7 Random (If Not Interesting) Facts About Home Insurance
7 Random (If Not Interesting) Facts About Home Insurance
Most don’t give their homeowners’ insurance policies much thought. In fact, that is part of the issue with home insurance policies. People get them, and then forget them. Here are some random, if not somewhat interesting, facts about home insurance.
Five Areas Account for Almost 80% of All Claims
Just five areas account for 77% of all claims on homeowners’ insurance policies. These include wind, non-weather-related water damage, hail, weather-related water damage, and theft.
How Many Claims are Filed Each Year?
Although exact figures are difficult to determine, it is estimated that out of approximately 70 million home insurance policies in force, about 3.5 insurance claims are filed annually, translating to about one in 20.
Liability Claims
About one in every 1,440 home insurance policies has a liability claim filed, resulting in financial payments for legal, medical, and property damage. Dog bites are the leading cause of liability claims, followed by home accidents, fallen trees, intoxicated guests, and domestic workers injured in the home.
Percentage of Homes with Homeowners Insurance
It is estimated that 85% of homes in America are insured by homeowners’ insurance. While the government doesn’t require it, most financial institutions make it a requirement to obtain a mortgage.
Tenants with Renters Insurance
In spite of its relatively low price, it is estimated that only about 44% of tenants have renters’ insurance.
Average Price of Home Insurance in the United States
The average price of home insurance in the U.S. is about $1,550 annually. This can vary dramatically, however, depending on factors like home value, coverage, location, deductibles, and more.
How Long Are Homeowners Insurance Policies in Force?
Home insurance policies are generally renewed each year. They will automatically renew if payments continue to be made. That’s why it is a good idea to have your policy reviewed by an independent agent each year while obtaining a price quote.
If you have questions about homeowners or renters’ insurance, we invite you to contact us. We can even assist you with a no-cost, no-obligation price quote. Contact us today to get started.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
Whole Life Insurance: Is it a Worthwhile Investment?
Confused about whole life insurance as an investment? We break down the unique benefits beyond a simple payout.
More Than Just a Car: The Joys and Benefits of Owning a Classic Vehicle
Thinking of buying a classic car? Discover why it can be a great investment and a fulfilling hobby.
Flood Insurance 101: Separating Fact from Fiction
Don’t get caught unprepared. This guide answers your top questions about flood insurance.
Decoding the Past: The Origins Behind Common and Curious Sayings
Unlock the hidden stories behind everyday phrases and discover the surprising origins of familiar sayings.
Essential Foundations: Five Things Your Small Business Needs Today
Setting up for success? Here are five non-negotiable elements for your modern small business.
Confronting Your Fears: Practical Steps Towards a Fearless Life
Tired of being held back by fear? Discover actionable techniques to confront and conquer your anxieties.
Lending Your Keys: The Hidden Risks of Borrowing Your Car
Borrowing your car? Understand the hidden insurance implications before you say yes.
The Shifting Sands of Homeownership: What Happened to the Starter Home?
The starter home is fading away. Discover the factors reshaping the first-time homebuyer’s journey.
Six Men Who Captured Hearts: Universally Loved Figures in American Culture
Explore six beloved men in American popular culture.
The Uninsured Gap: Why Small Businesses Are Missing Crucial Protection
Why small businesses need more insurance.