Only 55% of Americans that rent have insurance; however, because thebest renters insurance companies onlinecost around $15.58 per month, it’s strange that a greater number of individuals do not have coverage. We’ll look at renter’s insurance statistics and how Americans protect their rental houses in this post.
Top Renters Insurance Statistics
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As of 2024, only 55% of renters in the United States (61 Million) had renters insurance.
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The average renters insurance plan costs $15.58 per month or $187 per year.
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More than 35% of all occupied housing units in the United States are rented.
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Americans in Mississippi have the highest renters insurance premiums.
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Alaska has the lowest renters insurance premiums of any state.
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State Farm has the greatest market share in the home and renter’s insurance industry
Percent of Americans With Renters Insurance
How Many People Have Renters Insurance In America?
57% of Americans who rent have renters insurance, and with there being nearly 45 million renter households in the United States, that comes to almost 25 million households covered for renters insurance.
Number of Renters With Renters Insurance (By State)
Based on the number of renters, California, New York, Texas, Florida, and Illinois would have the greatest number of insured renters, whereas Wyoming, Vermont, Alaska, Montana, and South Dakota would have the fewest.
Below is a complete list of renters with renters insurance by their state:
| STATE | Number Of Renters With Insurance |
|---|---|
| Alabama | 212,782 |
| Alaska | 30,655 |
| Arizona | 466,048 |
| Arkansas | 117,393 |
| California | 3,821,246 |
| Colorado | 430,168 |
| Connecticut | 215,679 |
| Delaware | 51,492 |
| District Of Columbia | 261.10 |
| Florida | 1,618,351 |
| Georgia | 636,093 |
| Hawaii | 101,515 |
| Idaho | 57,579 |
| Illinois | 799,641 |
| Indiana | 304,000 |
| Iowa | 157,370 |
| Kansas | 130,639 |
| Kentucky | 192,964 |
| Louisiana | 180,356 |
| Maine | 50,078 |
| Maryland | 500,456 |
| Massachusetts | 509,211 |
| Michigan | 472,931 |
| Minnesota | 374,845 |
| Mississippi | 115,887 |
| Missouri | 248,308 |
| Montana | 35,154 |
| Nebraska | 118,248 |
| Nevada | 251,058 |
| New Hampshire | 78,360 |
| New Jersey | 667,159 |
| New Mexico | 71,550 |
| New York | 2,627,750 |
| North Carolina | 572,180 |
| North Dakota | 74,428 |
| Ohio | 615,542 |
| Oklahoma | 162,284 |
| Oregon | 291,279 |
| Pennsylvania | 543,859 |
| Rhode Island | 60,084 |
| South Carolina | 220,709 |
| South Dakota | 47,091 |
| Tennessee | 340,780 |
| Texas | 2,345,736 |
| Utah | 157,651 |
| Vermont | 24,027 |
| Virginia | 595,903 |
| Washington | 606,670 |
| West Virginia | 49,420 |
| Wisconsin | 341,348 |
| Wyoming | 18,487 |
Key Stats:
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In 2017, the average renters insurance premium dropped by 2.7% – a decrease of 3.9% from the year before
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In 2017, the National Multifamily Housing Council (NMHC) found that 50% of renters were under the age of 30.
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In 2014, the Insurance Information Institute found that only 36% of renters had renters insurance.
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According to the Insurance Information Institute, a typical renters insurance deductible is $500.
Renters Insurance Companies by Market Share
Who Is The Largest Renters Insurance Company in America?
According to the NAIC, which ranks insurance companies by their market share total, State Farm is the most popular renters insurance company in the United States (18.63 percent market share). CSAA Insurance Group has a 1.04 percent market share, making it the smallest renters insurance firm.
Below is a detailed list of insurance companies and their market share in alphabetical order:
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Allstate–8.44%
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(AAA) – 0.95%
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American Family –3.23%
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CSAA Insurance Group –1.04%
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Erie Insurance – 1.69%
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Farmers Insurance –5.96%
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Liberty Mutual – 6.86%
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MetLife –1.17%
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Nationwide – 3.60%
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State Farm –18.63%
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The Hartford –1.10%
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Travelers –3.76%
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USAA – 6.05%
Concluding Thoughts
Taking Action
It may not be a popular topic, but renters insurance is a great way to protect yourself and your property against the unexpected.
With the average cost of renters insurance being around $15.58 per month, it’s odd that more people don’t have coverage…Don’t let this become an afterthought!
Sources:
NMHC | Insurance Information Institute |