Homeowners Insurance Statistics
This article looks at some interesting homeowners insurance statistics that you probably don’t know. The results may surprise you.
For instance, did you know that two-thirds of homes are underinsured by an average of 23 percent? That means that if something were to happen to your home, you would be looking at paying a quarter of the cost out of your own pocket. Yet it would cost most homeowners less than $10 a month to get the full coverage they need.
Let’s take a look at the kinds of costs homeowners face.
Fire damage, for instance, has an average payout of $24,153. For wind and hail, the payouts average $7163. Water damage costs the insurer an average of $5531. And burglary reimbursements average $2493.
One of the worst things that can happen to a homeowner is for someone to get hurt on their property. Whether it is a slip and fall or a dog bite, the medical bills and punitive damages can add up. The insurance companies pay out $15854 on a typical bodily injury claim and another $3055 in medical payments. These are costs you don’t want to have to assume yourself.
Beyond personal coverage, there are some other interesting homeowners insurance statistics. One is the cost of premiums among the different states. For instance the average premium cost was $809, but that figure ranged widely from $628 in South Dakota to $1408 in Texas – the latter due to expensive wind and hail damage.
State Farm is the largest homeowners insurer at 21 percent of the market. Allstate is number 2 and Zurich Insurance Group is number 3.
Where do your premium payments go? 58 percent of every dollar goes to policy payouts, 28 percent to administration and expenses, 9 percent to profits and 5 percent to taxes.
Those are some basic homeowners insurance statistics that may be of interest to you.
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