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CA Department of Insurance

Residential Property Insurance Report

Introduction

Welcome to California Department of Insurance (CDI) Statistical Analysis Division's Residential Property Insurance Report webpage.

The Statistical Analysis Division (SAD) of the California Department of Insurance (CDI), collects residential property insurance coverage data every two years, through the Personal Property Experience (PPE) data call. Data collected are in two parts:

Part I collects total premiums and exposures for each Amount of Insurance Range per Policy Form and Part II collects specific individual policy level data.

This report is from Part I data collection with the most recent 2010 and 2011 data included. The purpose of this data collection is to assist the National Association of Insurance Commissioners (NAIC) in developing its Annual Homeowners Average Premium/Market Share Report and to support the Office of Emergency Services (OES) along with the Federal Emergency Management Agency's (FEMA) Disaster Recovery Program. The data collected includes total policy written premiums, exposures and amounts of insurance coverage submitted by insurance companies that write Dwelling Fire (Owner-Occupied and Rental Dwelling, including Lender/Forced Placed policies), Homeowners Multiple Peril, Mobilehomes, Renters and Condominium "Unit Owners" policies. This report covers data gathered for experience years 2001 to 2011.

A) Residential Property Data Summary by Policy Type:

The different Policy types below link to tables that contain Premiums, Exposures and Annual average premiums data for each Policy Type, for experience years 2001-2011. The increase/decrease in premiums/exposures can be attributed to a number of factors. For the purpose of this report, no assumptions are made as to why these trends have occurred.

B) Written Exposure Data for each Amount of Insurance Range: Data Tables and Pie Charts

The different Policy types below link to tables that contain exposures data written for each Amount of Insurance Range for experience years 2001, 2006 and 2011. The percentages (%s) of exposures for each Amount of Insurance Range in relation to the total market of a specific policy type, are captured and can be clearly seen in the corresponding Pie Charts for each Policy type data. The Pie charts can also readily tell us as to the Amount of Insurance Range that was widely availed of by policyholders.

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Conclusion

Overall, the total written premiums have been generally increasing. This can be attributed to the rising cost of building/rebuilding a structure and/or the growing replacement cost for personal property contents. Consequently, average premiums are rising from year to year. In addition, California is experiencing a shift from lower amounts of insurance to higher amounts. This substantiates the realization of the importance and the increasing need for sufficient insurance protection. With the number of unexpected perils that can jeopardize one of our biggest investments, our homes, knowing that sufficient insurance coverage is in place to cover the negative financial consequences of a loss, is reassuring.

Contact

If you have any questions or comments regarding this report, please contact:

Luciano Gobbo
Division Chief, Statistical Analysis Division
(213) 346-6308

Questions regarding residential property coverage should be directed to:

Department of Insurance Consumer Hotline (800) 927-HELP

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