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Homeowners Claims, Loss Costs Declining

Homeowners’ insurance claims continue to decline and loss costs are flat or in decline, according to the 2016 LexisNexis Home Trends Report....
November 2, 2016

Homeowners’ insurance claims continue to decline and loss costs are flat or in decline, according to the 2016 LexisNexis Home Trends Report. The report found that even with one major hurricane in 2016, overall loss across all perils declined by 30 percent from 2010 to 2015, driven largely by fewer claims and catastrophic events. Overall, wind loss cost declined dramatically by 53 percent from 2010 to 2015, with catastrophic wind events declining over the past five years by 20 percent.


Claims, however, spiked by an average of 46 percent in the spring, though the severity of claims tends to hold steady throughout the year. Loss costs from peril claims are highest in the Midwest, according to the report, with most of the higher loss cost states in “Tornado Alley.” Among other things, the report found losses due to theft have steadily declined by more than 50 percent over the last five years, while liability loss costs have dropped rapidly along with severity of claims.

Download a complimentary copy of the LexisNexis Home Trends Report ‒ 2016

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