An estimated 88% of homeowners in the United States have an active home insurance policy, with around 5% of those insureds filing a home insurance claim each year, according to the Insurance Information Institute (Triple-I).
From 2018 to 2022, the average property damage claim payout was $15,747, Triple-I reports. Fire and lightning claims had the highest payouts, averaging $83,991.
The average claim payment steadily trended upward throughout that five-year period, as well. In 2018, the average property damage claim payout was $14,579. This grew to $15,053 in 2020 and then to $18,311 in 2022.
In 2022, the most common causes of property loss included wind and hail (40.7%), water damage and freezing (27.6%), fire and lightning (21.9%) and theft (0.7%); with 6.9% of losses falling into the category of “all other property damage.”
With so much on the line financially, homeowners should take great care when navigating the insurance claim process. However, this can be intimidating to many.
In the slideshow above, we’ll look at six tips for customers to ensure a smooth home insurance claim experience, courtesy of AARP.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.