Homeowners

Facts + Statistics: Homeowners and renters insurance

Homeowners insurance premiums

The average homeowners insurance premium rose by 7.6 percent in 2021 from 2020, according to a December 2023 study by the National Association of Insurance Commissioners, the latest data available. The average renters insurance premium fell by 1.7 percent in 2021 marking the seventh consecutive annual decline.

2016 Consumer Insurance Survey

The I.I.I. conducted this survey to collect and measure consumers and homeowners knowledge and sentiments about insurance, including: 

 

  • What they know about insurance—including the purchase of separate policies to cover flood and earthquake damage
  • Their attitudes toward the cost of their insurance coverage
  • How they comparison shop for homeowners insurance; among other topics. 

 

 

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Background on: Wildfires

Overview

Fire plays an important role in the life of a forest, clearing away dead wood and undergrowth to make way for younger trees. But for much of the last century, fire-suppression policies have sought to extinguish wildfires as quickly as possible to preserve timber and real estate. This approach has led to the accumulation of brush and other vegetation that is easily ignited and serves as fuel for wildfires.

Contractor fraud awareness tips

Learn how to avoid contractor fraud with these tips. Victims of disasters such as a hurricane or wildfire should watch out for dishonest service providers when it is time to repair or rebuild their home. A guide to protecting yourself from crooked contractors.

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Spotlight on: Dog bite liability

Overview

About 65 million U.S. households own dogs, according to the American Pet Products Association’s 2022-2023 Pet Owners Survey. The American Veterinary Medical Association states there are nearly 90 million dogs living in U.S. households. About 4.5 million people are bitten by dogs each year, most of them children.

Spotlight on: Flood insurance

Overview

Flooding is the most common and costly natural disaster in the United States, causing billions in economic losses each year. According to the National Flood Insurance Program (NFIP), 90 percent of all natural disasters in the United States involve flooding.

Facts + Statistics: Renters insurance

  • According to the National Association of Insurance Commissioners: 
    • The average premiums for renters insurance in 2021 was $170.
    • Renters in Mississippi, Louisiana and Alabama had the highest renters insurance premiums.
    • Renters in North Dakota, South Dakota and Wisconsin had the lowest premiums.
  • According to data from the US Department of Commerce, the US Census Bureau, and American Community Survey:

    Facts + Statistics: Hail

    NOAA’s National Weather Service Storm Prediction Center Annual Severe Weather Report Summary reported 6,962 hail events in 2023 compared to 4,436 in 2022. Texas, and Nebraska had the largest number of hail events according to NOAA in 2023.

    Facts + Statistics: Sports injuries

    Sports injuries

    According to the National Safety Council (NSC), in 2022 exercise equipment accounted for an estimated 445,642 injuries, the most in any sports and recreation category.

    Sports Injuries By Number Of Injuries, 2022

    Facts + Statistics: Flood insurance

    Flood damage is excluded under standard homeowners and renters insurance policies. However, flood coverage is available as a separate policy from the National Flood Insurance Program (NFIP), administered by the Federal Emergency Management Agency (FEMA), and from many private insurers. Industry observers note that many properties that should have flood coverage do not.

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