(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 and 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.
A 2006 Insurance Research Council poll found that 96 percent of homeowners had homeowners insurance while 43 percent of renters had renters insurance.
73 percent of homes were underinsured in 2002 compared with 66 percent in 2007, according to Marshall & Swift/Boechk. 18 percent were under-valued in 2007, down from 21 percent in 2006 and 35 percent in 2002.
AVERAGE PREMIUMS FOR HOMEOWNERS AND RENTERS INSURANCE, BY STATE, 2005
(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 and 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. (3) California data were provided by the California Department of Insurance. (4) The Texas Department of Insurance developed home insurance policy forms that are similar but not identical to the standard forms.
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.
