To rent or buy, that is the question: Whether it is prudent to suffer the outrageous fortunes home sellers currently command, or take pen and abide the landlord's sea of terms, conditions and addendums. The question of what happens to renters policyholders when they transition to homeowners is much simpler to answer. Most (70%) stay with the same insurance company, according to an April 2022 survey conducted by Plymouth Rock Home Assurance. Further, 32% of respondents indicated they were still with their first home insurance policy, while 36% kept that initial policy for three-seven years. For those that did make a change when transitioning from renter to homeowner, price was the motivating factor for around half of the respondents. Nearly a quarter said it seemed like a good time to try a different company, while 15% said they went with the recommendation of a real estate professional, Plymouth Rock reported. Just 11% of former rental policyholders said they changed companies when buying home insurance because they were dissatisfied. Around 8% of respondents said they switched because they were unsure if their rental policy carrier also offered home insurance. |

Rent outpacing home prices in some locations

The news on the insurance transition of renters to homeowners comes on the heels of research showing that median rent prices in the U.S. grew 90% between 2000-2022, Clever Real Estate reported. Median home prices increased 156% during the period. However, rent prices are outpacing home prices in seven markets, according to Clever Real Estate, which complied the data in the above slideshow highlighting the cities (among the 50 largest metro areas) that have seen the largest rent increases. According to Clever Real Estate, the following 10 cities have the highest average rents in 2022: |

1. San Francisco: $3,198
2. San Jose: $2,868
3. Boston: $2,399
4. New York: $2,340
5. San Diego: $2,232
6. Los Angeles: $2,044
7. Seattle: $2,044
8. Washington, D.C.: $1,785
9. Portland, Ore.: $1,735
10. Miami: $1,672

Additionally, Clever Real Estate reported these 10 cities have the lowest average rents this year: |

1. Cleveland: $893
2. Memphis, Tenn.: $912
3. Oklahoma City, Okla.: $927
4. Indianapolis: $939
5. Birmingham, Ala.: $943
6. Louis: $947
7. Louisville, Ky.: $960
8. Buffalo, N.Y.: $963
9. Cincinnati: $968
10. Pittsburgh: $981

Related: |

• The best-rated renters insurance companies of 2022
• 10 most expensive countries for rent and house prices
• Rates for home insurance show Q1 2022 increase