You may be surprised by some of the homeowners insurance statistics revealed in this article. Beyond mere numbers, the data may help you optimize your own insurance policies.

As an example, did you know that 2/3 of homes are underinsured? They have 23 percent less insurance than they actually need. That means that if something were to happen, they would have to pay almost a quarter of the cost out of their own pocket. But, most homeowners would spend less than $10 a month to get the kind of coverage they actually needed.

So, what kind of costs are we talking about?

Well, the average payout for fire damage is $24153. Wind and hail payouts are $7163. Water damage pays out at an average of $5531. If a burglary were to occur, the insurance company has a typical reimbursement of $2493.

If someone were to get hurt on your property, you want to make sure you have adequate insurance protection. There are various kinds of personal liability issues ranging from slip and fall to dog bites. Medical bills in these situations average $3055 and other punitive claims average $15,854. You don’t want to be paying a quarter of these bills yourself.

Here’s some other interesting homeowners insurance statistics. The average insurance premium in 2006 was $809 per year. Texas had the highest price at $1408 (wind and tornado damage is to blame) and South Dakota has the lowest rates at $628.

State Farm is the largest homeowners insurer at 21 percent of the market. Allstate is number 2 and Zurich Insurance Group is number 3.

58 percent of your premium goes to policy payouts, 28 percent to expenses and 9 percent to profits. The final 5 percent goes to taxes.

Those are some basic homeowners insurance statistics that may be of interest to you.

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