"Person","@id":"https:\/\/www.agilerates.com\/author\/mark-romero\/#Person","name":"Mark Romero","url":"https:\/\/www.agilerates.com\/author\/mark-romero\/","image":{"@type":"ImageObject","@id":"https:\/\/www.agilerates.com\/wp-content\/uploads\/2022\/06\/Mark-Romero-150x150.png","url":"https:\/\/www.agilerates.com\/wp-content\/uploads\/2022\/06\/Mark-Romero-150x150.png","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Agile Rates","logo":{"@type":"ImageObject","@id":"https:\/\/dev.agilerates.com\/wp-content\/uploads\/2019\/11\/unnamed.png","url":"https:\/\/dev.agilerates.com\/wp-content\/uploads\/2019\/11\/unnamed.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.agilerates.com\/wp-content\/uploads\/2023\/08\/renters-insurance-statistics.jpg","url":"https:\/\/www.agilerates.com\/wp-content\/uploads\/2023\/08\/renters-insurance-statistics.jpg","height":1190,"width":1600},"url":"https:\/\/www.agilerates.com\/advice\/home\/renters-insurance-statistics\/","about":["Home","Insurance Advice"],"wordCount":982,"articleBody":"Renters insurance is a critical \u2014 yet often overlooked \u2014 form of property insurance. It provides financial protection for renters’ belongings and liability coverage if someone is injured in their rental unit. The most up-to-date renters insurance statistics show that over 40 million people in the U.S. rent their homes. However, despite its importance, surveys indicate that only around 37% of renters have active renters insurance policies. Check out this overview of key renters insurance statistics and trends in 2023 to better understand the current state of renter protections in the U.S. and learn why renters insurance is a necessity.Key renters insurance statistics55% of U.S. renters have insurance policies, as of July 2023. This equates to approximately 61 million people and is set to rise to 65 million people by next year.Renters insurance premiums have decreased steadily since 2015. As of 2020, the average premium was $173 per year.Renters in North Dakota pay the least for renters insurance, with average premiums of $116 per year.The most common deductible for a renters insurance policy is $500.75% of landlords require tenants to carry renters insurance.Average cost of renters insurance by stateStateAverage Annual PremiumAlabama$225Alaska$186Arizona$164Arkansas$210California$171Colorado$161Connecticut$180Delaware$151Washington D.C.$159Florida$182Georgia$212Hawaii$176Idaho$148Illinois$157Indiana$164Iowa$136Kansas$162Kentucky$157Louisiana$247Maine$148Maryland$160Massachusetts$172Michigan$181Minnesota$134Mississippi$256Missouri$172Montana$153Nebraska$143Nevada$179New Hampshire$147New Jersey$154New Mexico$180New York$173North Carolina$160Norht Dakota$116Ohio$162Oklahoma$226Oregon$154Pennslyvania$152Rhode Island$183South Carolina$186South Dakota$118Tennessee$187Texas$216Utah$147Vermont$151Virginia$152Washington$158West Virginia$179Wisconsin$128Wyoming$146Show All RowsThe current state of renters insurance in 2023Renters insurance has always been important, but statistics show that more and more people are realizing how its importance plays a vital role in their lives.Growth and adoption of renters insuranceIn 2022, renters insurance experienced significant growth across various demographics. With a rising number of individuals choosing to rent rather than own homes, the demand for renters insurance has surged. This growth is fueled by a combination of factors, including increased awareness of the benefits of insurance coverage, the U.S. housing crisis, the expanding rental market, and insurance companies efforts to tailor policies to meet the unique needs of renters.As more people become aware of the financial risks associated with renting without insurance, the number of policies purchased has seen a steady upward trend. Additionally, millennials and younger generations, who make up a considerable portion of the rental population, are showing a greater inclination toward seeking financial security through renters insurance.Regional variations in renters insurance coverageWhile the adoption of renters insurance is on the rise, there are still regional variations in coverage rates across different areas. Urban centers and densely populated regions tend to have higher rates of renters insurance adoption, possibly due to more exposure to theft and accidents. On the other hand, rural or less populated areas may exhibit lower coverage rates, where some renters might perceive the risk of losses as relatively low.Factors contributing to the increase in renters insurance policiesSeveral factors contribute to the growth of renters insurance policies in 2023:Property Management Requirements: Many property management companies and landlords now require tenants to purchase renters insurance as a condition of their lease agreements. This shift helps protect landlords from potential liability claims and encourages renters to secure coverage.Rise in Natural Disasters: The increasing frequency and intensity of natural disasters have made renters more aware of the need for insurance coverage. The fear of losing personal belongings to unforeseen disasters has incentivized many renters to invest in insurance policies.Shift in Perception: Renters insurance has shed its image as an unnecessary expense and is increasingly viewed as a sensible investment to safeguard against unforeseen events. Customized Coverage Options: Insurance companies have adapted their offerings to suit renters’ diverse needs, allowing policyholders to tailor their coverage based on the value of their belongings and the potential risks they face.Online Convenience: The ease of accessing insurance information and purchasing policies online has facilitated the process, making it quicker and more convenient for renters to obtain coverage.What type of renters insurance do you need?Renters insurance includes personal property coverage, loss of use coverage, and liabilty coverage. However, the limits vary depending on each person\u2019s needs. The table below shows common coverage amounts.Type Of CoverageCoverage Amounts and RangesPersonal property$15,000 – $500,000Liability and medical expenses$100,000 or $300,000 or $500,000Loss-of-use and additional living expenses$3,000 – $5,000 or 40% of your personal property limitFAQsWhat percentage of people don’t have renters insurance?According to the Insurance Information Institute (III), around 55% of renters in the U.S. had renters insurance. This leaves roughly 45% of people without coverage.Why do people choose not to have renters insurance?There are several reasons for people not having renters insurance, including:Perceived cost as an additional expenseLack of awareness of coverage and benefitsOverestimation of landlord insurance coverageTemporary living arrangementsLow-value possessions or self-insurance beliefTrust in property security measuresAssumption of previous homeowner’s insuranceLanguage barriers and accessibility issuesNegligible legal requirements in some regionsHigh-risk tolerance and confidence in handling lossesWhy is it bad to not have renters insurance?Not having renters insurance can lead to financial risks, leaving personal belongings unprotected, liability exposure, and potential hardships after unforeseen events. Renters insurance provides peace of mind, affordability, and essential coverage for tenants, ensuring they’re protected and prepared for unexpected circumstances.Find renters insuranceRenters insurance helps protect your belongings in the event of a disaster. To compare rates, use our online quoting tool today.Sources:Facts and Statistics: Renters Insurance (iii.org)2022 Renters Insurance Industry Report (SafeHome)Related content:What Does a Renter’s Insurance Policy Cover?How to File a Renter’s Insurance ClaimRenters Insurance Deductibles: How Do They Work?Can Roommates Split Renters Insurance?What You Need To Know About Flood Insurance For RentersWhat Is Loss Assessment Coverage?"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Advice","item":"https:\/\/www.agilerates.com\/advice\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Home","item":"https:\/\/www.agilerates.com\/advice\/\/home\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"Renters Insurance Statistics (Updated 2023)","item":"https:\/\/www.agilerates.com\/advice\/home\/renters-insurance-statistics\/#breadcrumbitem"}]}]