Claim Stats for Homeowners

By: Hometown Insurance

Website: Insurance Information Institute

Do you know what to do in the event of a claim needing to be filed for your home? Find comfort in knowing you are protected at Hometown Insurance Agency.

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Homeowners Insurance Claims Frequency:

• About one in 20 insured homes has a claim each year.

• About one in 40 insured homes has a property damage claim related to wind or hail each year.

• About one in 50 insured homes has a property damage claim caused by water damage or freezing each year.

• About one in 365 insured homes has a property damage claim related to fire and lightning.

• About one in 425 insured homes has a property damage claim due to theft each year.

• About one in 1,440 homeowner’s policies has a liability claim related to the cost of lawsuits for bodily injury or property damage that the policyholder or family members cause to others.

*Insurance Information Institute calculations, based on ISO®, a Verisk Analytics® business, data for homeowner’s insurance claims from 2015-2019 (see table below).

Average Homeowners Losses, 2015-2019

(1) For homeowner’s multiple peril policies (HO-2, HO-3, HO-5 and HE-7 for North Carolina). Excludes tenants and condominium owner’s policies. Excludes Alaska, Texas and Puerto Rico.

(2) Claims per 100 house years (policies).

(3) Accident year incurred losses, excluding loss adjustment expenses, i.e., indemnity costs per accident year incurred claims.

(4) First party, i.e., covers damage to policyholder’s own property.

(5) Includes vandalism and malicious mischief.

(6) Payments to others for which policyholder is responsible.

(7) Includes coverage for unauthorized use of various cards, forgery, counterfeit money and losses not otherwise classified.

(8) Less than 0.01.

(9) Claim severity for credit card and other is significantly lower than was shown in previous years due to a change in the companies surveyed to produce the data. The new selection of companies uses different exclusions which have been applied throughout the five years used in this chart.

Source: ISO®, a Verisk Analytics® business.

Material excerpted from: Facts + Statistics: Homeowners and renters insurance

Is your home insured properly? Call your trusted advisor at Hometown Insurance Agency today for a policy review at 1-800-568-SAVE (7283) or email us at: service@hometowninsurance.com.

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