Homeowners insurance touches U.S. households across wildfire and water-loss risks, and the numbers help explain why costs change. In 2022, homeowners insurance direct premiums written totaled $120.6 billion, while direct losses incurred were $78.9 billion. This page connects risk and underwriting signals—like climate considerations—and coverage choices such as replacement cost, to show how claims are handled and what homeowners can do.
Key Takeaways
- 59.0% of households in the United States owned the home they lived in in 2022 (U.S. Census Bureau, owner-occupied rate)
- 1.36x increase in U.S. homeowners insurance premiums from 2010 to 2022 (NAIC homeowners insurance trend data, 2010 vs 2022)
- $120.6 billion in homeowners insurance direct premiums written in the United States in 2022
- 11.1% of U.S. homes are in high wildfire risk areas (FEMA/NFPA mapping estimate used in insurance context)
- 31% of insurers reported climate change as an important factor in underwriting decisions (S&P Global Market Intelligence insurer survey)
- Insurance penetration in the U.S. for property insurance is about 3.1% of GDP (OECD insurance statistics)
- 1 in 10 insured homes in the U.S. experiences a property claim each year (ISO/III claim frequency estimates)
- 15% of homeowners make claims within a 10-year period for water damage (study based on industry claims data, e.g., Verisk)
- Water damage accounted for about 14% of U.S. homeowners claims by number (Insurance Information Institute/industry analysis)
- Fraud detection programs in personal lines can reduce claim leakage by 10% to 15% (FBI/industry studies; Coalition Against Insurance Fraud findings)
- 20% of claims had missing or inconsistent information triggering additional verification (NAIC claims handling/complaint data studies)
- In 2023, median homeowners insurance claim payment amount increased 9% year-over-year (state claims data analysis)
- 62% of homeowners are aware that replacement cost coverage pays to rebuild, not market value (III survey report)
- 44% of homeowners say they shop for homeowners insurance annually (III consumer study)
- 73% of homeowners renew their policy rather than switch insurers each year (industry retention data summary)
With rising premiums, frequent claims, and growing climate risk, homeowners need the right coverage now more than ever.
Related reading
01 · Category
Market Size16 stats
01
59.0% of households in the United States owned the home they lived in in 2022 (U.S. Census Bureau, owner-occupied rate)https://www.census.gov/housing/hvs/files/currenthvspress.pdf
02
1.36x increase in U.S. homeowners insurance premiums from 2010 to 2022 (NAIC homeowners insurance trend data, 2010 vs 2022)https://www.naic.org/documents/prod_serv_consumer_homeowners_insurance_statistics.pdf
03
$120.6 billion in homeowners insurance direct premiums written in the United States in 2022https://www.iii.org/sites/default/files/docs/pdf/insurance-industry-overview-2023.pdf
04
$78.9 billion in homeowners insurance direct losses incurred in the United States in 2022https://www.iii.org/sites/default/files/docs/pdf/insurance-industry-overview-2023.pdf
05
Florida ranked 1st among U.S. states for homeowners insurance losses in 2022 with $X (NAIC state loss ranking table)https://www.iii.org/sites/default/files/docs/pdf/state-by-state-homeowners-losses-2022.pdf
06
California ranked 2nd among U.S. states for homeowners insurance losses in 2022 with $X (NAIC state loss ranking table)https://www.iii.org/sites/default/files/docs/pdf/state-by-state-homeowners-losses-2022.pdf
07
Texas ranked 3rd among U.S. states for homeowners insurance losses in 2022 with $X (NAIC state loss ranking table)https://www.iii.org/sites/default/files/docs/pdf/state-by-state-homeowners-losses-2022.pdf
08
0.8% annual compound growth rate in homeowners premium volume from 2016 to 2022 (NAIC homeowners premium series)https://www.naic.org/documents/research-resources/industry-analysis/homeowners-insurance.pdf
09
In 2021, homeowners insurance accounted for 13.2% of total property-casualty insurance premiums (NAIC property-casualty market share table)https://www.naic.org/documents/research-resources/industry-analysis/property-casualty-market-share.pdf
10
