Home Insurance Industry Statistics

In this post, we will explore key statistics and insights pertaining to the home insurance industry in the United States. From average premium costs to market shares, common claims, and homeowner behavior, these data points shed light on the significant impact of home insurance on individuals and the economy as a whole. Let’s dive into the numbers that shape this essential sector.

Statistic 1

"The average annual homeowners insurance premium in the United States is $1,249."

Statistic 2

"The largest home insurance representative (State Farm) has 18% of the market share."

Statistic 3

"Florida businesses count for 13.8% of total homeowners insurance claims across the US."

Statistic 4

"In 2017, fire and lightning damage were the most expensive claims for homeowners, costing an average of $68,322 per claim."

Statistic 5

"About 61% of homeowners have underinsured their homes."

Statistic 6

"In 2020, the global home insurance market was valued at nearly $70 billion."

Statistic 7

"69% of millennials do not have home insurance."

Statistic 8

"In 2018, about 5.7% of insured homes had an insurance claim."

Statistic 9

"98% of homeowners insurance claims are due to property damage."

Statistic 10

"Homeownership in the US is around 64.2% as of first quarter 2020."

Statistic 11

"The average cost of homeowners insurance has risen by 59% over the past decade (2010-2020)."

Statistic 12

"Only 37% of renters have renters insurance."

Statistic 13

"Water damage and freezing are the most common forms of home insurance claim, making up 23.8% of all claims."

Statistic 14

"Damage caused by wind and hail is the second most common claim on homeowner's insurance."

Statistic 15

"In 2019, US homeowners insurance net premiums written amounted to $94.3 billion."

Statistic 16

"Only 51% of Americans have an inventory of their possessions for insurance purposes."

Statistic 17

"Policyholder surplus in the property/casualty insurance industry dropped 4.8% in 2020 due to the impact of the coronavirus pandemic and severe catastrophe losses."

In conclusion, the home insurance industry in the United States presents a complex landscape marked by significant statistics. From the average annual premium of $1,249 to the dominance of major players like State Farm, the industry faces ongoing challenges such as underinsurance and lack of inventory documentation among homeowners. The rise in homeowners insurance costs by 59% over the past decade and the impact of natural disasters on claims underscore the importance of adequate coverage and risk management. The market’s size, coupled with varying regional trends like Florida’s high claims rate and the prevalence of specific types of damage, highlights the need for tailored and comprehensive insurance solutions to protect against unforeseen events.