GITNUX REPORT 2024

Home Insurance Statistics: Insightful Numbers on Coverage and Claims

Eye-opening Facts and Figures About Home Insurance Every Homeowner Should Know

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

The average claim for wind and hail damage is $11,200.

Statistic 2

Home insurance policies typically cover damage caused by riots and civil commotion.

Statistic 3

Homeowners insurance typically covers damage caused by aircraft or vehicles.

Statistic 4

60% of Americans have home insurance.

Statistic 5

95% of homeowners have a home insurance policy that covers both their dwelling and personal property.

Statistic 6

Homeowners insurance premiums have increased by 59% between 2013 and 2018.

Statistic 7

In 2018, 5.7% of insured homes filed a claim.

Statistic 8

78% of homeowners have a comprehensive inventory of their belongings for insurance purposes.

Statistic 9

The average insurance claim for lightning damage is $7,571.

Statistic 10

A home is broken into every 15 seconds in the U.S.

Statistic 11

Only 37% of renters have renters insurance.

Statistic 12

The average claim for water damage and freezing is $10,849.

Statistic 13

The most common cause of home insurance claims is wind and hail damage.

Statistic 14

47% of homeowners have never been offered cyber insurance.

Statistic 15

The average cost of a dog bite claim is $44,760.

Statistic 16

Homeowners insurance claims related to fire and lightning have an average payout of $68,322.

Statistic 17

In 2017, insurers paid out over $1.8 billion in dog-related injury claims.

Statistic 18

The cost of homeowners insurance has risen at an annual rate of 3.3%.

Statistic 19

The largest property damage losses in home insurance claims are caused by fire and lightning, with an average payout of $68,322.

Statistic 20

Water damage claims are the second most frequent home insurance claim, with an average payout of $10,849.

Statistic 21

78% of homeowners have bundled their home and auto insurance policies to save money.

Statistic 22

Only 37% of renters have renters insurance, leaving many vulnerable to losses.

Statistic 23

Home insurance claims for theft resulting in an average payout of $4,391.

Statistic 24

95% of homeowner’s insurance policies cover personal liability for bodily injury or property damage.

Statistic 25

60% of Americans have a mortgage on their homes, often requiring home insurance as a condition.

Statistic 26

The average cost of a homeowners insurance claim is $13,985.

Statistic 27

44% of Americans have umbrella insurance to provide additional liability protection beyond their home insurance limits.

Statistic 28

The most common deductible amount for homeowners insurance policies is $1,000.

Statistic 29

64% of homeowners have never experienced filing a home insurance claim.

Statistic 30

Only 37% of renters have renters insurance coverage despite the risks of loss or damage.

Statistic 31

In 2018, insurers paid out over $17.1 billion in homeowners insurance claims related to property damage and liability coverage.

Statistic 32

44% of Americans believe that home insurance covers flooding, which is often an excluded peril.

Statistic 33

The average yearly homeowners insurance premium in Texas is $1,893.

Statistic 34

Roughly one-third of U.S. homes are underinsured by an average of 20%.

Statistic 35

The average claim for vandalism in homeowners insurance is $3,190.

Statistic 36

95% of homeowners have protection against identity theft as part of their home insurance policy.

Statistic 37

Home insurance claims related to wind and hail damage have an average payout of $11,200.

Statistic 38

The average loss per burglary claim in homeowners insurance is $2,661.

Statistic 39

Roughly 2 in 5 Americans do not have a home inventory of their belongings as required for insurance purposes.

Statistic 40

The average homeowners insurance claim for fire damage is $79,785.

Statistic 41

Insured losses from natural catastrophes totaled $46 billion in 2019, mainly covered by homeowners insurance.

Statistic 42

71% of homeowners have not considered whether their home insurance coverage is adequate for natural disasters.

Statistic 43

Only 57% of homeowners recognized the need for flood insurance coverage beyond their standard policy.

Statistic 44

The average annual premium for homeowners insurance is $1,249.

Statistic 45

The average claim for dog bites is $44,760, highlighting the importance of liability coverage.

Statistic 46

The average annual premium for homeowners insurance in California is $1,008.

Statistic 47

The average cost of a home insurance policy for a new homeowner is $1,249 per year.

Statistic 48

The average cost of a homeowners insurance policy in New York is $1,309 per year.

Statistic 49

Home insurance policies typically cover damage from fallen trees.

Statistic 50

Home insurance policies typically cover damage from volcanic eruptions.

Statistic 51

Home insurance typically covers damage from power surges.

Statistic 52

Home insurance policies typically cover damage from satellites falling from space.

Statistic 53

Earthquake and flood damage are typically excluded from standard home insurance policies but can be added via endorsements.

Statistic 54

Home insurance policies generally cover damage from meteors and falling objects.

Statistic 55

Mold damage is typically not covered by standard home insurance policies, but can be added through specific endorsements.

Statistic 56

Home insurance typically covers damage from falling satellites and space debris.

