Summary
- • About 1 in 20 insured homes has a claim each year.
- • The average homeowners insurance claim is $13,600.
- • Wind and hail account for 34.4% of all homeowners insurance claims.
- • Fire and lightning claims are the most expensive, with an average cost of $79,785.
- • Water damage and freezing claims occur in about 1 in 50 insured homes each year.
- • The average cost of a water damage claim is $11,098.
- • Theft claims occur in approximately 1 in 400 insured homes annually.
- • The average theft claim costs $4,391.
- • Liability claims account for about 3% of all homeowners insurance claims.
- • The average liability claim costs $26,872.
- • Dog-related injuries account for more than one-third of all homeowners liability claim dollars paid out.
- • In 2020, the average cost per dog bite claim was $50,245.
- • Homeowners insurance claims due to fire have decreased by 38% since 1980.
- • Water damage claims have increased by 48% in the past decade.
- • About 98% of homeowners insurance claims are for property damage.
Did you know that about 1 in 20 insured homes is a ticking claim-time bomb waiting to happen? From dog bites to hurricanes, and everything in between, the realm of homeowners insurance claims is as diverse as it is eye-opening. With wind and hail causing a storm of 34.4% of claims and fire and lightning striking the most expensive average costs at $79,785, its a wild world out there in the land of property protection.
Claim Costs
- The average homeowners insurance claim is $13,600.
- Fire and lightning claims are the most expensive, with an average cost of $79,785.
- The average cost of a water damage claim is $11,098.
- The average theft claim costs $4,391.
- The average liability claim costs $26,872.
- The average wind/hail claim costs $11,200.
- The average homeowners insurance claim for bodily injury and property damage is $26,872.
- The average lightning claim cost $11,668 in 2018.
- The average hurricane claim costs $115,000.
- The average mold claim costs between $15,000 and $30,000.
- The average wind and hail claim costs $10,182.
- The cost of hail damage to homes, cars, and crops averages about $15 billion a year in the U.S.
- The average water damage claim costs $10,849.
- The average theft claim costs $4,391.
- The average lightning claim cost $11,668 in 2018.
- The total insured losses due to lightning strikes in 2018 were $904 million.
Interpretation
In the world of homeowners insurance claims, it seems that Mother Nature has quite the expensive sense of humor, with fire and lightning claims racking up a bill that could make even the most lavish Hollywood star blush. While water damage claims flow in at a comparative trickle and theft claims tip-toe away with a modest sum, it's the lightning strikes that truly electrify the numbers. With hurricanes stirring up a stormy $115,000 average, it's clear that homeowners must stay ever vigilant against the whims of weather lest they find themselves singing the blues in a thunderstruck financial symphony.
Claim Frequency
- About 1 in 20 insured homes has a claim each year.
- Water damage and freezing claims occur in about 1 in 50 insured homes each year.
- Theft claims occur in approximately 1 in 400 insured homes annually.
- About 1 in 15 insured homes has a claim for wind or hail damage each year.
- Approximately 1 in 55 insured homes has a property damage claim due to water damage or freezing each year.
- About 1 in 35 insured homes has a property damage claim related to wind or hail each year.
- Approximately 5.3% of insured homes had a claim in 2018.
- About 1 in 50 insured homes files a water damage or freezing claim each year.
- About 2% of insured homes file a claim for theft each year.
- About 1 in 40 insured homes has a claim related to wind or hail damage each year.
- About 1 in 50 insured homes has a property damage claim caused by water damage or freezing each year.
- About 1 in 350 insured homes has a property damage claim due to theft each year.
- About 1 in 200 insured homes files a claim related to fire and lightning damage each year.
Interpretation
In the quirky world of homeowners insurance claims statistics, it seems like Mother Nature and mischievous thieves are constantly playing a game of chance with our homes. With odds ranging from 1 in 20 to 1 in 400, it's like a high-stakes lottery where wind, hail, water, and theft take turns being the unlucky winners. In 2018, it was revealed that 5.3% of insured homes joined the claim club, proving that when it comes to protecting our castles, the unexpected is always lurking around the corner. So, whether it's a sneaky thief or a fierce storm knocking on your door, it's clear that in the realm of homeowners insurance, the odds are never quite in your favor.
Claim Trends
- Homeowners insurance claims due to fire have decreased by 38% since 1980.
- Water damage claims have increased by 48% in the past decade.
- Mold-related claims have increased by 1,100% since 2000.
- The average cost of a homeowners insurance claim has increased by 11.4% between 2014 and 2018.
- The number of lightning claims decreased by 8.3% between 2017 and 2018.
- Homeowners insurance claims due to hurricanes and tropical storms have increased by 200% since 1980.
- The average cost of a water damage claim has increased by 37% since 2012.
