Homeowners Insurance Statistics – Some Interesting Facts about Homeowners Insurance

You may be surprised by some of the homeowners insurance statistics revealed in this article. Beyond mere numbers, the data may help you optimize your own insurance policies.

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.

Let’s take a look at the kinds of costs homeowners face.

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.

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.

Many people wonder what happens to their money once they send it to the insurance company. Well, 58 percent goes to policy payouts, 28 percent to expenses and administration, 9 percent to profits and 5 percent 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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