Homeowners insurance these days is imperative for any homewner in a number of ways. It protects your property and belongings against damage or loss and provides a piece of mind knowing that if something ever happens you will have enough money to make all the necessary repairs and replace whatever was lost. It can also protect you from liability for injuries that happen on your property. Our infographic below explores some of the lesser known facts and statistics about home insurance that we think you will interesting.
SOME OF THE HIGHLIGHTS
The home insurance industry is almost a $70 billion dollar premium industry in the United States and the average home premium has almost doubled in the the last 10 years climbing from $590 to $1000.
95% of homes in the U.S. are insured, 64% are underinsured and according to FEMA, 50% of homes in high-risk areas are actually uninsured.
Increased storm activity has resulted in increased premiums and instorm-heavy states families pay, on average, over 2% of their total income for home insurance.
The median home price in the United States if about $180,000 and the average age of the first-time home owners is 34 years.