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Three centuries of coverage: Charting the evolution of homeowners' insurance

You mean credit scoring wasn't used for the first policy issued in the 1730s?

By Hannah Bender | Updated on September 05, 2014

Insurance has come a long way since the first policy was written in the 1730s. In those days, policies were mainly vested in fire protection, and it wasn’t until more than 100 years later, in the 1830s, when state governments became involved, collecting premium taxes and keeping capital reserves.

The first modern homeowners’ multiperil policy wasn’t created until 1950, and since then, the industry began to employ a more high-touch underwriting process, using agents, specialized underwriters and property inspectors to understand and quantify risk. Very little aggregated data regarding risk indicators was often unavailable, and early homeowners’ rating plans were very simple.

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