Insurance Spend in the United States

Goals

To have a broad understanding of customer demographics, spending patterns, market size, and key players in the United States auto, life, and home insurance markets. An ideal response would include statistics on insurance spend per household or per capita by state, statistics of how people shopped before and during the COVID-19 pandemic, and compare the pricing of key players in the three aforementioned markets.

Early Findings

Home Insurance

  • According to the National Association of Insurance Commissioners (NAIC), the average cost of homeowners insurance in the US as a whole is $1,445 per annum. The NAIC also stated that home insurance rates in the US have gone up by approximately 47% in the last 10 years.
  • However, the amount a homeowner will pay for insurance is often dependent on the value of the home, its location, and the coverage level the consumer chooses.
  • Additionally, by taking measures such as adding safety features in a home, a homeowner might save some money as the measures have the potential to reduce homeowners' insurance premiums.
  • Below is the average annual homeowners' insurance premium by state, according to ValuePenguin.

Top Five Expensive States for Home Insurance

  • Oklahoma with an average insurance cost of $2,559.
  • Kansas with an average insurance cost of $2,461.
  • Texas with an average insurance cost of $2,451.
  • South Dakota with an average insurance cost of $2,364.
  • South Carolina with an average insurance cost of $2,321.

Bottom 5 Most Affordable States for Home Insurance

  • New Hampshire with an average insurance cost of $773.
  • Utah with an average insurance cost of $711.
  • Pennslyvania with an average insurance cost of $640.
  • Vermont with an average insurance cost of $614.
  • Delaware with an average insurance cost of $598.

Summary Of Our Early Findings Relevant To The Goals

  • Our initial hour of research was spent gathering some data that addressed the question asked ensuring there was publicly available data that could provide the required data and providing some early findings in line with the goals of the project.
  • Please select one or more of the options provided in the proposed scoping section below.

Proposed next steps:

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