The National Association of Insurance Commissioners (NAIC) has released a first-of-its-kind analysis of homeowners insurance market trends based on seven years of Market Conduct Annual Statement (MCAS) data collected by state insurance departments. The report, Examining Homeowner Property Insurance Market Dynamics: An Assessment of Countrywide State-Level Data From 2018 to 2024, provides a comprehensive view of the homeowners insurance market and establishes a baseline for future analysis as state insurance regulators continue to address affordability, availability, and market conditions nationwide.  

The report reveals a homeowners insurance market that remains operationally strong overall, with broad insurer participation and improved underwriting results in 2024. It also documents the challenges many consumers have experienced in recent years, including rising premiums, increased non-renewals, and higher claims costs.  

“As we work to maintain healthy and competitive insurance markets, state insurance regulators are committed to ensuring consumers have access to reliable homeowners insurance coverage,” said Virginia Insurance Commissioner and NAIC President Scott White. “This report provides authoritative and data-driven insights into market conditions across the country and further empowers informed decision-making by regulators, policymakers and other stakeholders.” 

Drawing on data reported by insurers to state regulators between 2018 and 2024, the report highlights several key findings: 

• The homeowners insurance market remains broad and active, with 715 companies writing homeowners coverage in 2024 and underwriting results improving across all four NAIC geographic regions.  

• Average premium per policy increased across every NAIC region since 2018, with inflation-adjusted increases ranging from 18.3% to 43.3%, to the effect of average premium increases of 2.4% to 5.3% per year.

• During the same period, company-initiated non-renewal rates increased between 96% and 216%, depending on region. Claim frequency and severity also generally increased, particularly between 2021 and 2024.  

• Market conditions vary across regions, underscoring that homeowners insurance remains a local market influenced by factors such as weather risk, rebuilding costs, claims patterns, and insurer participation.  

The MCAS report provides an important national and regional baseline ahead of the more granular analysis on coverage availability, costs, claims experience, mitigation efforts, and consumer options being obtained through the NAIC’s Homeowners Market Data Call, which regulators will be analyzing in the months ahead.