Homeowners insurance in the United States - statistics & facts

Homeowners insurance is a form of property insurance designed to protect a home—or possessions in the home—by providing financial reimbursement to the owner in the event of damages or theft. Homeowners insurance may also provide liability coverage against accidents in the home or on the property. The most affordable states for homeowners insurance in the United States include Hawaii, Delaware, and Vermont.

How does homeowners insurance work?

In the United States, most home buyers borrow money in the form of a mortgage loan and the buyer must have homeowners insurance before a lender with grant the loan. Homeowners insurance was first introduced into the U.S. market in the 1950s and, in the past three decades, the U.S. has maintained a homeownership rate of above 60 percent. Before then, a homeowner would have had to purchase separate policies covering the various individual perils that could affect a home. Seven forms of homeowners insurance, ranging in name from HO-1 through HO-8, have now become standardized in the U.S., with each offering a different level of protection. The average premium for homeowners insurance in the U.S. currently stands at over 1,000 U.S. dollars.

Who leads the homeowners insurance market?

The perils covered by property insurance typically include home or property loss, theft or damage caused by fire, smoke, wind, ice, hail, snow, or lightning. The total incurred losses for homeowner insurance in the U.S. amounted to over 65 billion U.S. dollars in 2021. Some of the leading writers of homeowners insurance in the U.S. include State Farm, Allstate, USAA Insurance Group, and Liberty Mutual. State Farm is the market leader of the homeowner insurance sector in the U.S., with a market share of around 18 percent of the industry in 2021. In the United States, some “acts of God” events—such as floods, hurricanes, typhoons, and earthquakes—as well as “acts of war” such as terrorism, insurrection, or a nuclear attack, are typically excluded from homeowner insurance policies.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Jennifer Rudden, Dec 18, 2023

Key insights

Leading homeowner insurer in the U.S.
State Farm Mutual Automobile Insurance
Rate of homeownership in the U.S.
65.6%
Most affordable state for homeowners insurance
Hawaii
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Average premiums for homeowners insurance in the United States from 2001 to 2021 (in U.S. dollars)

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Average homeowner insurance premiums in the U.S. 2001-2021

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Market overview

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Market overview

  • Premium Statistic Most affordable U.S. states in terms of homeowners insurance premium 2024
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Segments

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Segments

  • Premium Statistic Least affordable U.S. states in terms of homeowners insurance premium 2024
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  • Premium Statistic Homeowner insurance claims paid out due to lightning losses in the U.S. 2006-2023
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Leading companies

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Leading companies

  • Premium Statistic Leading U.S. homeowners insurance writers 2020-2023
  • Premium Statistic Leading U.S. writers of homeowners insurance 2020-2023, by premiums
  • Premium Statistic Leading U.S. homeowner insurance companies 2020-2023, by market share
  • Premium Statistic Leading property and casualty insurance companies in the U.S. 2024, by revenue
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Sales metrics/consumption

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Sales metrics/consumption

  • Premium Statistic Value of homeowner multiple peril insurance net premiums in the U.S. 2006-2023
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Customer perspective/specialties

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Customer perspective/specialties

  • Premium Statistic Embedded insurance interest among traditional bank customers in the U.S. 2021
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Rates of homeownership

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Rates of homeownership

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