Homeowners Insurance

• Homeowners’ average expense for insurance rose 3.8 percent in 2004 and 7.3 percent in 2003. In 2005, the average expenditure is expected to rise 2.5 percent, the smallest increase in six years.
• 64 percent of renters have no renters insurance.
• The most common misperception among renters is that they are covered by their landlord’s insurance.
• Lightning or hail is the most frequent peril leading homeowners to file an insurance claim.
• Property damage and theft claims accounted for 78 percent of all claims payments. Liability claims accounted for 6 percent.
• Twenty-seven percent of homeowners have made at least one claim on their home or condo policy in the past ten years.
• Texas is the most expensive state for homeowners insurance and Wisconsin is the least expensive (by premium).

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