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Let’s Talk Insurance Risk Statistics

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As a homeowner, you are likely to file a claim eventually. Before disaster hits, be prepared with a comprehensive understanding of the most common and the most expensive claims that homeowners face.

The Most Common Claims: According to a report from The Insurance Services Office (ISO) in 2018, 98.1% of homeowners insurance losses are due to property damage, with wind and hail damage leading the pack at 34%. 

  1. Wind/Hail Damage – take extra precautions, update your roof with hail-resistant options

  2. Water Damage – whether plumbing or weather-related, water damage may not be covered by your homeowners’ insurance. This add-on is essential, as nearly 25% of claims are related to water damage

 


  • Theft – learn how you can add protection to your home against theft with security systems that will even lower your monthly premium

  • Fire/Lightning – a whopping 33% of insurance claims are related to fire and lightning. Depending on where you live and the age of your home, you may be vulnerable to a total loss in case of a fire.  

 





















big hail damage
big hail damage


 










The Most Expensive: these claims are deemed most expensive because they are likely to result in a total loss, leaving your home inhabitable or extremely costly to repair. 

 


  • Fire – costs to replace goods and redevelop are very steep

  • Wind/Hail – if you live in a state that is prone to hail, such as Colorado, damage can build up over time. Aim to have your roof inspected once per year to prevent a total loss

  • Water Damage – flooding can have similar impacts on your home as fire damage. Learn how to prevent a total loss with these nine preventative measures

 

 

Excluded Perils: based on where you leave you may need to seek extra coverage for your home

  • Earthquakes

  • Sinkholes

  • Flooding – as mentioned before, necessary for all homeowners

  • Nuclear incidents

 

Most Commonly Claimed Loss of Property: Whether it’s due to a fire, theft, flooding or any other catastrophic event, it is imperative to keep an inventory of your valuables. The loss of these items will add up very quickly in your checkbook.

  1. Jewelry – 16%

  2. Electronics – 13%

  3. Clothing – 13%

  4. Furniture – 10%

  5. Appliances/tools – 9%




The loss of these items could cost you thousands of dollars out of pocket. To protect yourself, and keep an inventory. 


 

In most instances, you can protect yourself against these common or costly insurance claims, and by taking preventative measures you will reduce your monthly payments. Connect with your local agent to learn more. 

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Let’s Talk Insurance Risk Statistics

Writer: John Tate
John Tate
Dec 15, 2024
2 min read

As a homeowner, you are likely to file a claim eventually. Before disaster hits, be prepared with a comprehensive understanding of the most common and the most expensive claims that homeowners face.

The Most Common Claims: According to a report from The Insurance Services Office (ISO) in 2018, 98.1% of homeowners insurance losses are due to property damage, with wind and hail damage leading the pack at 34%. 

  1. Wind/Hail Damage – take extra precautions, update your roof with hail-resistant options

  2. Water Damage – whether plumbing or weather-related, water damage may not be covered by your homeowners’ insurance. This add-on is essential, as nearly 25% of claims are related to water damage

 


  • Theft – learn how you can add protection to your home against theft with security systems that will even lower your monthly premium

  • Fire/Lightning – a whopping 33% of insurance claims are related to fire and lightning. Depending on where you live and the age of your home, you may be vulnerable to a total loss in case of a fire.  

 





















big hail damage
big hail damage


 










The Most Expensive: these claims are deemed most expensive because they are likely to result in a total loss, leaving your home inhabitable or extremely costly to repair. 

 


  • Fire – costs to replace goods and redevelop are very steep

  • Wind/Hail – if you live in a state that is prone to hail, such as Colorado, damage can build up over time. Aim to have your roof inspected once per year to prevent a total loss

  • Water Damage – flooding can have similar impacts on your home as fire damage. Learn how to prevent a total loss with these nine preventative measures

 

 

Excluded Perils: based on where you leave you may need to seek extra coverage for your home

  • Earthquakes

  • Sinkholes

  • Flooding – as mentioned before, necessary for all homeowners

  • Nuclear incidents

 

Most Commonly Claimed Loss of Property: Whether it’s due to a fire, theft, flooding or any other catastrophic event, it is imperative to keep an inventory of your valuables. The loss of these items will add up very quickly in your checkbook.

  1. Jewelry – 16%

  2. Electronics – 13%

  3. Clothing – 13%

  4. Furniture – 10%

  5. Appliances/tools – 9%




The loss of these items could cost you thousands of dollars out of pocket. To protect yourself, and keep an inventory. 


 

In most instances, you can protect yourself against these common or costly insurance claims, and by taking preventative measures you will reduce your monthly payments. Connect with your local agent to learn more. 

 
 
 

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