Take a close look at your home insurance. How much coverage do you have? Do you have enough protection to safeguard your home against the most common claims made against these policies? Homeowners insurance is one of the most important types of financial protections to have in place, yet most property owners don't realize just how intense such claims can be. Take a closer look at some of the most common claims associated with these policies as well as other statistics related to the industry.
What You Pay For
How much do you pay for insurance? It often comes down to where you live and the types of risks present in those states. For example, if you live in an area that has a significant number of storms each year, you can expect to pay about two percent more on average for your home insurance than if you lived in an area with fewer storm-related claims.
How Large is the Industry?
The home insurance industry is one of the largest insurance industries in the country. In fact, it is an almost $70 billion industry. It is also one of the largest to pay out claims related to losses on its policies.
Who has Insurance?
If you have a mortgage on your home, your lender likely requires that you maintain a high-quality home insurance policy. However, it is also important to note that these policies tend to fall off after homeowners pay off their homes. Only 95 percent of homes in the Unites States are insured even though 100 percent face potential claims. More so, about 64 percent of homes—a significant majority—are actually underinsured, meaning they do not have enough coverage or the right type of coverage to protect homeowners.
The average home in the United States is worth $180,000. Yet many homeowners cannot afford to experience a significant loss of their property and their home's contents. If you have not taken the time to make sure your home insurance policy is up to speed, truly a clear representative of the amount and type of coverage you need, now is the time to do so.
How much do you know about your coverage? Call Peachstate Insurance at (877) 997-2478 for more information on Douglasville home insurance.