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. I
Chris C 11:05 am on January 13, 2010 Permalink
Term life insurance typically expires at age 80 or 85 depending on the company (in Canada anyway). If a policy doesn’t expire at 80 or 85, it’s probably a whole life policy…don’t confuse the 2 like many people do.
Other than that, technically the insurance coverage ‘expires’ when the policy holder dies or stops paying the premiums.
Most term policies automatically renew without medical evidence when the 5, 10, 15, etc year term expires, so it’s more of a renewal than an expiration. You should get