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Homeowners and renters insurance: the facts

Homeowners insurance pays to repair or rebuild your home and replace belongings after covered events like fire or wind, and covers liability if someone is hurt on your property. Renters insurance covers your belongings and liability, not the building. Lenders usually require homeowners insurance if you have a mortgage.

Average homeowners premium: $1,569/year (2022). Average homeowners premium (NAIC, via III), up 11.2% from 2021.
Average renters premium: $171/year (2022).

Source: NAIC data via Triple-I. Standard policies generally don't cover flood; flood coverage is separate.

Next step: Compare insurers' homeowners complaint records · Mortgage calculator

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FAQ

How much is renters insurance?

$171 a year on average in 2022 (NAIC via Triple-I).

Estimates, not financial advice. Taxes, insurance, PMI and fees vary by lender, county and city; confirm with your lender, dealer and state agency before acting.