- The number of theft claims has decreased by 28% since 2014.
- The average cost per claim nationally has risen 162% from 2003 to 2020 due to increased medical costs and larger settlements.
- The number of mold claims has increased by over 1000% since 2000.
- The number of hail claims increased by 65% from 2014 to 2018.
- Water damage claims have increased by 48% in the past decade.
- Theft claims have decreased by 28% since 2014.
- The number of lightning claims decreased by 8.3% between 2017 and 2018.
Interpretation
In the ever-evolving landscape of homeowners insurance claims, one thing is clear - fire may have lost its spark, but water damage and mold have joined forces to create a damp and fuzzy uprising. While lightning strikes seem to be striking less frequently, the storm clouds of hurricanes and tropical storms are brewing stronger than ever. And let's not forget the sneaky bandits - theft claims might be on the decline, but mold seems to have taken over like a persistent house guest. As costs soar higher than the Empire State Building, it's a reminder that when it comes to homeowner woes, the only thing guaranteed is change - and perhaps a hefty bill to boot.
Claim Types
- Wind and hail account for 34.4% of all homeowners insurance claims.
- Liability claims account for about 3% of all homeowners insurance claims.
- About 98% of homeowners insurance claims are for property damage.
- Approximately 30% of all homeowners insurance claims are related to water damage and freezing.
- Approximately 98% of homeowners insurance claims are for property damage, including theft.
- Approximately 22% of homeowners insurance claims are related to wind and hail damage.
- Liability claims account for about 3% of all homeowners insurance claims.
Interpretation
It seems Mother Nature has the upper hand when it comes to wreaking havoc on our homes, with wind and hail gleefully leading the charge in homeowners insurance claims. Liability claims, on the other hand, seem to be behaving themselves, making up a mere 3% of the total claims – they must be the quiet kid in the back of the classroom. Property damage, however, reigns supreme, with a whopping 98% of claims falling under its domain. So, next time a storm rages through your neighborhood, just remember, your insurance company is probably busy shuffling papers and muttering about wind and hail yet again.
Insurance Coverage
- About 95% of homeowners have homeowners insurance.
Interpretation
In a world where uncertainty lurks around every corner, homeowners insurance stands as the unsung hero of security and peace of mind. With about 95% of homeowners wisely choosing to protect their sanctuaries, these statistics paint a reassuring picture of resilience in the face of life's unpredictable curveballs. Like a trusty shield guarding against the whims of fate, homeowners insurance is not just a safety net but a testament to the wise adage that preparedness is the ultimate form of empowerment.
Liability Claims
- Dog-related injuries account for more than one-third of all homeowners liability claim dollars paid out.
- In 2020, the average cost per dog bite claim was $50,245.
- The average cost of a homeowners insurance claim for bodily injury is $26,872.
- About 1 in 900 insured homes has a liability claim related to the cost of lawsuits for bodily injury or property damage.
- The number of dog bite claims nationwide increased by 4.6% in 2020.
- The total cost of dog bite claims increased by 7.1% in 2020 to $853.7 million.
- About 20% of homeowners insurance liability claim dollars paid out are for dog-related injuries.
- About 1 in 900 insured homes has a liability claim for bodily injury or property damage that the homeowner is responsible for.
- The average liability claim costs $26,872.
Interpretation
In a world where dog rights and homeowner responsibilities collide, the latest statistics on homeowners insurance claims paint a vivid picture of four-legged liabilities. With dog-related injuries taking a big bite out of the liability claim pie - accounting for over one-third of all payouts - it seems that our furry friends may come at a hefty cost. The average dog bite claim hitting a staggering $50,245 in 2020, outpacing the average homeowners insurance bodily injury claim of $26,872, it's clear that man's best friend can sometimes be a costly companion. So, while we continue to embrace our canine companions with love and affection, it may be wise to also keep a watchful eye on our wallets.
Regional Differences
- The most expensive states for homeowners insurance claims are Louisiana, Florida, and Texas.
- California had the highest number of dog bite claims in 2020 with 2,103 claims.
- Texas had the highest number of hail claims in the U.S. from 2017 to 2019.
- Florida had the highest number of lightning claims in 2018 with 7,108 claims.
Interpretation
It seems that Mother Nature has a particular fondness for causing chaos in certain states, with Louisiana, Florida, and Texas topping the charts for eye-watering homeowners insurance claims. From dog bites to hailstorms and lightning strikes, it's a wild world out there. California may have the sunshine, but watch out for those furry friends with a penchant for nibbling fingers. And as for Texas, well, it seems hail is their state flower, blooming all too frequently over the past few years. Let's hope these statistics serve as a reminder to always expect the unexpected when it comes to protecting our homes.
