Renters Insurance Premiums Constant

Renters insurance is not being required by all owners, and roughly half of residents have policies.

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Only about half of renters have residents insurance. The 2022 Renter’s Insurance Industry Report from reports 55% of residents have renters insurance and of those insured, 75% of residents are required to have coverage.

The report found the average renters insurance policy was $211 per year and compared it to the nearly $1,600 cost of an annual homeowner’s policy. The most common renters insurance deductible was $500.

Three out of five residents receive two or more discounts, such as bundling, paperless payments, automatic payments, etc., while 85% of residents received at least one discount.

Renters insurance premiums have not changed that much, according to the report, with 70% of renters stating the premium staying about the same from a year ago. Less than 20% said premiums went up in price.

Learn more about renters insurance.