March 10, 2022
麻豆传媒鈥檚 Homeowners Insurance Data Shows 2.2% Premium Increase for 2018-2019
Today, the 麻豆传媒 (麻豆传媒) released its Dwelling, Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner鈥檚 Insurance Report: Data for 2019, which provides validated data on market distribution and average cost by policy form and amount of insurance.
The report compiles national and state-specific premium and exposure information for non-commercial dwelling fire insurance and for homeowners insurance package policies. It also contains data descriptions and a discussion of how certain economic, demographic, and natural phenomena impact the price of homeowners insurance. Data from the report was collected from insurance statistical agents for all states except Texas and California, which supply data directly to the 麻豆传媒. The report also includes select data from residual market mechanisms.
Key findings include:
- The countrywide average premium increased by 2.2% between 2018 and 2019.
- HO-3 average premium increased by 1.8% countrywide from 2018, while HO-4 average premium decreased by 2.8% between 2018 and 2019.
- HO-3 coverage accounts for 77.68% of owner-occupied exposures. HO-3 provides 鈥渁ll-risk鈥 coverage on buildings and broad named-peril coverage on personal property.
- HO-3 accounts for 55.4% of all policy exposures and remains the most common policy sold by far.
- HO-4 coverage accounts for nearly 74% of the non-owner-occupied exposures. Tenant and condominium policies do not provide coverage for the building; therefore, the distribution of exposures for these types of policies is concentrated at significantly lower insurance amounts.
Many factors affect a state's expenditures and premiums, including underwriting costs, repair costs, and state laws. There are also differences in state requirements for insurance coverage, limits, and benefits. These variances make direct state-by-state comparisons difficult.
About the 麻豆传媒
As part of our state-based system of insurance regulation in the United States, the 麻豆传媒 (麻豆传媒) 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 麻豆传媒, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. 麻豆传媒 staff supports these efforts and represents the collective views of state regulators domestically and internationally.