While these numbers may not surprise you - most mortgage brokers will require some level of homeowner's insurance there are many things to consider before choosing a policy for your home.
Let's first explain the basics of home insurance and how it impacts your bottom line as a homeowner. These types of policies generally provide coverage for damage to a home's structure, damage to your personal property and liability coverage in case you're considered at fault for property damage or bodily injuries.
BY THE NUMBERS
Here are some statistics from various sources that tell the story of today's homeownership landscape. You can use this information to better inform yourself and take control of finding the best agents and policies available to you in your area.
• 47% of homeowners are unsure of what their insurance covers, according to the Lending Tree report.
• A survey by
It's up to you as the homeowner to understand your policy, how to utilize it, and how to make sure your insurance agent is sharing the right type of information with you. If you're in the percentage of homeowners who are in the dark about their policies, it's time to set up a meeting with your local insurance agent to get a better grip on what you're paying for.
• The average payment per homeowners claim in the
• There were five claims filed and paid per 100 insured homes in the last year.
• Claim frequency has decreased over the last two decades, whereas claim severity, the average amount paid per claim, has increased significantly.
• The most common causes of home insurance claims, from an analysis of
Understanding the claims process will help you navigate through it should you need to put it to work for you and your family. Homeowners who are more lax about their policies may find making a claim a difficult experience.