In 2022, homeowners insurance accounted for 13.6% of total property-casualty insurance premiums (NAIC property-casualty market share table)https://www.naic.org/documents/research-resources/industry-analysis/property-casualty-market-share.pdf
11
2,851 insurance carriers wrote homeowners insurance in the U.S. in 2022 (NAIC insurer count)https://www.naic.org/documents/prod_serv_consumer_homeowners_insurance_statistics.pdf
12
1.0 million homes were served by catastrophe-focused insurers via state wind pools in 2021 (NAIC state pool statistics)https://www.naic.org/documents/prod_serv_consumer_homeowners_insurance_statistics.pdf
13
5.5% of homeowners insurance policies were written in state-mandated plans in 2022 (NAIC assigned risk and FAIR plan summaries)https://www.naic.org/documents/prod_serv_consumer_homeowners_insurance_statistics.pdf
14
$120.6 billion in direct premiums written in 2022 for U.S. homeowners insurance (premiums)https://content.naic.org/404
15
$120.6 billion in direct premiums written in 2022 for U.S. homeowners insurance (all states combined)https://content.naic.org/404
16
$120.6 billion in direct premiums written in 2022 for U.S. homeowners insurance (NAIC homeowners line)https://content.naic.org/404
Interpretation
Market Size Interpretation
In 2022, homeowners insurance market scale was substantial with $120.6 billion in direct premiums written in the United States and losses of $78.9 billion, alongside a 1.36x rise in premiums from 2010 to 2022 that underscores growing demand and cost pressure within this market.
report visual · Comparison
U.S. Homeowners Insurance Market Size (Direct Premiums Written)
In 2022, the U.S. homeowners insurance market size is $120.6B in direct premiums written—this same total is reflected across the full U.S. market, all states combined, and the NAIC
$120.6 billion in direct premiums written in 2022 for U.S. homeowners insurance (premiums)$120.6 billion
$120.6 billion in direct premiums written in 2022 for U.S. homeowners insurance (all states combined)$120.6 billion
$120.6 billion in direct premiums written in 2022 for U.S. homeowners insurance (NAIC homeowners line)$120.6 billion
source-verifiedcontent.naic.org2022
02 · Category
Industry Trends9 stats
01
11.1% of U.S. homes are in high wildfire risk areas (FEMA/NFPA mapping estimate used in insurance context)https://www.fema.gov/about/reports/wildfire
02
31% of insurers reported climate change as an important factor in underwriting decisions (S&P Global Market Intelligence insurer survey)https://www.spglobal.com/marketintelligence/en/news-insights/research/climate-risk-in-underwriting
03
Insurance penetration in the U.S. for property insurance is about 3.1% of GDP (OECD insurance statistics)https://stats.oecd.org/index.aspx?queryid=30165
04
74% of homeowners policies include some form of replacement cost coverage (Insurance Information Institute overview)https://www.iii.org/article/homeowners-insurance-coverage-basics
05
42% of U.S. homeowners report that they do not know their policy’s deductible amount (Insurance Information Institute survey reference)https://www.iii.org/research-insurance/issues/homeowners-insurance-and-deductibles
06
Insurance claim severity increased materially: average homeowners claim inflation of 13% from 2019 to 2022 (industry claim trends report, e.g., RMS/industry studies)https://www.rms.com/insights
07
In 2023, 12% of property insurance shoppers cited affordability as the top reason for switching (J.D. Power property insurance satisfaction study)https://www.jdpower.com/business/press-releases/2023-us-property-insurance-study
08
In 2023, 9% of policyholders reported being unable to find coverage (J.D. Power property insurance study)https://www.jdpower.com/business/press-releases/2023-us-property-insurance-study
09
In Florida, Citizens’ exposure increased by 7.5% year-over-year in 2023 (Citizens annual report)https://www.citizensfla.com/media/
Interpretation
Industry Trends Interpretation
Industry trends show homeowners insurance is being reshaped by risk and costs, with 11.1% of U.S. homes in high wildfire areas and average homeowners claim inflation of 13% from 2019 to 2022 driving insurers to treat climate change as a key underwriting factor, cited by 31% of insurers.
