The Most Common Home Insurance

| July 20, 2016

When it comes to protecting the home you've put so much time and hard work into, don't overlook the value and importance of a high-quality home insurance policy. In many cases, it can make the difference in your ability to overcome a significant weather event, fire or theft or if you will face financial difficulty for a long time after. Take a closer look at what the most common home insurance claims are according to the Insurance Information Institute.

When looking at home insurance losses, consider a few of the key claims that occur. In 2014, about 5.3 percent of homes in the United States had a home insurance claim. Among those, about 97.3 percent of them were related to property damage, which also includes theft. The following are the most costly types of claims for homeowners insurance ranked based on how frequently and how expensive such claims are.

  1. Fire, lightning, and debris removal: With claim averages topping $39,790 for 2014, this is by far the most expensive type of claim filed, and it is nearly always related to significant weather events taking place.
  2. Bodily injury and property damage: Claims against damage to property as well as people being hurt on the property is the second most common claim topping $20,453 in 2014.
  3. Wind and hail damage: Claims are often tied to weather events as well, and for 2014, the average claim was $7,958.
  4. Other types of property damage: This claim level accounted for about $4,800 in 2014.
  5. Theft: Stolen property of all types is the next most common claim with an average cost of $3,786 per claim in 2014.
  6. Medical payments and other related expenses: The typical claim in this category cost $2,598 in 2014.
  7. Credit card and other fraud: A newer category for some insurers, these types of claims averaged $554 in 2014.

When you take a closer look at your home insurance, you need to factor in weather events and specific threats. One thing is certain; you do not want to be without a high-quality home insurance policy and have to pay for these types of losses, most of which are unpreventable and accidental, out of your pocket.

Make sure you’re protected from these incidents. Call Pfenninger, Claxton, & Estelle Insurance Group at (800) 343-7239 for more information on Muncie home insurance.


NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.