Renters insurance cost an average of $173 a year in the U.S. in 2023, or about $14 a month, according to the latest data from the National Association of Insurance Commissioners (NAIC), up from $171 in 2022. State averages ranged from $125 a year in South Dakota to $263 in Mississippi. This page collects the main renters insurance statistics in one place, each with its source and the year it describes.
Key takeaways
- Renters insurance averaged $173 a year in the U.S. in 2023 (about $14 a month), according to NAIC data published in July 2026; the 2022 average was $171.
- Mississippi had the highest average renters insurance premium in 2023 ($263) and South Dakota the lowest ($125), according to the NAIC.
- The average U.S. renters insurance premium was lower in 2023 ($173) than in 2013 ($188), based on NAIC figures.
- About 46.8 million U.S. homes were renter-occupied in the second quarter of 2026, according to the U.S. Census Bureau.
- The standard renters insurance policy form (HO-4) limits theft of jewelry, watches and furs to $1,500 and money to $200 unless you add coverage.
How much does renters insurance cost on average?
The average U.S. renters insurance premium was $173 a year in 2023, about $14 a month, according to the NAIC’s report on 2023 data, published in July 2026. That is the newest national figure available. The NAIC average reflects what policyholders actually paid for the coverage they chose, so your own quote depends on your state, coverage limits, deductible and claims history.
Renters insurance costs far less than homeowners insurance: in 2022, the average homeowners premium was $1,569, roughly nine times the $171 renters average that year, according to NAIC figures reported by the Insurance Information Institute (III). Full state-by-state figures are on How much is renters insurance?, and the differences between the two policies are on renters vs. homeowners insurance.
Has renters insurance gotten more expensive?
Not much. The average U.S. renters insurance premium fell from $188 in 2013 to a low of $170 in 2021, then rose to $171 in 2022 and $173 in 2023, according to NAIC data. Over the full decade, the average dropped by $15, or about 8%.
| Year | Average U.S. renters insurance premium (per year) |
|---|---|
| 2013 | $188 |
| 2014 | $190 |
| 2015 | $188 |
| 2016 | $185 |
| 2017 | $180 |
| 2018 | $179 |
| 2019 | $174 |
| 2020 | $173 |
| 2021 | $170 |
| 2022 | $171 |
| 2023 | $173 |
Sources: NAIC data as reported by the III (2013–2022); NAIC 2023 report (2023). Individual policyholders can see bigger changes: in a December 2024 survey of insured consumers by the Federal Reserve Bank of Philadelphia, more renters insurance holders reported a premium increase over the prior year than a decrease (a net Premium Index of +23.5).
Which states have the most and least expensive renters insurance?
Mississippi, Louisiana and Oklahoma had the highest average renters insurance premiums in 2023, and South Dakota, North Dakota and Wisconsin the lowest, according to the NAIC. The most expensive state average was more than double the cheapest.
| Highest (2023) | Average per year | Lowest (2023) | Average per year |
|---|---|---|---|
| Mississippi | $263 | South Dakota | $125 |
| Louisiana | $250 | North Dakota | $127 |
| Oklahoma | $220 | Wisconsin | $133 |
| Alabama | $219 | Minnesota | $137 |
| Arkansas | $208 | Wyoming | $141 |
Selected states with their own guides on this site, NAIC 2023 averages: Texas $201 (7th highest), Florida $186 (11th), New York $176 (18th), California $171 (23rd), Illinois $155 (35th). Ties share a rank.
How many people rent in the U.S.?
About 46.8 million U.S. homes were occupied by renters in the second quarter of 2026, compared with about 87.0 million owner-occupied homes, according to the U.S. Census Bureau’s Housing Vacancies and Homeownership survey (released July 28, 2026). The homeownership rate was 65.0%, so roughly 35% of occupied homes were rented, and the rental vacancy rate was 7.3%.
Many of those households are stretched: in 2024, 48.2% of renter-occupied homes spent more than 30% of income on rent and utilities, according to Census Bureau American Community Survey data reported by the III. Florida had the highest share (58.1%).
How many renters have renters insurance?
No federal agency publishes an official count of how many renters carry renters insurance. Figures that circulate online come from insurer and marketing surveys with different questions and samples, so this site doesn’t quote one as a national fact. Your landlord may still require a policy in your lease.
What is known about renters who do have a policy comes from surveys like the Federal Reserve Bank of Philadelphia’s, conducted December 11–16, 2024 among people knowledgeable about their household’s insurance:
| Renters insurance policyholders who… | Share (prior 12 months) |
|---|---|
| Made at least one change to their policy | 47.1% |
| Shopped for a new policy | 34.9% |
| Filed a claim | 9.3% |
| Had an unexpected insurance-related expense | 26.2% |
In the same survey, 66.8% of renters insurance claims were attributed to a natural disaster or weather event. Filing a claim can affect your price later; see does renters insurance go up after a claim?
