8 Things to Know About Home and Auto Insurance

Chris Automobile Insurance, Homeowners Insurance, Homepage, Liability Insurance, Uncategorized

Fun factHere are 8 interesting facts about home and auto insurance (courtesy of www.insurancejournal.com).

  1. New Jersey is the most expensive state for auto insurance where the average expenditure is $1,183.95.  Idaho is the least expensive with ana verage expenditure for coverage at $535.15. — Insurance Information Institute

  2. The average auto liability claim for property damage was $3,073 in 2012, while the average auto liability claim for bodily injury was $14,653.  That same year, the average collision claim was $2,950, and the average comprehensive claim was $1,585. (ISO)

  3. 25% percent of consumers rent their primary residence; however, 46% of renters remain uninsured.  (J.D. Power)

  4. In 2013, the homeowners industry will generate its first statutory underwriting profit since 2007.  The GAAP homeowners results from 2011-2013 for four of the largest homeowners insurance companies (by market share) reported an aggregate homeowners combined ratio of 79.6% for 2013.  (Fitch Ratings)

    1. It’s important to note that this may not necessarily mean a decrease in homeowners premium, but if profitability can be attained for the full-year 2014, I would expect to see property premiums decrease.

  5. The most frequent type of homeowners claims are related to wind or hail (especially in WI!); the costliest are related to fire, lightning or debris removal.  About one in 20 insured homes have a claim each year. (III/ISO)

    1. About one in 50 insured homes have a property damage claim related to wind or hail each year.

    2. About one in 65 insured homes have a property damage claim caused by water damage or freezing each year.

    3. About one in 200 insured homes have a property damage claim due to theft each year.

    4. About one in 230 insured homes have a property damage claim related to fire, lightning, or debris removal ever year. (III/ISO)

  7. One in 800 homeowners policies have a liability claim related to the cost of lawsuits for bodily injury or property damage that the policyholder or family members cause to others. (III/ISO)

  8. Dog bites account for more than one-third of all homeowners insurance liability claim dollars paid out in 2012, costing more than $489 million.  (III)