GITNUX MARKETDATA REPORT 2024

Statistics About The Average Cost Of Landlord Insurance

The average cost of landlord insurance in the United States is around $1,300 per year.

Last Updated: June 23, 2024

How we write

In this post, we will explore the various factors that influence the average cost of landlord insurance. From the impacts of adding theft or natural disaster coverage to the differences in premiums between urban and rural areas, we delve into a range of statistics to provide a comprehensive understanding of what contributes to the typical expenses landlords can expect when insuring their property investments.

Statistic 1

"Adding theft coverage to landlord insurance can increase the cost by 3–7%."

Statistic 2

"On average, landlord insurance costs 25% more than a standard homeowners policy."

Statistic 3

"Policies written for areas prone to natural disasters such as hurricanes or earthquakes typically have premiums that are 15% to 50% higher."

Statistic 4

"Including loss of rental income coverage can add 20% to the insurance premium."

Statistic 5

"Average landlord insurance premium increases about 4% annually due to inflation adjustments."

Statistic 6

"Landlord insurance costs in urban areas are on average 10% higher than in rural areas."

Statistic 7

"Having multiple rental properties can sometimes lower the average cost of landlord insurance per property."

Statistic 8

"Replacement cost coverage can cause landlord insurance premiums to increase by up to 30%."

Statistic 9

"Certain security measures, like installing a burglar alarm, can reduce landlord insurance premiums by up to 10%."

Statistic 10

"Insuring a multi-family property is generally 10-15% more expensive than a single-family property."

Statistic 11

"Average premium for landlord insurance with $300,000 liability coverage is about $1,200 per year."

Statistic 12

"Adding coverage for vandalism can increase annual premiums by around 5%."

Statistic 13

"Liability coverage of $1 million can increase landlord insurance premiums by about 15%."

Statistic 14

"Landlord insurance costs can range from $500 to $2,000 annually, depending on various factors."

Statistic 15

"The average cost of landlord insurance in the U.S. is approximately $1,300 per year."

Statistic 16

"The national average monthly premium for landlord insurance is around $100-$150."

Statistic 17

"Properties built before 1940 generally have higher insurance premiums due to increased risks."

Statistic 18

"Adding optional coverages, like natural disaster insurance, can substantially increase costs, often by 20% or more."

Statistic 19

"States with high property values like California and New York generally have higher landlord insurance premiums."

Statistic 20

"The majority of landlord insurance policies have a deductible of $500 to $1,000."

In conclusion, the average cost of landlord insurance is influenced by a multitude of factors. Adding optional coverages like theft, natural disaster, or loss of rental income can significantly impact premiums, sometimes by as much as 50%. Urban locations, properties with multiple units, and certain security measures can also play a role in determining costs. Properties built before 1940, high property value states, and specific coverage amounts like liability or replacement cost can further contribute to variations in premiums. On average, landlord insurance in the U.S. costs around $1,300 per year, with monthly premiums typically falling in the $100-$150 range. It is essential for landlords to carefully consider their individual needs and circumstances when selecting insurance coverage to ensure adequate protection at a reasonable cost.