Homeowners Insurance Statistics – Some Interesting Facts about Homeowners Insurance

This article is going to look at some important homeowners insurance statistics. You may be surprised by some of the data shown here.

As an example, did you know that 2/3 of homes are underinsured? They have 23 percent less insurance than they actually need. That means that if something were to happen, they would have to pay almost a quarter of the cost out of their own pocket. But, most homeowners would spend less than $10 a month to get the kind of coverage they actually needed.

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 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.

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.

If you are wondering about Homeowners Insurance Statistics, you should check out the many resources found at http://HomeInsuranceProvider.net Grab a totally unique version of this article from the Uber Article Directory