The average fire damage property claim cost $45,482 in 2016. (Photo: Shutterstock)

It cost a lot more to repair damage property in 2016, according to Xactware’s 2016 U.S. Property Report. The company’s XactAnalysis network processed almost 5 million property estimates last year, totaling $51.5 billion, a significant increase from the $39.6 billion handled in 2015.

The increases mirrored the catastrophe activity seen in April and May with hail, flooding, and tornado claims, as well as the damage in August, October, November and December from Hurricane Matthew, windstorms and thunderstorms. Property estimates reached a high of $5.5 billion in December.

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Patricia L. Harman

Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]

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