About Homeowner Insurance
Homeowners insurance, also known as home insurance, is a property insurance policy that provides coverage for a private residence. Homeowner insurance policies generally cover destruction and damage to a residence's interior and exterior, the loss or theft of possessions, and personal liability for harm to others. It includes three basic levels of coverage actual cash value, replacement cost, and extended replacement cost/value. A homeowner insurance policy offers protection for you from accidents in your home or on your property.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.1% |
Global Homeowners Insurance is a fragmented market due to the presence of various players. The players are focusing on investing more in launching policies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Homeowner Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
State Farm (United States), USAA Insurance Group (United States), Berkshire Hathaway Inc. (United States), Progressive Corp. (United States), Liberty Mutual (United States), Allstate Corp. (United States), Travelers Companies Inc. (United States), Chubb Ltd. (Switzerland), Farmers Insurance Group of Companies (United States) and Nationwide Mutual Group (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Erie Insurance (United States) and American Family Insurance (United States).
Segmentation Overview
AMA Research has segmented the market of Global Homeowner Insurance market by Type (Property Damage, Loss of Rental Income, Liability Protection, Landlord Liability, Tenant Damage and Others) and Region.
On the basis of geography, the market of Homeowner Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Property Type, the sub-segment i.e. Condo will boost the Homeowner Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Agents will boost the Homeowner Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Dwelling Coverage will boost the Homeowner Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
High Purchase of Homeowner Insurance and Increasing Demand for Insurance Services majorly for Tenant
Market Growth Drivers:
Growing Requirements for Protection from the Loss and Damages and Government Spending on the Insurance Policies and Surging Accidents
Challenges:
Intensified Competition in the Market and Rapid Changes in Customers’ Behavior and Expectations
Restraints:
Lack of Awareness Regarding Homeowner Insurance
Opportunities:
Untapped Potential of Developing Countries and New Technological Developments
Market Leaders and their expansionary development strategies
In July 2022, Lemonade, a tech-driven homeowner's insurance company, announced a partnership with leading home security provider ADT to offer bundled insurance and security packages
In August 2021, State Farm launched a new type of homeowner's insurance policy designed specifically for renters transitioning to homeownership
As per the Insurance regulatory and development authority in India, Know you can insure the only property you own. Be sure you have the documents to prove ownership and value at the time of a claim. Give a complete and correct description, address, and location of the property to be covered. Ask the intermediary or insurer to give information and explain the basis of fixing the Sum Insured. It can be the Market Value basis where depreciation is taken into account or the Reinstatement Value basis where the cost of replacement of the property is taken into account. This is the basis on which the claim is paid. Information regarding add-ons; choose them as per your needs. Also, don’t allow anyone else to fill your proposal form. Don’t conceal or misstate any facts about the property and its fixtures. Don’t misdeclare the value of your property and face disputes at the time of a claim.
Key Target Audience
Homeowners Insurance Providers, Regulatory Bodies, Potential Investors, New Entrants, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.