Homeowners Insurance Statistics

December 13th, 2009 | Insurance | Stacy Fox | No comments

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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.

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.

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.

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.

Where do your premium payments go? 58 percent of every dollar goes to policy payouts, 28 percent to administration and expenses, 9 percent to profits and 5 percent to taxes.

Those are some basic homeowners insurance statistics that may be of interest to you.

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