Some Interesting Homeowners Insurance Statistics

This article is going to look at some important homeowners insurance statistics. You may be surprised by some of the data shown here.

Two thirds of homes are underinsured. They have 23 percent less coverage than they actually need. And, if something bad were to happen, these homeowners would have to pay the difference out of their own pockets. But it doesn’t have to be this way. For less than an additional $100 a year, most homeowners would have all of the coverage they 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.

If someone were to get hurt on your property, you want to make sure you have adequate insurance protection. There are various kinds of personal liability issues ranging from slip and fall to dog bites. Medical bills in these situations average $3055 and other punitive claims average $15,854. You don’t want to be paying a quarter of these bills yourself.

But there are other kinds of interesting homeowners insurance statistics. For instance, the average cost of homeowners insurance premiums in 2006 was $809 a year. South Dakota had the lowest premiums of $628 per year while Texans, due to wind and tornado damage, had to pay out the most at $1408.

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.

Those are some basic homeowners insurance statistics that may be of interest to you.

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