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.
If someone were to get hurt on your property, you want to make sure you have adequate insurance protection. There are various kinds of personal liability issues ranging from slip and fall to dog bites. Medical bills in these situations average $3055 and other punitive claims average $15,854. You don’t want to be paying a quarter of these bills yourself.
Here’s some other interesting homeowners insurance statistics. The average insurance premium in 2006 was $809 per year. Texas had the highest price at $1408 (wind and tornado damage is to blame) and South Dakota has the lowest rates at $628.
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.
Those are some basic homeowners insurance statistics that may be of interest to you.
If you are wondering about Homeowners Insurance Statistics, you should check out the many resources found at http://HomeInsuranceProvider.net Click here to get your own unique version of this article with free reprint rights.
No related posts.