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.
So, what kind of costs are we talking about?
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 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.
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.
58 percent of your premium goes to policy payouts, 28 percent to expenses and 9 percent to profits. The final 5 percent goes to taxes.
If you own a home, you probably wonder where your policy premiums go. So, there are some homeowners insurance statistics for you.
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