Average Cost of Renters Insurance by State
Most landlords require their tenants to have renters insurance. It is an invaluable financial product that ends up protecting the property owner as well as the tenant in the event of a catastrophe. For the most part, compared to homeowners insurance, renters insurance is relatively inexpensive. However, as the folks over at howmuch.net point out, the rates can drastically vary across in different parts of the country. Nor surprisingly, the states with the highest renters insurance costs saw the lowest percentage of insured renters. Even though they point out that the likelihood of natural disaster seems to drive its adoption and many of those states are prone to disaster. Indeed…
“A primary determinant of renters insurance is the likelihood of natural disaster: the relatively docile Great Plains and Midwestern states have some of the nation’s lowest premiums. If you really want to save on renters insurance (and spare yourself from a hurricane), consider moving to the Dakotas: North and South have the cheapest on average at $ 115 and $ 118 a year, respectively.”
Top Ten States with the Highest Renters Insurance
1. Mississippi. Annual premium: $ 244; percent of insured renters: 13%
2. Louisiana. Annual premium: $ 242; percent of insured renters: 17%
3. Alabama. Annual premium: $ 239; percent of insured renters: 23%
4. Oklahoma. Annual premium: $ 234; percent of insured renters: 24%
5. Texas. Annual premium: $ 228; percent of insured renters: 37%
6. Georgia. Annual premium: $ 226; percent of insured renters: 34%
7. Hawaii. Annual premium: $ 221; percent of insured renters: 18%
8. Florida. Annual premium: $ 217; percent of insured renters: 23%
9. Arkansas. Annual premium: $ 215; percent of insured renters: 19%
10. Tennessee. Annual premium: $ 212; percent of insured renters: 31%
Top Ten States with the Lowest Renters Insurance
1. North Dakota. Annual premium: $ 115; percent of insured renters: 40%
2. South Dakota. Annual premium: $ 118; percent of insured renters: 45%
3. Wisconsin. Annual premium: $ 130; percent of insured renters: 43%
4. North Carolina. Annual premium: $ 134; percent of insured renters: 26%
5. Utah. Annual premium: $ 145; percent of insured renters: 46%
6. Montana. Annual premium: $ 145; percent of insured renters: 31%
7. Iowa. Annual premium: $ 147; percent of insured renters: 45%
8. Minnesota. Annual premium: $ 149; percent of insured renters: 58%
9. Maine. Annual premium: $ 149; percent of insured renters: 32%
10. New Hampshire. Annual premium: $ 150; percent of insured renters: 38%
Click here to read the full story at howmuch.net.
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