GITNUX MARKETDATA REPORT 2024
Homeowners Insurance Claim Duration Statistics
The average duration for processing a homeowners insurance claim is typically between 30 to 60 days.
With sources from: iii.org, verisk.com, insurance.com, insure.com and many more
Sources
In this post, we explore various statistics related to homeowners insurance claims, including average claim durations, claim sizes, types of damages covered, claim frequencies, and average premiums. By examining these data points, we gain insights into the complexities and costs associated with homeowners insurance in the United States.
Statistic 1
"The average duration for a homeowner's insurance claim to be processed is between 10-14 business days."
Statistic 2
"The average claim size for homeowners insurance was $11,666 in 2017."
Statistic 3
"Property damage, including theft, accounted for 98.1% of homeowners insurance claims in 2017."
Statistic 4
"About one in 20 insured homes has a claim each year."
Statistic 5
"Fire and lightning-related claims are the most expensive, with an average payout of $68,322."
Statistic 6
"The average cost of a homeowners insurance premium in the US is $1,211 per year."
Statistic 7
"Water damage, including mold, accounted for 24.8% of all homeowners insurance property liabilities between 2014 and 2018."
Statistic 8
"In 2017, 6% of insured homes had a claim, down from 7% percent in 2016."
Statistic 9
"The homeowners insurance claim duration will be extended by an average of 30 days if there is a disagreement over the claim payout."
Statistic 10
"The average cost per claim for liability claims is approximately $26,872."
Statistic 11
"Every year, about 1 in 15 homeowners insurance policyholders files a claim."
Statistic 12
"In 2018, 5.7% of insured homes had a claim."
Statistic 13
"In 2018, there were 208,100 homeowners' insurance claims filed for water damage and freezing."
Statistic 14
"On average, American homeowners filed a property claim once every 9 years."
Statistic 15
"In 2018, American homeowners paid an average of $1,249 per year for insurance."
Statistic 16
"The average claim payment for lightning-related homeowners' insurance claims was $11,668 in 2018."
Statistic 17
"Homeowners in Florida pay the most for insurance, with an average annual premium of $2,055."
Statistic 18
"The average claim payout for theft is $4,391."
Statistic 19
"Between 2013-2017, 5.5% of insured homes had one claim per year."
Interpretation
In summary, the statistics provided give insight into various aspects of homeowners insurance claims in the US. The processing time for a claim typically falls between 10-14 business days, with property damage being the primary reason for claims. The average claim size was $11,666 in 2017, with fire and lightning-related claims being the most expensive. Water damage accounted for a significant portion of property liabilities, while theft claims had a lower average payout. The average duration of a claim can be extended if there is a disagreement over the payout amount. Overall, the data highlights the frequency and cost of homeowners insurance claims, as well as variations in premiums and claim payouts across different regions and types of damage.
Jannik Lindner
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Sources
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