How Many Renters Have Renters Insurance In America? Plus Over 21 Renters Insurance Statistics! (2021)

Only 57% of Americans that rent have insurance. However, because the average cost of renters insurance is only 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:

  • As of 2020, only 57% of renters in the United States had renters insurance, compared to 42% in 2018.
  • The average renters insurance plan costs $15.58 per month or $187 per year.
  • More than 35% of all occupied housing units in the United States are rented.
  • Americans in Mississippi have the highest renters insurance premiums
  • Alaska has the lowest renters insurance premiums of any state.
  • 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:


  • In 2017, the average renters insurance premium dropped by 2.7% - a decrease of 3.9% from the year before
  • In 2017, the National Multifamily Housing Council (NMHC) found that 50% of renters were under the age of 30.
  • In 2014, the Insurance Information Institute found that only 36% of renters had renters insurance.
  • According to the Insurance Information Institute, a typical renters insurance deductible is $500.

Average Cost Of Renters Insurance

What Is The Average Cost Of Renters Insurance?


The average cost of renters insurance is $15.58 per month or $187 per year. The cost of renters insurance is based on the policy coverage limits, deductible amount, the company you choose, and location.

Average Cost Of Renters Insurance By State


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:

  • Allstate - 8.44%
  • (AAA) - 0.95%
  • American Family - 3.23%
  • CSAA Insurance Group - 1.04%
  • Erie Insurance - 1.69%
  • Farmers Insurance - 5.96%
  • Liberty Mutual - 6.86%
  • MetLife - 1.17%
  • Nationwide - 3.60%
  • State Farm - 18.63%
  • The Hartford - 1.10%
  • Travelers - 3.76%
  • 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!

If you rent your home and don't already have renter’s insurance you should click here to get a few quotes and get covered. 

Sources:


Sa El

About the author

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 13 years of experience in the industry.  He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 13 years of experience in the industry.  He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.


>