Insured Losses

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.

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: Hurricanes

    The official Atlantic hurricane season runs from June through November, but occasionally storms form outside those months. Seasonal hurricane forecasting from Colorado State University is available here.

    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: 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.

    Facts + Statistics: Lightning

    According to the National Weather Service, there were 19 direct lightning fatalities in 2022, compared to 11 in 2021. On average, from 2013 to 2022, 23 people die each year from lightning strikes in the United States.

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