Some Interesting Homeowners Insurance Statistics
This article looks at some interesting homeowners insurance statistics that you probably don’t know. The results may surprise you.
As an example, did you know that 2/3 of homes are underinsured? They have 23 percent less insurance than they actually need. That means that if something were to happen, they would have to pay almost a quarter of the cost out of their own pocket. But, most homeowners would spend less than $10 a month to get the kind of coverage they actually needed.
And, how much are these costs?
Here are some cold hard facts about the actual average costs for various types of insurable damage. Fire damage – $24,153; Wind and hail – $7163; water damage – $5531, and burglary – $2493. These are sums that homeowners would pay a quarter of if they didn’t have the insurance they needed.
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.
Another point of interest: State Farm has 21 percent of the homeowners insurance market and is the largest insurer. Allstate is the second largest followed by Zurich Insurance Group at number 3.
Many people wonder what happens to their money once they send it to the insurance company. Well, 58 percent goes to policy payouts, 28 percent to expenses and administration, 9 percent to profits and 5 percent to taxes.
If you have ever wondered about your insurance, hopefully this article provided some interesting homeowners insurance statistics for you.
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