With nearly 80 million homeowners in the United States, you would be shocked to know that 95% of them have some form of homeowners insurance, yet 60% of them are underinsured. This means that some 45.6 Million households are still at risk if they suffer a covered loss on their home. In this post we will cover how many people in the U.S. are covered, some claims statistics and the average costs of home insurance.
Top Homeowners Insurance Statistics:
- More than 95% of homeowners in the U.S. have homeowner’s insurance.
- The average home insurance claim amount is $12,474.
- The average cost for homeowners insurance is $109.00 per month in the U.S.
- 60% of insured households are underinsured on their homeowner’s policy.
- 78% of all home insurance policies are HO-3 Policies.
- 85% of homeowners have fire insurance.
- 98% of annual claims are from property damage.
- 5% of insured homes filed a claim successfully in 2019.
- Water damage and freezing accounted for 29.4% of homeowner’s insurance losses in 2019.
- 34.4% of Insurance losses are caused by wind-related claims.
TABLE OF CONTENTS
Number Of Homeowners In The U.S. With Coverage
How Many People Have Home Insurance In The U.S.?
More than 95% of homeowners in the U.S. have a homeowner’s insurance policy.
How Many People Do Not Have Home Insurance In America?
Around 5% of homeowners in America don’t have home insurance.
How Many Households Are Underinsured In America?
60% of insured households are underinsured on their homeowner’s policy.
Average Cost Of Home Insurance
What Is The Average Cost Of Homeowners Insurance?
The average cost of homeowners insurance is around $109.00 per month in the United States and homeowners are now starting to comprehend how costly insurance for their home can be. It’s essential to compare rates and shop around before purchasing a policy.
Average Cost Of Homeowners Insurance By State
Below we cover the average cost of home insurance by state. More states coming soon.
|
STATE |
AVERAGE MONTHLY PREMIUM |
STATE |
AVERAGE MONTHLY PREMIUM |
|---|---|---|---|
|
$119 |
Montana |
|
|
|
Alaska |
|
Nebraska |
|
|
$69 |
$63 |
||
|
$114 |
New Hampshire |
|
|
|
$84 |
New Jersey |
|
|
|
$125 |
$85 |
||
|
Connecticut |
|
New York |
|
|
Delaware |
|
North Carolina |
|
|
District Of Columbia |
|
North Dakota |
|
|
$163 |
$72 |
||
|
$106 |
$280 |
||
|
$92 |
$56 |
||
|
Idaho |
|
$78 |
|
|
Illinois |
|
Rhode Island |
|
|
$83 |
$106 |
||
|
Iowa |
|
South Dakota |
|
|
Kansas |
|
$100 |
|
|
Kentucky |
|
$155 |
|
|
$164 |
$60 |
||
|
$74 |
Vermont |
|
|
|
$86 |
$83 |
||
|
$124 |
Washington |
|
|
|
$78 |
West Virginia |
|
|
|
$112 |
$65 |
||
|
$128 |
Wyoming |
|
|
|
$107 |
|
|
Types Of Home Insurance Policies
What Is The Most Popular Homeowners Insurance Policy?
According to the Insurance Information Institute, approximately 80% of all homeowner insurance policies are HO-3 policies and 85% of homeowners have fire insurance coverage on their plan.
The 8 types of home insurance policies Are:
- HO1: Basic Form
- HO2: Broad Form
- HO3: Special Form
- HO4: Tenant’s Form
- HO1: Basic Form
- HO2: Broad Form
- HO3: Special Form
- HO4: Tenant’s Form
- HO5: Comprehensive Form
- HO6: Condo Form
- HO7: Mobile Home Form
- HO8: Older Home Form
Homeowners Insurance Claims Statistics
What Is The Average Home Insurance Claim Amount?
The average home insurance claim amount is $12,474, with 98 percent of annual claims stemming from property damage and 34.4 percent of those claims coming from wind-related causes. 5% of homes submit a successful home insurance claim on a yearly basis.
The average home insurance claim amount is $12,474, with 98 percent of annual claims stemming from property damage and 34.4 percent of those claims coming from wind-related causes. 5% of homes submit a successful home insurance claim on a yearly basis.
Insurance Companies By Market Share In The U.S.
Top 10 Home Insurance Companies Based On Market Share
Below we cover the top 10 home insurance companies based on market size:
- Allstate – 8.44%
- American Family – 3.23%
- Farmers Insurance – 5.96%
- Liberty Mutual – 6.86%
- Nationwide – 3.60%
- State Farm – 18.63%
- Travelers – 3.76%
- Farmers Insurance – 5.96%
- USAA – 6.05%
Concluding Thoughts
Taking Action
The average cost of homeowner’s insurance is $109.00 per month, but the majority of homeowners (60%) are underinsured on their policy and only 78% have HO-3 policies. This means that many people may not be covered for some losses like water damage or freezing which account for 29.4% of homeowner’s insurance loss in 2019.
If you’re not sure how much coverage your home should have, or if the one you have isn’t sufficient for what it costs, you can check out this article on how to get instant home insurance quotes and immediate coverage with affordable prices and higher limits.
Value Penguin | Insurance Information Institute |