IIABA SURVEY REPORTS NEARLY 2.5 MILLION HOUSEHOLDS LOST HOMEOWNERS COVERAGE PAST TWO YEARS:

A new independent consumer survey conducted for the Independent Insurance Agents & Brokers of America (IIABA) confirms that non-renewals and premium increases are becoming more common in the current homeowners insurance market. The national survey determined that nearly 2.5 million households have lost their homeowners coverage in the last 24 months. More than half of the households that lost coverage (approximately 1.3 million) are located in the South. Approximately 73 percent of non-renewed households were able to find other coverage. “When you consider that the number of households losing coverage during a two-year period is more than the combined resident populations of four statesÑAlaska, North Dakota, Vermont and WyomingÑyou realize how many lives are being affected by the shrinking homeowners market,” IIABA CEO Robert Rusbuldt said. IIABA’s survey also determined that approximately 51 million households (about 42 percent of all American households) experienced a homeowners’ insurance rate increase in the last 24 months.

Of those households, the rate increases were as follows:
• Up to 10 percent rate increase 56.7 percent;
• 11-25 percent rate increase 23.2 percent;
• More than 25 percent rate increase 13.8
percent (6.3 percent were undetermined).
“Agents are seeing non-renewals and double-digit price increases in virtually every state in the country,” Rusbuldt said. The national consumer telephone survey was conducted by International Communications Research (ICR).

Topics Trends Agencies Homeowners