What are the standard renters insurance coverage limits?
The standard renters insurance policy form, ISO’s HO 00 04, sets fixed dollar caps on certain kinds of property and on several small additional coverages. Insurers can use their own forms and endorsements, so check your declarations page for your actual limits.
| Item or coverage (HO 00 04 standard form) | Limit |
|---|---|
| Money, bank notes, coins | $200 |
| Securities, passports, tickets, stamps and similar papers | $1,500 |
| Theft of jewelry, watches, furs and precious stones | $1,500 |
| Theft of firearms | $2,500 |
| Theft of silverware, goldware and pewterware | $2,500 |
| Business property at home / away from home | $2,500 / $500 |
| Property usually kept at another residence | 10% of the personal property limit or $1,000, whichever is greater |
| Credit card, forgery and counterfeit money | $500, no deductible |
| Fire department service charge (when assumed by contract) | $500, no deductible |
| Damage to property of others | $1,000 per occurrence |
Other common figures, from the III’s renters insurance guide: liability limits generally start at about $100,000, and some experts recommend at least $300,000; replacement cost coverage costs about 10% more than actual cash value coverage; raising your deductible to $1,000 could cut your premium by up to 25%; and an umbrella policy adding $1 million of liability costs roughly $200 to $350 a year.
Flood is excluded from standard renters insurance. Through the National Flood Insurance Program, renters can buy up to $100,000 of contents coverage, with a $2,500 special limit for artwork, jewelry, furs and business property and a 30-day waiting period, according to FEMA. More on flood insurance for renters.
What risks do renters insurance statistics show?
Fire, liability claims and theft are the risks renters insurance is built for, and federal and industry data put numbers on each.
| Risk | Statistic | Source and year |
|---|---|---|
| Home fires | Cooking caused an estimated 167,800 residential building fires in 2023, the leading cause every year from 2014 to 2023; heating caused 27,900 and electrical malfunction 23,700 | U.S. Fire Administration, 2023 data |
| Dog bites | Insurers paid $1.57 billion on 22,658 dog-related injury claims in 2024, an average of $69,272 per claim (up from $58,545 in 2023) | III and State Farm, 2024 data |
| Identity theft | 1,135,291 identity theft reports in 2024; credit card fraud was the most common type (449,032 reports); reported fraud losses totaled about $12.5 billion | FTC Consumer Sentinel Network, 2024 |
| Uninsured flood losses | Only 5.2% of North Carolina homes with FEMA-verified flood damage from Hurricane Helene had any flood insurance; damage and needs exceeded $59.6 billion | NC Office of State Budget and Management, Dec. 2024 |
| Credit-based pricing | About 85% of homeowners insurers use credit-based insurance scores where states allow it (a FICO estimate) | NAIC, updated 2026 |
North Carolina’s Helene figures are covered in more detail in renters insurance in North Carolina. Whether these risks make a policy worth it for you is covered in is renters insurance worth it?
How should I cite these renters insurance statistics?
Cite the original source and year next to each figure, for example “about $173 a year in 2023, according to NAIC data.” Averages describe what policyholders paid in the past, not a quote for your home, and the NAIC data runs about two and a half years behind the calendar. This page is updated when the NAIC, Census Bureau or other sources publish newer figures.
Sources
- NAIC: Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report: Data for 2023 (2026; Table 5, HO-4 average premiums)
- Insurance Information Institute: Facts + Statistics: Renters insurance (accessed 2026; NAIC 2013–2022 averages, Census ACS 2024)
- Insurance Information Institute: Renters insurance (accessed 2026)
- U.S. Census Bureau: Quarterly Residential Vacancies and Homeownership, Second Quarter 2026 (2026)
- Federal Reserve Bank of Philadelphia: Consumer Experiences with Auto, Home, and Renters Insurance Costs in 2024 – Survey Data (2025)
- ISO: Homeowners 4 Contents Broad Form, HO 00 04 10 00 (Oklahoma Insurance Department copy) (2000 edition)
- FEMA National Flood Insurance Program: Flood insurance for renters (2024)
- U.S. Fire Administration: Residential building fire causes (2014–2023) (2025)
- Insurance Information Institute: U.S. dog-related injury claim payouts hit $1.57 billion in 2024 (2025)
- Federal Trade Commission: Consumer Sentinel Network Data Book 2024 (2025)
- NAIC: Credit-based insurance scores (2026)
- NC Office of State Budget and Management: Hurricane Helene revised damage and needs assessment (2024)
New to this? Start with What is renters insurance?
This site offers general information, not insurance or legal advice. Coverage, prices and rules vary by insurer, policy and state, so always read your own policy and ask your insurer or agent about your situation.