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| Some Interesting Homeowners Insurance Statistics |
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| Written by Stacy Fox |
| Saturday, 12 December 2009 09:54 |
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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. 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. 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. 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 interesting figure relates to who the largest insurers are. State Farm is number 1 with 21 percent of the market followed by Allstate and Zurich Insurance Group. 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 have ever wondered about your insurance, hopefully this article provided some interesting homeowners insurance statistics for you. About the Author: If you are wondering about Homeowners Insurance Statistics, you should check out the many resources found at http://HomeInsuranceProvider.net Get a totally unique version of this article from our article submission service Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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