Financial Management Flipbook_2023

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, 2016–2020) Why Homeowners Depend on Insurance Theft $4,415 Fire/lightning $77,340 Bodily injury/property damage (liability) $30,323 Wind/hail $11,695 Water damage/ freezing $11,650 Medical payments (liability) $7,147