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8 Insurance Statistics You Need to Know

By April 1, 2014 April 15th, 2018 General Updates

Dog bites accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2012. The average cost paid out for dog bite claims was $29,752 in 2012, up 1.2 percent from $29,396 in 2011.

New Jersey is the most expensive state for auto insurance where the average expenditure is $1,184.

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.

The percentage of homeowners who prepared an inventory of their possessions to help document losses to their insurers has increased dramatically in recent years, according to polls conducted for the Insurance Information Institute.

Homeowners claims related to wind or hail are the most frequent; the costliest are related to fire, lightning or debris removal.  About one in 15 insured homes have a claim each year.

About one in 55 insured homes have a property damage claim caused by water damage or freezing each year. About one in 190 insured homes have a property damage claim due to theft each year. About one in 230 insured homes have a property damage claim related to fire, lightning or debris removal every year.

About one in 830 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.

A 2013 Insurance Information Institute poll conducted by ORC International found that 96 percent of homeowners had homeowners insurance but only 35 percent of renters had renters insurance.

SOURCE: Insurance Information Institute