How much is renters insurance? NAIC averages by state and by coverage amount

Source: NAIC homeowners report, Data for 2023, Table 5 (HO-4) and Table 4 (HO-3), totals by state. We recomputed each average from the printed premium and house-years; the state HO-4 premiums sum to the countrywide $3,855,915,324. Verified Oct 2026.

The four largest renter markets, band by band

A statewide average blends every coverage amount, so two states can look alike while pricing the same policy differently. NAIC's Table 5 breaks each state into the same bands as the countrywide figures. The four states with the most HO-4 house-years, California, Texas, Florida and New York, show how far apart the same limit can sit.

Source: NAIC homeowners report, Data for 2023, Table 5, HO-4 column, state pages for California, Texas, Florida and New York and the countrywide page; averages are written premium divided by house-years. Verified Oct 2026.

In the $10,000 band the four states sit within $26 of each other; by the $50,000 band they are $139 apart. Moving from the $20,000 band to the $50,000 band adds about $46 a year in New York, $93 in California, $124 in Texas and $153 in Florida. New York also shows why a statewide figure can mislead: its all-amounts average of $176 sits above its own $20,000 band, at $144, which points to more New York renters buying higher limits; the $50,000 to $59,999 band alone holds about 118,700 New York house-years.

The split between renters and condo policies varies as much as the price. Of all HO-4 and HO-6 house-years in Texas, about 94 percent are renters policies; in Florida the figure is about 57 percent, and in Hawaii about 39 percent, the only state where condo unit-owner policies outnumber renters policies. That matters to anyone reading a combined "renters and condo" figure published elsewhere: in a condo-heavy state it is pulled toward the much higher HO-6 premium.

Why renters prices do not follow homeowners prices

Put the renters and homeowners columns side by side and the rankings come apart. Florida has the third-highest HO-3 average in the country at $2,779, yet its renters average of $186 is only $13 above the countrywide figure. Minnesota's homeowners average of $1,988 is well above the national $1,737, while its renters average of $137 is the fourth-lowest. Nebraska shows the same split: $2,142 for HO-3, $146 for HO-4. At the other end, Georgia's HO-3 average of $1,828 sits close to the national figure, but its renters average of $206 ranks sixth-highest.

The reason is in what the two forms insure. NAIC's report describes the HO-4 as broad named-perils coverage for a tenant's personal property, with no building coverage. The roof, the siding and the structure belong to the landlord's policy. What a renters policy prices is the tenant's belongings and the tenant's liability. NAIC's data does not split premium by peril, so it cannot say which losses drive each state's figure, but the form difference is one reason a state can be expensive for owners and inexpensive for renters at the same time, and the reverse.

The trend shows the same split. In its release on the 2022 data, dated May 21, 2025, NAIC reported the HO-3 average up 11.26 percent nationwide over 2021 and the HO-4 average up 0.6 percent. Those are measured past changes for the two forms, not a forecast for anyone's renewal, and they show that, over that year, the renters average barely moved while the homeowners average rose by double digits.

Checking one renters quote against the data

Here is a quote worked through with invented inputs. A renter in Georgia has priced a policy at $290 a year, about $24 a month, with $30,000 of personal property coverage. Three published yardsticks give three different readings.

Against the Georgia statewide HO-4 average of $206, the quote looks $84 high. That comparison is lopsided, because the statewide figure averages every coverage amount, and about 74 percent of Georgia's HO-4 house-years are in bands below $30,000. Against the countrywide $30,000 to $34,999 band, at $185, the quote looks $105 high, but that comparison throws away the state. The closest yardstick is Georgia's own $30,000 to $34,999 band in NAIC's Table 5, which averages $257 on $12,864,267 of premium and 49,965 house-years. Against that, the quote is $33 higher, about 13 percent, and the remaining gap is the kind that a deductible choice, a higher liability limit, replacement cost settlement on contents, or simply two years of rate changes since 2023 may explain.

The order of those comparisons is the method: match the form, then the state, then the coverage amount, and only then look at the gap. A renter who stops at the first comparison may think the quote is out of line when the closest yardstick says otherwise. The next step is a second and third quote with the same personal property limit, liability limit, deductible and settlement basis, because those four lines decide more than any average does. The quote comparison worksheet sets them side by side.

Advertised averages that use a different basis

Many renters cost figures in circulation are quote samples: rates priced today for a fixed profile, with a stated personal property limit and liability limit. That is a legitimate way to compare carriers for one profile, but it is not what renters as a group pay. In the NAIC bands, a profile with $50,000 to $59,999 of coverage averaged $205 a year in 2023, and one at $100,000 to $124,999 averaged $328. If a published average is two or three times the NAIC figure, the coverage profile behind it is the first thing to check.

The NAIC figures carry their own limits. They are written premium in 2023, divided by exposure, and they mix every liability limit, deductible, discount and endorsement in force. They cannot show what any one insurer charges and they do not rank insurers. A quote sample answers a narrower question with more control; the regulator data answers a broader one with less. Our page on homeowners insurance cost per month sets out the same distinction for owners, where it matters even more.

Where the renters figures stop

Three gaps sit outside every number on this page. Flood is the first: a renters policy excludes it, and a renter who wants contents coverage for flood buys it separately, as our guide to why flood insurance is separate explains. The building is the second: damage to the walls, roof and fixtures the landlord owns goes to the landlord's policy, and our landlord insurance guide covers what that policy does. The third is the condo unit owner, who is insured on a different form. NAIC describes the HO-6 as covering personal property plus certain building items in which the unit owner may have an insurable interest, and its countrywide HO-6 average was $658 in 2023, close to four times the renters figure. The HO-6 vs HO-3 guide explains where the condo policy's coverage starts and stops.

All of these guides sit with the other renters, condo and landlord pages in the renters, condo and landlord hub, and the regulator data behind homeowners premiums is set out in our page on homeowners insurance cost per month.

Before buying, total up what your belongings would cost to replace and set the limit from that figure rather than from the premium. The HO-4 guide's inventory worksheet takes about twenty minutes and shows which coverage band you actually belong in.

Condo unit owners have their own page built on the same NAIC table: how much condo insurance costs, by state and by coverage band.

Renters insurance cost: common questions