VsportVÌåÓý

The VsportVÌåÓý (VsportVÌåÓý) has released its homeowners insurance report of 2022 data. The report, Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report: Data for 2022, provides validated information on market distribution and the 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 and homeowners insurance package policies. It also contains data descriptions, as well as information on how certain economic, demographic, and natural phenomena affect the price of homeowners insurance. 

Key findings include: 

• The nationwide average premium for dwelling fire and homeowners owner-occupied policies increased by 10.5% between 2021 and 2022.
• HO-3 average premium increased by 11.26% nationwide over 2021, while HO-4 average premium increased by 0.6% between 2021 and 2022.
• HO-3 coverage accounts for nearly 78.99% of owner-occupied exposures. HO-3 provides all-risk coverage on buildings and broad named-peril coverage on personal property.
• HO-4 coverage accounts for 76.28% of 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 can make direct state-by-state comparisons difficult. 

Data from the report was collected from insurance statistical agents for all states except California and Texas, which supply data directly to the VsportVÌåÓý. Some data from residual market mechanisms are now included in the report.