Renters insurance statistics and facts 2021

Your credit score, claim history and where you live will all impact the cost for renters insurance. Your premium will be determined by the type you select for renters insurance. Additional protections such as earthquake insurance or flood insurance may increase your total bill.

It is important to determine what other costs you will have to pay before you decide how much rent you can afford. Your monthly rent is not the only cost. You also have to consider your utilities and renters insurance. Based on industry research and expert studies, we examine the average cost and statistics of renters’ insurance in 2021.

Statistics for Renters Insurance 2021

  1. More than a third of renters own their homes. (iProperty management)
  2. In 2019, the average monthly housing cost for a tenant was $1,301 per lună. (U.S. Census via iii)
  3. Hawaii offers the lowest renters insurance, at less than $200 per annum. (Bankrate).
  4. Oklahoma renters insurance is the most expensive, at an average annual premium of $1,040. (Bankrate
  5. The average annual renters insurance cost has dropped from $190 per year in 2014 to $179 per year in 2018. (Bankrate
  6. As of the first quarter 2021, the U.S. national vacancy rate was 6.8%. This is 0.3 percentage lower than the total occupancy at 2020. (U.S. Census).
  7. In 2019, 49% of renters were younger than 30(National Multifamily Housing Council).
  8. New York, Los Angeles and San Diego are the top metropolitan areas for renters in 2019. (National Multifamily Housing Council).
  9. The states with the highest number of renters are New York and California. (National Multifamily Housing Council).
  10. Study results show that renting is the most popular option for those aged 35-64 and those with children. (iii).

Renters insurance rates are falling over time

While it is normal to expect inflation over time for all things, renters insurance seems to be experiencing the exact opposite. The average renters insurance cost was $190 annually in 2014. After a series decreases over many years, the 2018 average renters insurance price was $179 per annum.

Renting is more popular than ever.

According to the U.S. Census, the national vacancy rate was 6.8% for the first quarter 2021. This is 0.3 percent more than the occupancy at the year-end 2020. Coronavirus caused a drop in rental vacancies in 2020. Renters were more concerned about staying put and businesses closing than looking for a new home.

2020 study by Harvard’s Joint Center for Housing Studies has shown that there was an increase in high-income renters between 2016 and 2018. This is a significant shift in trends from the 2000s, when low-income renters accounted for 93% of total renter growth.

Rental vacancies fell in 2021. This means that there will be more long-term rentals. In 2022, and beyond, rental rentals will be more popular as the U.S. emerges from the shadow of COVID.

What is the cost of renters insurance?

We calculate the total rent cost by calculating the average cost of renters’ insurance and utilities per state to determine the total cost percentage of each month. We can see that certain states spend more on rent and insurance than others. California Hawaii, New York, District of Columbia, and New York all have the highest rent costs.

Renters insurance in the most expensive states

Renters insurance in the United States is cheaper than $200 per month. However, prices in other states will be higher. Oklahoma renters pay over $1,000 annually for insurance. The highest renters insurance premiums are in Nebraska, Kansas and South Dakota.

These are the five most expensive states to renters insurance:

  • Oklahoma: $1,040
  • Nebraska: $958
  • Kansas: $890
  • Kentucky: $746
  • South Dakota: $721

Renters insurance in the least expensive state

Hawaii is the only state that offers renters insurance at a price below $200 per year. It is possible to still find renters insurance that costs less than $300 per annum. Renters insurance is the most affordable in the country if you reside in Idaho, Wyoming, Maine, Maine, and Maine.

These are the five states with the lowest renters insurance costs:

  • Hawaii: $195/year
  • Vermont: $248/year
  • Wyoming: $279/year
  • Maine: $286/year
  • Idaho: $289/year

It’s easy to understand why many people hope that the trend of decreasing rent costs will continue. Many renters will need to make a decision about their post COVID housing plans after the federal rent moratorium expires on June 30, 2021. There is no doubt that rent prices are higher in certain areas than other places. The cost of renting a place is not the same as the cost of renting a place. However, it does depend on where you live in America.