Statistic 57

Home insurance typically covers damage caused by lava flow.

Statistic 58

Home insurance typically covers damage caused by volcanic eruptions.

Statistic 59

64% of Americans are underinsured for their personal property.

Statistic 60

Only 57% of homeowners realized that a standard home insurance policy does not cover flood damage.

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Summary

  • 60% of Americans have home insurance.
  • The average annual premium for homeowners insurance is $1,249.
  • 95% of homeowners have a home insurance policy that covers both their dwelling and personal property.
  • Homeowners insurance premiums have increased by 59% between 2013 and 2018.
  • In 2018, 5.7% of insured homes filed a claim.
  • 78% of homeowners have a comprehensive inventory of their belongings for insurance purposes.
  • The average insurance claim for lightning damage is $7,571.
  • 64% of Americans are underinsured for their personal property.
  • A home is broken into every 15 seconds in the U.S.
  • Only 37% of renters have renters insurance.
  • The average claim for water damage and freezing is $10,849.
  • The most common cause of home insurance claims is wind and hail damage.
  • Home insurance policies typically cover damage from fallen trees.
  • 47% of homeowners have never been offered cyber insurance.
  • The average cost of a dog bite claim is $44,760.

Did you know that a home is broken into every 15 seconds in the U.S., yet only 60% of Americans have home insurance? Dive into the fascinating world of home insurance with us as we explore the surprising statistics and trends shaping the industry. From the average annual premium of $1,249 to the importance of comprehensive inventory of belongings, and the unexpected expenses for lightning, water, and even dog damage claims, its clear that home insurance is more than just a safety net - its a vital financial shield for homeowners and renters alike.

Claims, Premium Costs and Claims

  • The average claim for wind and hail damage is $11,200.

Interpretation

Looks like Mother Nature has been throwing some serious shade lately, with homeowners feeling the financial blow of wind and hail damage averaging a hefty $11,200 per claim. Perhaps it's time to invest in some heavy-duty shingles or a trusty pair of earplugs for when the stormy weather hits – because it seems these natural elements definitely don't play nice when it comes to property damage.

Home Insurance Coverage

  • Home insurance policies typically cover damage caused by riots and civil commotion.
  • Homeowners insurance typically covers damage caused by aircraft or vehicles.

Interpretation

In a world where riots and rogue aircraft seem like the stuff of action movies, home insurance steps in to provide a safety net for the unexpected. It's as if our homes are saying, "Sure, I'll protect you from a riot or a plane crash, but don't you dare spill red wine on my carpet!" In the grand scheme of things, it's reassuring to know that our humble abodes have our backs, even amidst the chaos of civil unrest and airborne mishaps. After all, a house truly becomes a home when it can handle a few bumps in the road, whether caused by a protest gone awry or an unexpected visit from the friendly neighborhood UFO.

Insurance Trends and Statistics

  • 60% of Americans have home insurance.
  • 95% of homeowners have a home insurance policy that covers both their dwelling and personal property.
  • Homeowners insurance premiums have increased by 59% between 2013 and 2018.
  • In 2018, 5.7% of insured homes filed a claim.
  • 78% of homeowners have a comprehensive inventory of their belongings for insurance purposes.
  • The average insurance claim for lightning damage is $7,571.
  • A home is broken into every 15 seconds in the U.S.
  • Only 37% of renters have renters insurance.
  • The average claim for water damage and freezing is $10,849.
  • The most common cause of home insurance claims is wind and hail damage.
  • 47% of homeowners have never been offered cyber insurance.
  • The average cost of a dog bite claim is $44,760.
  • Homeowners insurance claims related to fire and lightning have an average payout of $68,322.
  • In 2017, insurers paid out over $1.8 billion in dog-related injury claims.
  • The cost of homeowners insurance has risen at an annual rate of 3.3%.
  • The largest property damage losses in home insurance claims are caused by fire and lightning, with an average payout of $68,322.
  • Water damage claims are the second most frequent home insurance claim, with an average payout of $10,849.
  • 78% of homeowners have bundled their home and auto insurance policies to save money.
  • Only 37% of renters have renters insurance, leaving many vulnerable to losses.
  • Home insurance claims for theft resulting in an average payout of $4,391.
  • 95% of homeowner’s insurance policies cover personal liability for bodily injury or property damage.
  • 60% of Americans have a mortgage on their homes, often requiring home insurance as a condition.
  • The average cost of a homeowners insurance claim is $13,985.
  • 44% of Americans have umbrella insurance to provide additional liability protection beyond their home insurance limits.
  • The most common deductible amount for homeowners insurance policies is $1,000.
  • 64% of homeowners have never experienced filing a home insurance claim.
  • Only 37% of renters have renters insurance coverage despite the risks of loss or damage.
  • In 2018, insurers paid out over $17.1 billion in homeowners insurance claims related to property damage and liability coverage.
  • 44% of Americans believe that home insurance covers flooding, which is often an excluded peril.
  • The average yearly homeowners insurance premium in Texas is $1,893.
  • Roughly one-third of U.S. homes are underinsured by an average of 20%.
  • The average claim for vandalism in homeowners insurance is $3,190.
  • 95% of homeowners have protection against identity theft as part of their home insurance policy.
  • Home insurance claims related to wind and hail damage have an average payout of $11,200.
  • The average loss per burglary claim in homeowners insurance is $2,661.
  • Roughly 2 in 5 Americans do not have a home inventory of their belongings as required for insurance purposes.
  • The average homeowners insurance claim for fire damage is $79,785.
  • Insured losses from natural catastrophes totaled $46 billion in 2019, mainly covered by homeowners insurance.

