What is Homeowner Insurance Market Scope?
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 | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Homeowner Insurance market study is being classified by Type (Property Damage, Loss of Rental Income, Liability Protection, Landlord Liability, Tenant Damage, Natural Calamities Destruction, Additional Accidental Expenses and Others) and major geographies with country level break-up.
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.
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 profiled in the study. Additionally, the Players which are also part of the research are Erie Insurance (United States) and American Family Insurance (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Homeowner Insurance market by Type, Application 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).
In 2020, Root Inc. launches homeowners insurance. Root Home, a streamlined homeowner’s insurance program, is now available in 13 states. The launch of Root Home marks the further evolution of the products available through Root’s industry-leading mobile platform, which also includes auto and renters insurance.
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.
Influencing Market Trend
- High Purchase of Homeowner Insurance
- Increasing Demand for Insurance Services majorly for Tenant
Market Drivers
- Growing Requirements for Protection from the Loss and Damages
- Government Spending on the Insurance Policies and Surging Accidents
Opportunities
- Untapped Potential of Developing Countries and New Technological Developments
Restraints
- Lack of Awareness Regarding Homeowner Insurance
Challenges
- Intensified Competition in the Market
- Rapid Changes in Customers’ Behavior and Expectations
Key Target Audience
Homeowners Insurance Providers, Regulatory Bodies, Potential Investors, New Entrants, Research and Development Institutes and Others
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.
Frequently Asked Questions (FAQ):
1. Who are the prominent players of the Global Homeowner Insurance market?The prominent players of Global Homeowner Insurance market are 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),
to view complete player list click here2. What are the top priorities to focus for Homeowner Insurance markets growth?In this highly competitive & fast evolving Homeowner Insurance industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.3. Who are the potential customers in Homeowner Insurance Market?
are the potential customers of Homeowner Insurance industry.