Let’s face it: home insurance is a complicated subject. Learning the ins and outs of what coverage you need versus what you actually have is enough to make even the most seasoned homeowner’s head spin. In fact, a recent study by J.D. Power found that not even half of consumers fully understand their current coverage, even though home insurance companies have been around for centuries.
That’s where we come in. In addition to shaking up the old boys’ club of the insurance industry with our modern, high-tech coverage, we also pride ourselves on keeping homeowners insurance simple. To aid in this effort, we created the following guide of the most important home insurance statistics, industry facts and homeowner trends you need to know to better understand home insurance.
While home insurance isn’t federally required, that doesn’t mean it isn’t a smart idea. Actually, many mortgage lenders require it, meaning you’ll likely have to get a policy if you’re taking out a loan to buy your home. And while HO-3 policies are the most common policies, many homeowners take things a step further, adding on insurance riders to make sure they are adequately protected.
Here’s a look at some interesting home insurance statistics and facts:
Home insurance premiums are rising across the board due to an influx of new homeowners as well as temperamental weather conditions across the country. Below, we highlight facts you should know about home insurance premiums.
Click on the map below or check out the chart to view home insurance averages in each state throughout the country.
While no one wants their home to be damaged or their belongings to be stolen, things happen. When they do, you’ll have to file a claim with your insurance company to get financial help for repairs or replacements. Though certain claims are more likely to make your premiums rise than others, that doesn’t mean you should avoid filing a claim altogether. After all, that’s why you bought home insurance in the first place.
To learn more about the Hippo claim process, check out our article and the following statistics on home insurance claims.
Wind, hail, fire, theft, water...many things can cause damage to your home or belongings. But what exactly causes the most loss, and how have these numbers changed over time? We’re glad you asked.
The home insurance industry is nothing new. Legacy brands have been operating for quite some time, but little has changed about the protection they offer. That’s where modern and tech-savvy brands like us come in, offering a new approach to home insurance that includes plenty of smart home devices. Read on to learn more about the top industry statistics, or check out our post on smart home statistics to get the inside scoop on smart homes.
If you’re a little foggy about what your home insurance policy actually covers, you aren’t alone. Consumers are buying up homes left and right but doing little research when it comes to buying a policy. Read on to see how consumers stack up when guessing what protection they already have and the biggest homeowner trends for 2021.
Though many homeowners quickly get up to speed on how to mow their lawn or fix a toilet properly, there are still a lot of misconceptions when it comes to their home insurance policy. From thinking they have specific coverage built into their policy — to being overconfident that they are getting the best deal — here’s what we uncovered about homeowners and their insurance policies.
While diving deep into the numbers can help you better understand what questions to ask, the best way to ensure you have the homeowners insurance coverage you need is to work directly with an insurance agent. They’ll walk you through every step of the process, using their expertise to give you a policy that fits your lifestyle. If you’re interested in making a switch, or you’re looking to protect your very first home, just give us a call. Our insurance agents are standing by.
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