Renters insurance is not being required by all owners, and roughly half of residents have policies.
January 23, 2023 |
Updated January 23, 2023
Only about half of renters have residents insurance. The 2022 Renter’s Insurance Industry Report from SafeHome.org 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.