• A 2006 Insurance Research Council poll found that 96 percent of homeowners had homeowners insurance while 43 percent of renters had renters insurance.
• In 2006 claims accounted for $58 of every $100 of homeowners insurance premiums earned, down from $75 in 2005.
• Property damage and theft claims accounted for 81 percent of all claims payments. Liability claims accounted for 5 percent. The cost of settling these claims accounted for the remaining 14 percent of total claim costs.
• Expenses—including commissions, general overhead expenses, state premium taxes, licenses and fees—accounted for $31 of every $100 of premium earned

Homeowners (1)

Percent change

Renters (2)

Percent change

1999

$488

1.5%

$171

0.6%

2000

508

4.1

175

2.3

2001

536

5.5

178

1.7

2002

593

10.6

186

4.5

2003

668

12.6

192

3.2

2004

729

9.1

195

1.6

2005

764

4.8

193

-1.0

(1) Based on the HO-3 homeowner package policy for owner-occupied dwellings, 1 to 4 family units. Provides “all risks” coverage (except those specifically excluded in the policy) on buildings, broad named-peril coverage on personal property, and is the most common package written.
(2) Based on the HO-4 renters insurance policy for tenants. Includes broad named-peril coverage for the personal property of tenants.
Source: ©2007 National Association of Insurance Commissioners. Reprinted with permission.  Further reprint or distribution strictly prohibited without written permission of NAIC.

Most expensive states

Homeowners average premium (1)

Rank

Least expensive states

Homeowners average premium  (1)

1

Texas (2)

$1,372

1

Idaho

$457

2

Louisiana

1,144

2

Utah

477

3

Florida

1,083

3

Oregon

491

4

Oklahoma

996

4

Wisconsin

495

5

D.C.

963

5

Delaware

498

6

Mississippi

939

6

Ohio

531

7

California (3)

895

7

Maine

553

8

Rhode Island

849

8

Washington

589

9

Alabama

847

9

Iowa

594

10

New York

842

10

New Mexico

605

(1) Based on the HO-3 homeowner package policy for owner-occupied dwellings, 1 to 4 family units. Provides “all risks” coverage (except those specifically excluded in the policy) on buildings, broad named-peril coverage on personal property, and is the most common package written.
(2) The Texas Department of Insurance developed home insurance policy forms that are similar but not identical to the standard forms.
(3) California data were provided by the California Department of Insurance.

Note: Average premium=Premiums/exposure per house-years. A house-year is equal to 365 days of insured coverage for a single dwelling. The NAIC does not rank State Average Expenditures and does not endorse any conclusions drawn from this data.
Source: © 2007 National Association of Insurance Commissioners. Reprinted with permission.  Further reprint or distribution strictly prohibited without written permission of NAIC.