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Homeowners Insurance Statistics

Author: Stacy Fox

This article is going to look at some important homeowners insurance statistics.

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?

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.

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.

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.

Homeowners Insurance Statistics are just one resource you'll find helpful at so go on over right now and check it out.

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