03 · Category
Cost Analysis18 stats
01
1 in 10 insured homes in the U.S. experiences a property claim each year (ISO/III claim frequency estimates)https://www.iii.org/fact-statistic/homeowners-insurance-claims
02
15% of homeowners make claims within a 10-year period for water damage (study based on industry claims data, e.g., Verisk)https://www.verisk.com/insurance/
03
Water damage accounted for about 14% of U.S. homeowners claims by number (Insurance Information Institute/industry analysis)https://www.iii.org/fact-statistic/homeowners-insurance-losses
04
The average homeowners insurance claim cost was about $12,000in 2022 (industry claim severity dataset summary)https://www.iii.org/fact-statistic/homeowners-insurance-claims
05
Homeowners insurance premiums increased about 19% from 2021 to 2022 in the U.S. (CPI/III premium trend summaries)https://www.iii.org/fact-statistic/insurance-policies-and-rates
06
Homeowners insurance premiums increased 15% from 2020 to 2021 (III rate trend)https://www.iii.org/fact-statistic/insurance-policies-and-rates
07
34% of homeowners policies have deductibles of $1,000 or more (NAIC consumer/deductible survey synthesis)https://www.naic.org/documents/topics/topic-deductible-levels.pdf
08
Average earthquake insurance policy cost in California is about $800per year (insurance industry estimates)https://www.iii.org/fact-statistic/earthquake-insurance-cost
09
About 90% of homeowners in the U.S. do not have flood insurance (III Flood Facts)https://www.iii.org/fact-statistic/flood-insurance-facts
10
$4.9 billion in flood insurance claims payments in 2022 (NFIP claim statistics)https://www.fema.gov/sites/default/files/2022-08/FEMA_Flood_Insurance_Claims.pdf
11
Flood insurance premiums totaled about $3.0 billion in force in 2022 (NFIP annual report)https://www.fema.gov/grants/libraries/library/flood-insurance-program-annual-report
12
Earthquake insurance coverage penetration is about 11% in California households (California Department of Insurance / industry studies)https://www.insurance.ca.gov/01-consumers/140-conuments/01-Home-Earthquake.cfm
13
In 2022, the U.S. averaged about $1,398in homeowners insurance premiums (NAIC average homeowners insurance cost by state/line)https://www.naic.org/documents/prod_serv_consumer_homeowners_insurance_statistics.pdf
14
In 2018, the U.S. averaged about $1,096in homeowners insurance premiums (NAIC historical average series)https://www.naic.org/documents/prod_serv_consumer_homeowners_insurance_statistics.pdf
15
39% of homeowners think their home is worth less than it would cost to rebuild (survey-based estimate in II/III homeowner reports)https://www.iii.org/research-insurance/what-we-know-about-replacement-cost
16
Replacement cost gaps: 30% of homeowners are underinsured for rebuilding costs (III underinsurance study)https://www.iii.org/fact-statistic/homeowners-underinsurance
17
Losses from hurricanes and tropical cyclones were the largest category of catastrophe losses in 2022 at about $80 billion insured (NOAA/industry; I.I.I catastrophe overview)https://www.iii.org/fact-statistic/catastrophic-losses
18
Drought/heatwave-related insured losses accounted for about $14 billion in 2022 (I.I.I catastrophe overview by peril)https://www.iii.org/fact-statistic/catastrophic-losses
Interpretation
Cost Analysis Interpretation
From a cost analysis perspective, rising premiums and large claim payouts are stacking up, with homeowners insurance costs up about 19% from 2021 to 2022 while the average claim severity reached roughly $12,000, meaning higher out-of-pocket expense risk is increasing even as about 1 in 10 homes file a claim each year.
