Homeowner’s Insurance by the Numbers

Charles Goodman Group: Trustworthy Insurance Agents Chappaqua NY

The old adage is true: accidents happen. Unfortunately, more than 19 million of those accidents happen at home or at an acquaintance’s home each year, leading to potentially costly medical treatments for the injured and liability issues for the homeowner. On-site trips and falls aren’t the only expensive problems facing homeowners and renters, however. Crafty thieves and natural disasters play their own parts in wreaking havoc on property and belongings, causing billion of dollars of property damage each year.

Residents can protect themselves against many of these possible risks and expenses by taking out sufficient homeowner’s or renter’s insurance. An experienced and honest Chappaqua insurance agent can help residents find the ideal level of insurance protection based on a variety of factors, including the accurate value of the home, its location, the types of activities performed at the home and the value of belongings held within.

ISO, a property and casualty risk assessment company, reports that more than 7 percent of American homes submitted an insurance claim in the past five years. Nearly 98 percent of those claims resulted from theft and property damage.

Wind and hail are the most frequent causes of property damage, but they’re not the most expensive natural causes of property destruction. That recognition goes to lightning, fire and debris removal, which costs a weighted average of $34,306 dollars per incident. Wind and hail costs average $7,307. According to the Insurance Information Institute, or I.

The insurance agent experts at the Charles Goodman Group of Chappaqua NY can assist you with any questions regarding property insurance or life insurance.

I.I, other occurrences that result in property damage claims include water damage and freezing, theft, malicious mischief and vandalism.

Jewelry loss, theft and damage are the most frequent reasons for a claim against the contents of a home, representing 16 percent of all claims. Electronics and apparel each account for 13 percent of claims, while house and home goods and furniture each represent 10 percent of claims. Tools, appliances, beds and mattresses, books and magazines, and sporting goods each make up 5 percent or fewer claims.

All told, home and property insurance losses amounted to about $35 billion in 2013, which was a decline from 2012’s $41 billion. Of course, those numbers are highly influenced by the occurrence of natural catastrophes like hurricanes, tornadoes, floods and earthquakes. For instance, insurance companies paid out $19 billion dollars for New York property and casualty losses resulting from Hurricane Sandy in 2013, more than half of the entire nation’s losses that year.

The critical point in protecting a home from these losses is an accurate assessment of the value of the property and its contents. Homeowners and renters can help their professional agents plan out sufficient insurance coverage levels by preparing an inventory of all valuables contained within the home. With a home inventory and open, honest communication with a trusted insurance professional, homeowners and renters can protect themselves from the many risks that can befall a home.