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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 http://homeinsuranceprovider.net so go on over right now and check it out.
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