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Homeowners Insurance
 Homeowners insurance accounts for 11.3 percent of all property/casualty insurance premiums and 23.3 percent of personal lines insurance.
Homeowners insurance is a "package" policy, providing both property and personal liability insurance. The typical policy covers the house, garage and other structures on the property-as well as personal property inside the house-against a wide variety of perils, such as fire, windstorm, vandalism and accidental water damage.
The typical homeowners policy includes theft coverage on personal property anywhere in the world and liability for accidetnal harm caused to others.
It also reimburses the policyholder for the additional cost of living elsewhere while his or her house is being repaired or rebuilt after a fire or other disaster.
Earthquake damage and flood damage caused by external flooding aren't covered by standard homeowners policies, but coverage can be purchased separately. |
| In The U.S. |
| 2004: |
| Homeowners Multiple Peril Insurance: |
$49,988,877 |
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Insurance Through FAIR Plans
Fair Access to Insurance Requirements (FAIR) Plans were created in the late 1960s to make property insurance more readily available to those who had difficulty obtaining it in certain states because of abnormal exposure to risks over which they had no control. The plans, operated by the insurance industry, make insurance available to properties meeting established standards, regardless of location or exposure.
All FAIR Plan policies insure for losses from fire, vandalizm, riot and windstorm. About a dozen states offer some form of homeowners insurance, which includes liability coverage. The California FAIR Plajn also covers areas prone to brush fires. The Georgia Underwriting Association (GUA) administers this state's FAIR Plan. |
| Insurance Provided By FAIR Plans |
| 2004: |
| Habitational Policies: |
1,907,337 |
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| Commercial Policies: |
138,163 |
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| Exposure(1)($000) |
400,413,034 |
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| (1) Exposure is the estimate of the aggregate value of all insurance in force in all FAIR Plans in all lines (except liability, where applicable, and crime) for 12 months ending September through December. |
| Insurance Provided By FAIR Plans By State, SE, 2004 |
| State |
Habitational Policies |
Commercial Policies |
Exposure ($000) |
| Georgia1 |
30,518 |
1,028 |
2,610,404 |
| Florida (CPIC2) |
651,505 |
96,600 |
206,661,503 |
| Kentucky |
14,178 |
1,126 |
150,500 |
1. Includes wind and hail option for certain coastal communities
2. Citizens Property Insurance Corp, combines FAIR and Beach Plans
Source: Insurance Information Institute |
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