The report compiles national and state-specific premium and exposure information for non-commercial dwelling fire insurance and for homeowners insurance package policies. It also contains data descriptions and a discussion of how certain economic, demographic and natural phenomena affect the price of homeowners insurance. Data from the report was collected from insurance statistical agents for all states except Texas and California, which supply data directly to the NAIC. Some data from residual market mechanisms are now included in the report.
Key findings from the report include:
- HO-3 is the most common policy form. In 2016, it accounted for 58.6 percent of all policy exposures.
- Nationally, in 2016, 65.1 percent of dwelling fire and homeowners owner-occupied policies were written for insurance coverage amounts between $50,000 and $300,000.
- Nationally, the average premium for an HO-3 policy form is $1,192.
- Nationally, the average premium for an HO-4 tenant policy form, which does not provide building coverage, is $185.
Many factors affect a state’s expenditures and premiums, including underwriting costs, repair costs and state laws. There are also differences in state requirements for insurance coverage, limits and benefits. These variances make direct state-by-state comparisons difficult.