FOR IMMEDIATE RELEASE

NAIC Releases Homeowners Insurance Report

WASHINGTON, D.C. (Feb. 24, 2016) —The National Association of Insurance Commissioners (NAIC) today released its latest Homeowners Insurance Report, providing the most recently validated data on market distribution and average cost by policy form and amount of insurance.

“This report provides the most comprehensive collection of homeowners insurance data in the world,” said John M. Huff, NAIC President and Missouri Insurance Director. “In addition to being the largest insurance repository of data and analysis, the NAIC also provides an abundance of resources to help consumers understand how to make informed decisions about protecting their homes and apartments.”

National and state-specific premium and exposure information for non-commercial dwelling fire insurance and for homeowners insurance package policies are included in the report. It also contains data descriptions and a discussion about the way certain economic, demographic and natural phenomena impact the price of homeowners insurance.

“Nationwide, homeowners’ premiums rose an average of six percent,” Huff added. “Major cost drivers for insurance rates include exposure to catastrophes, the value of homes and construction cost.”

The report includes written exposure (earned house years) and aggregate written premiums by state and countrywide. It contains tables that show state and countrywide exposures by policy type, individual policy form, as well as insurance coverage amount, which is divided into ranges with total exposure percentages provided for each range.

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

About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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