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Follow on Google News | AdvisorSmith Finds the Average Price of Renters InsuranceThe most expensive states to purchase renters insurance were located in the South
By: AdvisorSmith To find the average cost of renters insurance in the U.S, AdvisorSmith analyzed data published by the National Association of Insurance Commissioners (NAIC) to see national and state premiums and exposure information for renters insurance policies. The research found the average cost of renters insurance in the U.S. is $185 per year or $15 per month. Several factors can influence renters' insurance cost as exposure to national disasters like hurricanes, tornados, wildfires, earthquakes, snowstorms, high winds, hail, and more. Crime rates and proximity to bodies of water also play a role in determining premiums. AdvisorSmith also found the average cost in all 50 states and the District of Columbia to see which states had the highest and lowest prices. States in the South dominated the most expensive states for renters insurance, and the most costly was Louisiana, with a cost of $269. Nine of the top ten most expensive states were all located in the South. Several factors contributed to increased renters insurance costs in the South. The most significant factor was natural disasters, with the increasing severity and frequency of hurricanes. The South has suffered billions of dollars worth of damages in recent years due to storms and other natural disasters. As this area is prone to severe weather, premiums will likely continue to rise in the South. The least expensive states for renters insurance were dominated by states located farther inland, with six of the top ten least costly states located in the Midwest and one found in the Rocky Mountains. The least expensive state was South Dakota, at $132 for renters insurance. Many of the states with lower renters insurance costs benefit from fewer occurrences of natural disasters and less densely populated areas. Besides the states, AdvisorSmith also compiled the average costs for the top 25 most populated U.S. cities. They found that Detroit, Michigan, had the most expensive renters insurance at $504 per year. Seattle, Washington, had the least expensive renters insurance at $164 per year. To see the complete report and the cost of all states and cities, please visit https://advisorsmith.com/ Company Info AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, visit https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc. End
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