Homeowners insurance statistics

We break down homeowners insurance facts by the numbers — from the most common home insurance claims to the average settlement amount.

Pat Howard 1600Kara McGinley

By

Pat Howard

Pat Howard

Senior Editor & Licensed Home Insurance Expert

Pat Howard is a senior editor and licensed home insurance agent at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

&Kara McGinley

Kara McGinley

Editor & Licensed Home Insurance Expert

Kara McGinley is an editor and licensed home insurance expert at Policygenius, where she writes about homeowners and renters insurance. As a journalist and as an insurance expert, her work and insights have been featured in Kiplinger, Lifehacker, MSN, WRAL.com, and elsewhere.

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While home insurance isn’t required by law, around 93% of homeowners have it. This is largely because most mortgage lenders require you to purchase home insurance before they’ll extend you a home loan. Check out even more homeowners insurance statistics — from average claim settlements to misinformation most homeowners believe and more.

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Homeowners insurance claims statistics

We dig into everything from the most common types of home insurance claims to how much insurance companies have to pay out in claim settlements on average. 

  • 5% of insured homes filed at least one claim in 2019 [1]

  • $13,424 was the average property damage claim amount from 2015 to 2019 [2]

  • $22,363 was the average liability claim amount from 2015 to 2019 [3]

  • 34% of claims were caused by wind and hail — the most common type of insurance claim [4]

  • Less than 1% of claims were liability medical payments and other types of claims [5]

  • $78,838 was the average home insurance claim amount for fire and lightning claims from 2015 to 2019 [6]

Most common types of homeowners insurance claims

Here are the most common homeowners insurance claims, along with the average settlement for each type of claim from 2015 to 2019, according to the Insurance Information Institute. [7]

Cause of claimNumber of claimsAverage claim settlement
Property damage claims97%$13,424
Wind and hail34%$10,801
Water damage and freezing29%$11,098
Fire and lightning27%$78,838
Theft1%$4,328
All other property damage6%$6,406
Liability claims3%$22,363
Bodily injury and property damage3%$29,752
Medical payments and otherLess than 1%$5,802

Over 1 in 4 property damage claims are caused by fire and lightning, which are far and away the most expensive claims you can file. That’s likely because fire and lightning damage often results in immense structural loss, and in some cases a total loss of your home.

On the liability end, claims may be less frequent but they’re also more expensive. That’s because liability claims often result in lawsuits that require paying out medical expenses and settlements — which can be expensive. The liability component of your homeowners insurance policy pays for all of these expenses.

Other homeowners insurance statistics

We break down how many households have home insurance, common home insurance myths, average costs, and more.

  • 93% of homeowners have home insurance [8]

  • $1,899 is the average annual cost of home insurance in 2022

  • 54% of homeowners think home insurance is based on their home’s market valueit’s not [9]

  • 49% of homeowners have a home inventory of their personal belongings [10]

  • 53% of homeowners don’t realize flooding isn’t covered by standard home insurance policies [11]

  • Over 80% of homeowners don’t realize earthquakes aren’t covered by standard home insurance policies [12]

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Homeowners insurance costs by state

The average cost of homeowners insurance is $1,899 per year, but insurance costs vary considerably by state. For example, states located on the Atlantic Coast or in a tornado-prone region have higher average annual premiums than landlocked states with more mild weather. 

Here’s the average annual premium for homeowners insurance by state in 2022, according to our analysis of rate data from across the country.

StateAverage annual costAverage monthly cost
Alabama$2,063$172
Alaska$1,446$120
Arizona$1,897$158
Arkansas$3,391$283
California$1,565$130
Colorado$2,496$208
Connecticut$1,571$131
Delaware$980$82
District of Columbia$1,154$96
Florida$2,643$220
Georgia$1,988$166
Hawaii$486$40
Idaho$1,363$114
Illinois$2,053$171
Indiana$2,045$170
Iowa$1,830$153
Kansas$3,159$263
Kentucky$2,705$225
Louisiana$2,719$227
Maine$1,103$92
Maryland$1,733$144
Massachusetts$1,382$115
Michigan$1,712$143
Minnesota$1,966$164
Mississippi$2,919$243
Missouri$2,876$240
Montana$2,778$231
Nebraska$4,567$381
Nevada$1,239$103
New Hampshire$974$81
New Jersey$926$77
New Mexico$1,792$149
New York$1,186$99
North Carolina$1,678$140
North Dakota$1,908$159
Ohio$1,586$132
Oklahoma$4,331$361
Oregon$943$79
Pennsylvania$1,303$109
Rhode Island$1,470$122
South Carolina$1,793$149
South Dakota$2,426$202
Tennessee$2,526$211
Texas$3,080$257
Utah$949$79
Vermont$1,046$87
Virginia$1,516$126
Washington$1,280$107
West Virginia$1,499$125
Wisconsin$1,211$101
Wyoming$1,599$133

Homeowners insurance costs by company

Here we break down how much some of the best home insurance companies charge on average for a homeowners insurance policy with $300,000 in dwelling coverage

Home insurance companyAverage annual cost
Auto owners$1,283
Erie$1,346
USAA$1,432
American Family$1,491
Allstate$1,596
Chubb$1,922
Nationwide$1,955
State Farm$2,039
Progressive$2,618
Travelers$3,638

Top homeowners insurance companies by market share

The National Association of Insurance Commissioners (NAIC) tracks and lists the largest providers of homeowners insurance by market share. Each company’s market share represents a percentage of the total residential home insurance market. 

Here are the top homeowners insurance companies by market share as of 2021, according to the NAIC. [13]

Homeowners insurance companyMarket share
State Farm24%
Allstate12%
USAA9%
Travelers6%
Nationwide4%
Chubb4%
American Family3%
Progressive2%
Erie2%
Auto owners2%

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Methodology

Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:

  • Dwelling: $300,000

  • Other structures: $30,000

  • Personal property: $150,000

  • Loss of use: $60,000

  • Liability: $300,000

  • Medical: $1,000

All rates based on the above coverage limits except where otherwise noted.

Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.