Homeowners Insurance Statistics – Some Interesting Facts about Homeowners Insurance

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

For instance, did you know that two-thirds of homes are underinsured by an average of 23 percent? That means that if something were to happen to your home, you would be looking at paying a quarter of the cost out of your own pocket. Yet it would cost most homeowners less than $10 a month to get the full coverage they need.

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.

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.

State Farm is the largest homeowners insurer at 21 percent of the market. Allstate is number 2 and Zurich Insurance Group is 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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