Homeowners’ insurance is essential for safeguarding your home and finances against a wide range of risks. From natural disasters to damage caused by human error, homeowners’ insurance protects you financially when unexpected events occur. In this blog post, we delve into key homeowners’ insurance claims statistics to highlight the importance of having adequate coverage and knowing what to expect when filing a claim.
The Prevalence of Homeowners’ Insurance Claims:
In 2020, 6% of insured homes filed at least one insurance claim. This statistic highlights the importance of having homeowners’ insurance coverage to protect one’s property and finances. With unforeseen events like natural disasters, fires, and theft, homeowners’ insurance coverage offers vital protection to reduce the financial burden of unexpected events.
The Financial Impact of Filing a Claim:
After filing one claim, homeowners end up paying an average of $168 more on their annual home insurance premiums compared to homeowners with a clean claims history. This increase in premiums emphasizes the importance of carefully considering filing a claim and discussing it with their insurance agent. In addition, homeowners should keep up with regular maintenance and repairs to avoid losses covered by insurance claims.
Average Property Damage Claims:
From 2016 to 2020, the average property damage claim amount was $13,962. This statistic highlights the financial costs that homeowners could face when unexpected events occur, providing motivation to seek adequate coverage and review their policy’s limits and exclusions.
Types of Insurance Claims:
In 2020, 2.3% percent of claims were liability claims, highlighting the importance of liability coverage in homeowners’ insurance. Additionally, 34% of claims were caused by wind and hail, making it the most common type of claim. Homeowners should review their policy limits and exclusions to ensure their coverage aligns with their needs.
Fire and Lightning Claims:
From 2016 to 2020, the average home insurance claim amount for fire and lightning claims was $77,340. This statistic includes the cost of property damage, loss of occupancy, and additional expenses, such as temporary living arrangements, debris removal, and rebuilding efforts.
Trampolines and Home Insurance Liability Claims:
Trampolines pose a significant injury risk, with an estimated 104,691 emergency room-treated injuries in 2014 alone. Homeowners with trampolines should consider home insurance liability coverage to protect them from the associated risks, including medical costs and legal liabilities.
Conclusion:
Homeowners’ insurance is an essential aspect of protecting your home and finances against unforeseen events and unexpected risks. Understanding the different types of claims and their associated costs can help homeowners make informed decisions about their insurance coverage. At Crestview Public Adjusters, our team of expert adjusters is dedicated to assisting homeowners in navigating the claims process accurately. Contact us today to learn how we can provide expert assistance in securing adequate coverage and ensuring your financial interests are protected.