Interpretation

In a land where homes are under siege from lightning strikes, cyber threats, mischievous dogs, and sneaky burglars, it seems only the wise 60% of Americans who have home insurance can rest easy. With premiums soaring faster than a superhero on a mission, homeowners are bracing themselves for the unexpected. Wind and hail may be the foes most feared, but water damage and freezing have also proven to be formidable adversaries. Renters, on the other hand, seem content to gamble with fate, with only 37% opting for insurance against the whims of chance. As property dramas unfold and payouts reach staggering heights, one thing is for certain: in the game of homes, it pays to be prepared.

Policy Awareness and Underinsurance

  • 71% of homeowners have not considered whether their home insurance coverage is adequate for natural disasters.
  • Only 57% of homeowners recognized the need for flood insurance coverage beyond their standard policy.

Interpretation

In a world where disaster can strike at any moment, it seems that many homeowners are playing a risky game of chance with their most valuable asset. With 71% failing to even ponder if their home insurance is robust enough to weather a natural disaster, and only 57% acknowledging the necessity of additional flood coverage, it appears that for some, ignorance truly is not bliss but a potential financial catastrophe waiting to happen. Let's hope that these numbers inspire homeowners to reconsider their insurance choices before Mother Nature comes knocking uninvited.

Premium Costs and Claims

  • The average annual premium for homeowners insurance is $1,249.
  • The average claim for dog bites is $44,760, highlighting the importance of liability coverage.
  • The average annual premium for homeowners insurance in California is $1,008.
  • The average cost of a home insurance policy for a new homeowner is $1,249 per year.
  • The average cost of a homeowners insurance policy in New York is $1,309 per year.

Interpretation

In the world of home insurance, numbers are more than just digits – they're a tale of preparedness waiting to be told. From the relatively friendly neighborhood of California, with an average annual premium of $1,008 as their shield, to the bustling streets of New York, where homeowners pay a slightly higher toll at $1,309 per year, there's a clear message echoing through the data. Whether you're a seasoned homeowner or a fresh face in the game, the $1,249 price tag for peace of mind seems to be a universal truth. And when Fido decides to take a bite out of your savings with an average claim of a whopping $44,760, it's not just about protecting your property – it's about safeguarding yourself from the unexpected hound havoc. So, remember, when it comes to home insurance, the numbers don't just crunch; they bark a serious warning.

Specific Damage Coverage

  • Home insurance policies typically cover damage from fallen trees.
  • Home insurance policies typically cover damage from volcanic eruptions.
  • Home insurance typically covers damage from power surges.
  • Home insurance policies typically cover damage from satellites falling from space.
  • Earthquake and flood damage are typically excluded from standard home insurance policies but can be added via endorsements.
  • Home insurance policies generally cover damage from meteors and falling objects.
  • Mold damage is typically not covered by standard home insurance policies, but can be added through specific endorsements.
  • Home insurance typically covers damage from falling satellites and space debris.
  • Home insurance typically covers damage caused by lava flow.
  • Home insurance typically covers damage caused by volcanic eruptions.

Interpretation

In the strange and unpredictable world of home insurance, it seems that fallen trees, volcanic eruptions, power surges, and even satellites falling from space are fair game when it comes to coverage. Yet, the insurance industry draws the line at earthquakes and floods, unless you're willing to pay extra for endorsements. Meteors and falling objects may be a cosmic threat, but rest assured, your home is protected. Just don't count on standard coverage for mold, because apparently, that's where insurers draw the line. Who knew that in the realm of home insurance, the sky truly is the limit—unless it's falling on your house, of course.

Underinsurance and Policy Awareness

  • 64% of Americans are underinsured for their personal property.
  • Only 57% of homeowners realized that a standard home insurance policy does not cover flood damage.

Interpretation

In a world where 64% of Americans are more likely to know Taylor Swift's latest relationship status than the value of their personal property, and where only 57% of homeowners are aware that a standard home insurance policy won't protect their prized possessions from a sudden flood, it's clear that our priorities could use a little adjusting. It seems we're more adept at swiping left on Tinder than swiping through our insurance policy details. Time to upgrade our insurance literacy and perhaps spend less on coffee and more on protecting our assets - after all, you can't cuddle your latte during a flood.

References