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NAIC Releases Report on Homeowners Insurance

NAIC Releases Report on Homeowners Insurance

(WASHINGTON) Nov. 25, 2019 – The National Association of Insurance Commissioners (NAIC) released data today on homeowners insurance in its report, Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report: Data for 2017.”  The report provides national and state-specific data to identify factors that affect non-commercial dwelling fire insurance and homeowners insurance premiums. Data was collected from statistical agents in all the states with the exception of California and Texas, which provide data to the NAIC though their state departments of insurance.

Key findings from the report include:

  • In 2017 the average premium for the most common type of home insurance was $1,211. The average increased from $1,192 in 2016.
  • The average premium for renters insurance, which does not provide building coverage, was $180 in 2017. The average decreased from $185 in 2016.
  • In 2017, 63% of dwelling fire and homeowners owner-occupied policies had coverage amounts written between $50,000 and $300,000, down two percentage points from 2016.

Data in this report should not be used to "rank" state insurance rates as there are many factors that affect home insurance premiums and losses that vary by region, state and local levels. Economic and demographic factors, as well as natural phenomena can affect prices.  In general, real estate values and construction costs tend to be higher in areas of greater population density. Because the amount of home insurance needed is based on the value of the home, premiums are often higher in more heavily populated places.

Comments and suggestions about the report will be used to improve future editions and meet the needs of NAIC members and other users. Please forward your remarks to researchrequest@naic.org.

About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.

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