Financial Management Insight flipbook 2024

Source: Insurance Information Institute, 2023 (most current data available) Damage from wind and hail is the most common type of homeowners insurance claim, but fires are generally the most expensive. Homeowners’ Losses by Severity of Claims (weighted average, 2017–2021) Why Homeowners Depend on Insurance Theft $4,646 Fire/lightning $83,519 Bodily injury/property damage (liability) $31,663 Wind/hail $12,913 Water damage/ freezing $12,514 Medical payments (liability) $10,179