Renters Insurance Statistics 2026: How Many Renters Have It, What It Costs and What Claims Look Like

The average fell every year from $190 in 2014 to $170 in 2021. It rose 0.6% in 2022, the first increase after seven annual declines, and reached $173 in 2023.

The priciest states cluster in the South. Mississippi ($263) and Louisiana ($250) lead, and Texas, the second-largest renters market by policies, still averaged $201.

The cheapest states sit mostly in the upper Midwest and Plains. South Dakota ($125) and North Dakota ($127) lead, with Wisconsin ($133) and Minnesota ($137) close behind.

Price climbs slowly through the middle bands. A policy in the $20,000 to $24,999 band averaged $156, while doubling coverage to the $50,000 to $59,999 band averaged $205.

The most common band was $20,000 to $24,999. Very few renters insure for $100,000 or more.

Average renters insurance (HO-4) premium and policies by state, 2023

Source: National Association of Insurance Commissioners (NAIC), Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance Report: Data for 2023. Download as image

How many renters have renters insurance?

Regulators don't count people. They count house-years, which means one home insured for one full year. In 2023 there were 22.3 million house-years of renters (HO-4) coverage in the US, and those policies brought in $3.86 billion in premium.

That measures insured homes over time, not the share of renters who have coverage. A household that moved twice in a year and bought a new policy each time shows up as parts of a house-year, not as extra people.

Renters policies are the clear majority of their category. HO-4 made up 76.5% of tenant and condo unit policies in 2023, with the rest written for condo and co-op unit owners. If you rent and have a policy, you are in the bigger group, not a niche one.

For a landlord or property manager, the size of this market is a signal that renters insurance is a normal ask. A lease requirement is easier to live with when the required limits are reasonable and clearly stated.

How much does renters insurance cost per year?

The average US renters policy cost $173 in 2023. Your state matters more than you might expect. Mississippi averaged $263 and South Dakota averaged $125, so the same apartment and the same belongings can cost twice as much to insure depending on where they sit.

Big states pull the national number around. California averaged $171, New York $176, Florida $186 and Texas $201. If you are moving from Minnesota ($137) to Georgia ($206), expect your quote to climb even with the same stuff and the same coverage.

Your own choices move the price too. The coverage limit you pick is one of the biggest levers you control, followed by your deductible and any riders you add for things like jewelry or bikes.

A useful habit: look up your state in the table above before you shop. If your quote sits far above your state's average, ask why. It may be a high coverage limit, a low deductible, a past claim or simply an insurer that prices your ZIP code harder than its competitors.

Are most renters underinsured?

Probably. In 2023, 67.1% of renters and condo policies carried less than $35,000 in coverage. The single most common band for renters was $20,000 to $24,999.

Try a quick count. Add up your laptop, phone, bed, couch, clothes, kitchen gear and anything with a cord. You may land above the $20,000 to $24,999 band, especially once you price replacing it all new rather than what you could sell it for secondhand.

The cost of closing that gap is small. The average premium for a $20,000 to $24,999 policy was $156. For $50,000 to $59,999 it was $205. That is a modest step up for roughly twice the protection.

Underinsurance hurts most after a total loss, like a fire that takes the whole unit. A small theft rarely tests your limit. A burned-out apartment does, and that is when a $20,000 policy can run out halfway through replacing a household.

Why does renters insurance cost more in some states?

Look at the top of the list and a pattern jumps out. Mississippi, Louisiana, Oklahoma, Alabama and Arkansas all averaged $208 or more in 2023. Storms, hail and wind drive many claims across the South, and those losses flow into the price of every policy written there.

Local costs matter too. Theft rates, the price of contractors and hotel stays, and how often people sue over injuries all feed into what an insurer charges. State rules on how insurers file and justify rates also play a part.

Population does not explain it. California has the most renters policies in the country and averaged $171, close to the national figure. Wisconsin and Minnesota, both sizable markets, sit near the bottom at $133 and $137.

What do renters insurance claims look like?

The NAIC figures on this page cover policies and premiums, not claim counts, so treat this part as a practical guide rather than a statistic. A typical renters policy pays in three ways.

Watch the gaps. Flood and earthquake damage are usually excluded and need separate coverage. Your landlord's policy covers the building, not your belongings, which surprises a lot of first-time renters after a burst pipe.

• Personal property: theft, fire, smoke and many kinds of sudden water damage to your belongings, at home or away.
• Liability: if a guest is hurt in your unit or you accidentally damage someone else's property, such as water leaking into the unit below.
• Loss of use: hotel and extra living costs if your apartment becomes unlivable after a covered event.

What should a renter or small business owner do with these numbers?

The national numbers are a starting point. What matters is how your policy and your lease fit together. A few steps cover most of it.

• Price your belongings at replacement cost, then pick a limit above that total. The most common band is probably too low for you.
• Ask for replacement cost coverage instead of actual cash value, so an old laptop pays out what a new one costs.
• Check your lease for a required liability amount and whether the landlord must be listed as an interested party.
• If you run a business from your apartment, ask your insurer if business equipment and client visits are covered. Many renters policies limit both, and a freelancer with two monitors and a camera kit can hit that cap fast.
• Compare quotes each renewal. Prices vary a lot by state and by company, and the national average only tells you where the middle is.
• Keep a simple inventory: a phone video walking through each room and a folder of receipts makes any claim faster and less of a fight.

Sources and method

Every number on this page comes from the sources below, each opened and read on or before October 18, 2026. A second, independent review checked every figure against its source and corrected anything that did not match. Figures that could not be confirmed were left out.

1. National Association of Insurance Commissioners (NAIC), Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance Report: Data for 2023 (July 2026 (data for 2023))
2. Insurance Information Institute (Triple-I), compiling NAIC data, Facts + Statistics: Homeowners and renters insurance (Accessed 2026-10-18 (NAIC data through 2022))