Residence Insurance: In Numbers – Insurance Information Internet
While these numbers may not come as a surprise, most mortgage brokers require some home insurance, but there are many things to consider before choosing a policy for your home.
First, let's explain the basics of home insurance and how it will affect your bottom line as a homeowner. These types of policies generally provide coverage for damage to the structure of a home, damage to your personal property, and liability insurance in the event that you are held responsible for property damage or personal injury.
Here are some statistics from various sources that tell the story of today's home ownership landscape. You can use this information to better educate yourself and take control of finding the best agents and policies in your area.
• According to the Lending Tree report, 47% of homeowners are unsure of what their insurance covers.
• J.D. Power similarly found that 52% of homeowners don't fully understand their coverage.
• A survey by Marshall & Swift / Boeckh found that 60% of homes are actuarially undervalued, with an average undervaluation of 17%.
It is up to you, the homeowner, to understand your policy, how to use it, and how to ensure that your insurance agent is sharing the correct information with you. If you are among the percentage of homeowners who are in the dark about their policies, it is time to schedule a meeting with your local insurance agent to get a better idea of what you are paying for.
• The average US homeowner payment per claim, according to Insurance Research Council data, was $ 8,787.
• Last year, five applications were made and paid for for every 100 insured apartments.
• The frequency of claims has decreased over the past two decades, while the severity of the loss, the average amount paid per claim, has increased significantly.
• According to a travel insurer analysis, the most common causes of home insurance claims are wind, non-weather water damage, hail, weather-related water damage and theft. Together, these five causes account for 77% of all homeowners insurance claims.
Understanding the entitlement process will help you navigate your way through it in case you need to use it for yourself and your family. Homeowners who are looser about their policies can find it difficult to make a claim.