Home Insurance Statistics

The U.S. homeownership rate stood at 65.4 percent in the second and third quarters of 2021, down 2 percent from 67.4 percent in the third quarter of 2020, according to the U.S. Census Bureau.

A recent Triple-I Consumer Poll found that a large proportion of homeowners believe their homes are vulnerable to natural disasters. The poll highlights that among homeowners, about 17 percent say that they live in an area likely to experience a wildfire, with about 26 percent saying that they live in an area likely to be impacted by a hurricane. A similar number said that it is somewhat likely or very likely that their home would be damaged or destroyed by flooding.

The good news is that in the survey, about 41 percent of homeowners said they took steps to protect their homes from natural disasters, up from 38 percent in 2016.

Flood Insurance

While taking steps to improve the resiliency of a home from natural disasters like flooding is important, one of the more significant ways homeowners can protect their homes is to purchase a flood insurance policy. The reason you need a separate flood policy is that flood damage is excluded in standard homeowners and renters insurance policies.

You can purchase a separate policy from various insurance carriers in the U.S. and the NFIP (National Flood Insurance Program) which is administered by the Federal Emergency Management Agency, or FEMA for short.

In 2020, 27 percent of insured homeowners said they had flood insurance, the highest level since the Triple-I began asking the question in 2007. However, NFIP estimates suggest that the percentage of homeowners who now have flood insurance policies is actually much lower. It’s possible that home-owners with an insurance policy believe that they have flood coverage when they actually do not.

If you are looking to compare homeowners insurance quotes by phone, call one of our licensed agents today and see how much it costs. Or simply use our online quote tool for an instant quote.