• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Location Map
  • Employee Directory
  • Privacy Policy
  • Contact Us
 
CALL US AT 352.332.0180
Home
  • Home
  • Get A Quote
  • Customer Service
  • What We Offer
    • Auto Insurance
    • Business Insurance
    • Commercial Auto Insurance
    • Contractors Insurance
    • Home Insurance
    • Renters Insurance
    • Boat | Motorcycle | RV
  • Blog
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Us
    • Location Map
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Auto Insurance PERSONAL AUTO
Auto Insurance COMMERCIAL AUTO
Homeowners Insurance HOME
Business Insurance BUSINESS
Toy Insurance TOYS
Contractors Insurance CONTRACTORS
Home > Blog > Trends in Home and Renter's Insurance
FRIDAY, JUNE 14, 2019

Trends in Home and Renter's Insurance

Trends in Home and Renter's Insurance

In 2012, the average home insurance premium increased by 5.6 percent, and that number increased by .4 percent in 2013 according to a study by the national Association of Insurance Commissioners. Renter's insurance increased by .5 percent in 2013. The state with the highest premium was Florida with an average exceeding $2,100. Idaho was ranked the lowest with an average premium just above $560. On a nationwide basis, the average premium was just shy of $1,100.

Main Insurance Losses

Of all insured homes in the United States, 5.3 percent had claims filed in 2014. In over 97 percent of the claims, property damage was cited. Theft was cited along with property damage in many instances. Changes in weather patterns play an important role in the amount of claims and the severity of damages. When the number of severe weather occurrences throughout the summer or winter increases, home insurance claims increase. The average amount of claims for every 100 policies or the total amount of damage from claims may be used to determine patterns with them.

Home Inventories

During the past decade, about 50 percent of homeowners said that they made inventories of their belongings as a way to help document losses. Homeowners in the South were the most likely to have inventories, and those who lived in the West and Northeast followed. Although the Midwest faces a large number of devastating tornadoes, snow storms and hail, this portion of the country was the least likely to use an inventory.

Claim Trends

Some types of claims are not very common but must be considered. For example, an entire home in Florida fell into an enormous sinkhole when it opened up recently. The majority of home insurance policies do not include sinkhole damages. Only two states currently provide coverage. While sinkholes of this size are rare, there are hundreds of smaller sinkholes that open up across the country every year. Sinkholes and other rare but present risks are continually under consideration by insurers.  

Injury Claims

About one out of every 16 people in the United States experienced an injury requiring medical attention. In 2014, there were 69,500 deaths from home injuries that were not intentional. Although home injuries are more common than public or workplace injuries, the rate of these occurrences has decreased over the past century by over 20 percent. However, unintentional deaths at home have risen over time due to more falls and instances of poisoning. 

Insurers look for new ways to help keep Americans safer and improve insurance coverage every year. Today, there are also several insurers offering high-risk policies to people who live on beaches, in flood zones and in other locations that are vulnerable to natural damages. To learn more about home insurance or renter's insurance, contact your insurance agent.

Thank you for visiting the Partners Insurance Agency blog. We hope you found our content helpful and informative.

 

Posted 3:00 PM

Tags: home insurance, renters insurance, insurance trends
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016

  • insurance(99)
  • homeowners insurance(44)
  • auto insurance(40)
  • business insurance(29)
  • home insurance(11)
  • boat insurance(8)
  • workers compensation(8)
  • insurance claims(8)
  • liability insurance(7)
  • flood insurance(6)
  • liability(5)
  • additional insured(5)
  • commercial liability insurance(4)
  • d&o insurance(4)
  • umbrella insurance(4)
  • hurricane preparedness(4)
  • commercial auto insurance(4)
  • renters insurance(4)
  • insurance discounts(4)
  • teen drivers(3)
  • vacation rental insurance(3)
  • business owners policy(3)
  • tria(3)
  • small business insurance(3)
  • insurance coverage(3)
  • water damage(3)
  • summer safety(3)
  • workplace safety(3)
  • commercial insurance(3)
  • commerical insurance(3)
  • covid-19(3)
  • uber(2)
  • non-owned auto insurance(2)
  • drunk driving(2)
  • employee fraud(2)
  • terrorism risk insurance(2)
  • business owners insurance(2)
  • insurance liability(2)
  • freezing pipes(2)
  • halloween safety(2)
  • auto accident scams(2)
  • holiday safety(2)
  • natural disasters(2)
  • contractors(2)
  • moving(2)
  • dog liability insurance(2)
  • forced-placed insurance(2)
  • claims process(2)
  • buisiness insurance(2)
  • general liability(2)

View Mobile Version
Facebook
Twitter
LinkedIn
Carriers
logo, company name
text, logo
Carriers
logo
icon
logo, company name
PIA

Resources

Home About Us Get a Quote Customer Service Contact Us
a drawing of a face

Contact Us

icon
  • 4040 W Newberry Road Suite 950
  • Gainesville, FL 32607
  • Office: 352.332.0180
  • Fax: 352.378.5820
© Copyright. All rights reserved.
Powered by Insurance Website Builder