Homeowners: Do you know your claim frequency?
Check out the most common claim frequencies and get prepared.
As a homeowner, it’s important to know how often claims occur. The idea that “it won’t happen to me” can become a sudden disappointment when it comes to common frequencies of home insurance claims across the country. Knowing what can happen helps you get prepared for what could happen that’s why we have listed the most common claim frequencies to help you review basic claim scenarios like theft, property damage, claim requests and weather damage.
The data provided below is a calculation of home insurance claim frequencies from 2006 to 2010. It’s important to know average premiums in your state as well as how you match up as a homeowner with overall claim numbers.
- Wind or Hail are the most frequently requested claims by homeowners.
- The claims that cost the most are related to fire, lightning or debris removal.
- 1 in 20 homeowners request a claim each year.
- 1 in 50 homes have property damage related to wind or hail every year.
- 1 in 65 homes that are insured have claims caused by water damage or freezing each year.
- 1 in 2000 homes have a theft claim each year
- 1 in 230 insured homes have a claim related to lightning or fire each year.
- 1 in 800 homeowners policies are subject to a liability claim related to bodily injury or property damage that a policyholder or family member have caused to others.
*HomeInsuranceKing.com data review from a Verisk Analytics company, data for homeowners insurance claims from 2006-2010 (see data above).
Average Premiums
Now that you know your claim frequency it’s important to review your statewide averages in terms of premiums paid for home insurance. Choose a state below to review average home insurance premiums and information related to your state.