Some Interesting Homeowners Insurance Statistics
Dec 13, 2009 Business Insurance
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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.
Let’s take a look at the kinds of costs homeowners face.
Well, the average payout for fire damage is $24153. Wind and hail payouts are $7163. Water damage pays out at an average of $5531. If a burglary were to occur, the insurance company has a typical reimbursement of $2493.
One thing that homeowners need adequate insurance for is personal liability if someone were to get injured on their property. That can range from a slip and fall to a dog bite. Medical bills and punitive damages quickly add up. On a typical bodily injury claim, insurance companies pay out $15,854 and another $3055 in medical bills. You don’t want to have to assume those kind of costs 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.
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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