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.
So, what kind of costs are we talking about?
Fire damage, for instance, has an average payout of $24,153. For wind and hail, the payouts average $7163. Water damage costs the insurer an average of $5531. And burglary reimbursements average $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.
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.
State Farm is the largest homeowners insurer at 21 percent of the market. Allstate is number 2 and Zurich Insurance Group is 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.
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.
So, what kind of costs are we talking about?
Fire damage, for instance, has an average payout of $24,153. For wind and hail, the payouts average $7163. Water damage costs the insurer an average of $5531. And burglary reimbursements average $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.
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.
State Farm is the largest homeowners insurer at 21 percent of the market. Allstate is number 2 and Zurich Insurance Group is 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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