10 Things to Know About Habitational and Dwelling Risks

November 4, 2013
  1. Sales of new single-family houses reached a seasonally adjusted annual rate of 421,000 in August, 7.9 percent above the revised July 2013 estimate of 390,000. (U.S. Census Bureau)
  2. There were roughly 24,400 completions of multifamily buildings with five-plus units in the first quarter of 2013, which was 53 percent above the first quarter of 2012. The ata includes only privately financed, nonsubsidized, unfurnished, rental housing. (Survey of Market Absorption of Apartments)
  3. Property damage is by far the leading cause of loss for homeowners insurance loss, ranking in at 94.6 percent from 2006 through 2010. (Insurance Information Institute)
  4. The number of multifamily units completed has been on a downward decline since 2008, when roughly 301,000 multifamily units were completed. There were 166,000 units completed in 2012, the latest figures available. (U.S. Census)
  5. Privately owned housing starts in August were at a seasonally adjusted annual rate of 891,000, putting sales 0.9 percent above the revised July 2013 estimate of 883,000. (U.S. Census Bureau)
  6. The median existing-home price for all housing types in the United States was $212,100 in August, up 14.7 percent from August 2012. (National Association of Realtors)
  7. Homeowners insurance accounts for 14.4 percent of all property/casualty insurance premiums and 28 percent of personal P/C lines insurance. (Insurance Information Institute)
  8. The five most expensive commercial real estate markets in the United States in terms of operating expenses, which include insurance, are: New York, N.Y. ($11.80 per square foot); San Francisco, Calif. ($9.66); Washington, D.C. ($9.51); Santa Monica, Calif. ($8.54); San Jose, Calif. ($8.47). (Building Owners and Managers Association International)
  9. The five least expensive commercial real estate markets in the United States in terms of operating expenses, which include insurance, are: Salt Lake City, Utah ($4.87 per square foot); Atlanta, Ga. ($5.57); Phoenix, Ariz. ($5.60); Cincinnati, Oho ($5.69); Nashville, Tenn. ($5.69). (Building Owners and Managers Association International)
  10. Building Owners and Managers Association International Multifamily permits taken out were down 15.7 percent in 2013 to an annual level of 291,000. (National Association of Home Builders)

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Insurance Journal West November 4, 2013
November 4, 2013
Insurance Journal West Magazine

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