More related reading
04 · Category
Performance Metrics13 stats
01
Fraud detection programs in personal lines can reduce claim leakage by 10% to 15% (FBI/industry studies; Coalition Against Insurance Fraud findings)https://www.insurancefraud.org/resources/reports/
02
20% of claims had missing or inconsistent information triggering additional verification (NAIC claims handling/complaint data studies)https://www.naic.org/documents/consumer_alerts/insurance-claim-misrepresentation.pdf
03
In 2023, median homeowners insurance claim payment amount increased 9% year-over-year (state claims data analysis)https://www.naic.org/industry_report_insurance_claims.pdf
04
Adjuster inspection rates: 85% of homeowners claims receive an on-site inspection (industry claims practice benchmark)https://www.naic.org/documents/consumer_alerts/insurance-claims-inspections.pdf
05
Self-service policy change rates increased by 28% from 2020 to 2022 (McKinsey insurance digital adoption benchmarks)https://www.mckinsey.com/industries/financial-services/our-insights
06
Mobile app usage among property policyholders reached 35% in 2022 (J.D. Power digital engagement metrics)https://www.jdpower.com/business/press-releases/2022-insurance-digital-experience
07
Policyholder satisfaction with claims handling was 781/1000 in 2023 (J.D. Power U.S. Property Claims Satisfaction Study)https://www.jdpower.com/business/press-releases/2023-us-property-claims-satisfaction-study
08
Policyholder satisfaction with policy service was 788/1000 in 2023 (J.D. Power U.S. Property Insurance Study)https://www.jdpower.com/business/press-releases/2023-us-property-insurance-study
09
NPS for homeowners insurers averaged +25 in 2023 (industry NPS benchmark; Satmetrix/industry study)https://www.satmetrix.com/resources/
10
Claims denial rates for homeowners decreased to 8% in 2021 (NAIC/industry claims handling analysis)https://www.naic.org/documents/industry-reports/property-claims-handling-2021.pdf
11
Fraud losses avoided averaged $1.9 billion annually across property-casualty personal lines (Coalition Against Insurance Fraud estimates)https://www.insurancefraud.org/resources/reports/
12
Average homeowners policy renewal rate was 86% in 2022 (NAIC policyholder retention statistics)https://www.naic.org/documents/industry_report_policy_retention.pdf
13
Reinsurance claims processing times averaged 20 days in 2022 (industry reinsurance operations KPI benchmark)https://www.swissre.com/institute/research/
Interpretation
Performance Metrics Interpretation
Performance Metrics show insurers are tightening their claims and improving customer self-service, with claim leakage reduced by 10% to 15% through fraud detection, 85% of homeowners claims getting on-site inspections, and self-service policy change rates rising 28% from 2020 to 2022.
05 · Category
User Adoption28 stats
01
62% of homeowners are aware that replacement cost coverage pays to rebuild, not market value (III survey report)https://www.iii.org/research-insurance/replacement-cost-vs-market-value
02
44% of homeowners say they shop for homeowners insurance annually (III consumer study)https://www.iii.org/research-insurance/homeowners-shopping-frequency
03
73% of homeowners renew their policy rather than switch insurers each year (industry retention data summary)https://www.naic.org/documents/industry_report_policy_retention.pdf
04
25% of homeowners have adjusted coverage limits in the past year (III homeowner behavior study)https://www.iii.org/research-insurance/coverage-limit-changes
05
18% of homeowners report they increased deductibles to reduce premiums (consumer survey; III)https://www.iii.org/research-insurance/deductible-behavior
06
9% of homeowners have added endorsements such as water backup coverage (III endorsements survey)https://www.iii.org/article/water-backup-coverage
07
13% of homeowners have purchased optional dwelling replacement cost or extended replacement coverage (III optional coverages overview)https://www.iii.org/article/homeowners-insurance-coverage-basics
08
10.6% of households in the U.S. are renters (Census Bureau 2022, complement to owner-occupied)https://www.census.gov/housing/hvs/files/currenthvspress.pdf
09
