Water Damage Insurance Claim Statistics

Stats about homeowners insurance claims.

Water damage insurance claim statistics. This is equivalent to about twenty three percent of all property losses suffered by homeowners. Water damage and mold cost the insurance industry 2 5 billion dollars per year and the average cost of a home water damage insurance claim is 6 965. Water leaks from homes in the us can exceed 1 trillion gallons of water in a year. According to the american insurance association water damage claims have been growing faster than other components of homeowners insurance rooted in a number of different situations water damage can come from natural disasters plumbing failure and a range of other sources.

Homeowners insurance claims frequency homeowners claims related to wind or hail are the most frequent. The following are some of the most interesting water damage statistics. About one in 40 insured homes has a property damage claim related to wind or hail each year. Almost 40 percent of all homeowners have said that they have experienced loss from water damage.

Claims due to water damage impacts 1 in 50 homeowners each year. Water damage is the second most frequently filed insurance claim in the united states. Non weather water damage claims are the second most common type of homeowner insurance claim. Water damage claims costing over 500 000 have doubled since 2015.

Water damage is one of the most common causes of home insurance claims according to the insurance services office iso water damage claims are the second largest frequent insurance claim following wind and hail damage. The most common causes of home insurance claims from an analysis of travelers insurance policyholders are wind nonweather water damage hail weather related water damage and theft. Water damage water leaks and damage. Altogether these five causes make up 76 of all homeowners insurance claims.

The american insurance association reported that during the period 2007 to 2009 water leaks in homes resulted to property loss amounting to 9 1 billion. Hover over a state for a snapshot of its insurance market. About 93 percent of all water damage can be prevented. Hover or click to view national insurance data ak al ar as az ca co ct dc de.

Water or flood damage can affect any property regardless of age. Click a state for a detailed overview of that state s insurance market in pdf format. 12 474 the average homeowners insurance claim amount 2. 98 percentage of total claims that are filed due to property damage including theft 2.

About one in 20 insured homes has a claim each year. 5 percentage of insured homes with at least one claim each year 2.