10 Things to Know About Home & Auto

New Jersey is the most expensive state for auto insurance where the average expenditure is $1,183.95. Idaho is the least expensive with an average expenditure for coverage at $535.15. – Insurance Information Institute (III)

Based on third quarter 2013 reports, GEICO Corp. surpassed Allstate Corp. to become the nation’s second-largest private auto insurer. According to data compiled by SNL, GEICO logged $4.89 billion in direct premiums written during the third quarter of 2013, while Allstate recorded $4.65 billion in premiums. State Farm remained firmly in the number one position with $8.7 billion. (SNL Financial)

In 2012, less than 1 percent of people with liability insurance had a bodily injury liability claim, while 3.5 percent of those with liability insurance had a property damage liability claim. Just 5.6 percent of collision insurance policyholders had a claim in 2012, while 2.6 percent of people with comprehensive coverage had a claim. (ISO)

The average auto liability claim for property damage was $3,073 in 2012, while the average auto liability claim for bodily injury was $14,653. That same year, the average collision claim was $2,950, and the average comprehensive claim was $1,585. (ISO)

While 25 percent of consumers rent their primary residence, 46 percent of renters remain uninsured. When it comes to renters insurance, State Farm captures the largest share of the market (26 percent), followed by Allstate (12 percent) and USAA (10 percent). (J.D. Power)

In 2013, the homeowners industry will generate its first statutory underwriting profit since 2007. Fitch Ratings examined GAAP homeowners results from 2011-2013 for four homeowners insurers: The Allstate Corp.; Chubb Group of Insurance Cos.; The Hartford Financial Services Group Inc.; and The Travelers Cos. Inc. These companies reported an aggregate homeowners combined ratio of 79.6 percent for full-year 2013. (Fitch Ratings)

Homeowners claims related to wind or hail are the most frequent; the costliest are related to fire, lightning or debris removal. About one in 20 insured homes have a claim each year. (III/ISO)

About one in 50 insured homes have a property damage claim related to wind or hail each year. About one in 65 insured homes have a property damage claim caused by water damage or freezing each year. About one in 200 insured homes have a property damage claim due to theft each year. About one in 230 insured homes have a property damage claim related to fire, lightning or debris removal every year. (III/ISO)

About one in 800 homeowners policies have a liability claim related to the cost of lawsuits for bodily injury or property damage that the policyholder or family members cause to others. (III/ISO)

Dog bites accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2012, costing more than $489 million, according to the industry’s Insurance Information Institute and insurer State Farm.