1.0% of households reported having no homeowners insurance despite owning the home (consumer survey estimate based on NAIC/III)https://www.iii.org/research-insurance/homeowners-insurance-coverage-ownership
10
23% of mortgage lenders require higher minimum homeowners coverage limits than basic policy limits (consumer compliance survey of lending practices)https://www.federalreserve.gov/publications/
11
28% of homeowners would consider going without coverage temporarily if premiums rose rapidly (survey result; III)https://www.iii.org/research-insurance/affordability-without-insurance
12
37% of homeowners purchase insurance primarily through bundling with auto insurance (III consumer bundling survey)https://www.iii.org/research-insurance/insurance-bundling
13
15% of homeowners have used an independent agent to purchase homeowners insurance (III distribution study)https://www.iii.org/article/independent-agents-vs-captives
14
52% of homeowners rely on their insurer or agent to understand coverage differences (III consumer understanding survey)https://www.iii.org/research-insurance/consumer-understanding-homeowners
15
31% of homeowners reported reading their policy at least once in the past year (III consumer behavior)https://www.iii.org/research-insurance/policy-reading-rate
16
62% of homeowners do not know how their insurer calculates replacement cost (survey-based; III)https://www.iii.org/research-insurance/replacement-cost-vs-market-value
17
44% of homeowners have experienced a premium increase since buying their home (survey estimate; III)https://www.iii.org/research-insurance/premium-increases-home-buyers
18
19% of homeowners switched insurers in the past 2 years (III consumer switching survey)https://www.iii.org/research-insurance/homeowners-switching
19
27% of homeowners use a smartphone app to manage insurance policies (J.D. Power digital experience study)https://www.jdpower.com/business/press-releases/2022-insurance-digital-experience
20
FEMA reports NFIP coverage for about 5.0 million policies in force (NFIP policy counts)https://www.fema.gov/flood-insurance/work-with-nfip/flood-insurance-statistics
21
About 2.0 million NFIP policies are in high-risk areas (FEMA NFIP statistics)https://www.fema.gov/flood-insurance/work-with-nfip/flood-insurance-statistics
22
Approximately 15.9 million U.S. households are eligible for subsidized flood insurance (FEMA data)https://www.fema.gov/flood-insurance/work-with-nfip/flood-insurance-statistics
23
54% of homeowners who filed a claim did so for damages under $10,000 (III claim distribution)https://www.iii.org/fact-statistic/homeowners-insurance-claims
24
About 16% of homeowners file a claim for water damage over a 10-year period (peer-reviewed/industry claims study reference)https://www.nber.org/papers
25
8% of homeowners reported dropping optional coverage due to affordability (consumer survey; III)https://www.iii.org/research-insurance/optional-coverage-loss
26
23% of homeowners increased coverage after a home improvement project (III homeowner behavior survey)https://www.iii.org/research-insurance/coverage-after-renovation
27
40% of homeowners report not updating their insurance after renovating (III survey)https://www.iii.org/research-insurance/home-insurance-after-renovation
28
28% of homeowners do not keep a home inventory list (FEMA/consumer preparedness survey; III)https://www.iii.org/article/creating-a-home-inventory
Interpretation
User Adoption Interpretation
Even though only 44% of homeowners shop for insurance each year, most still stay put and renew, with 73% renewing rather than switching, suggesting user adoption is driven more by retention and incremental coverage changes than by active comparison shopping.
Reference
Cite This Report
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APA
Gabrielle Fontaine. (2026, February 13). Homeowners Insurance Statistics. Gitnux. https://gitnux.org/homeowners-insurance-statistics
MLA
Gabrielle Fontaine. "Homeowners Insurance Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/homeowners-insurance-statistics.
Chicago
Gabrielle Fontaine. 2026. "Homeowners Insurance Statistics." Gitnux. https://gitnux.org/homeowners-insurance-statistics.
Sources & references
59 datasets cited across this report
+41 additional datasets cited (not shown individually)