This article is going to look at some important homeowners insurance statistics. You may be surprised by some of the data shown here.

As an example, did you know that 2/3 of homes are underinsured? They have 23 percent less insurance than they actually need. That means that if something were to happen, they would have to pay almost a quarter of the cost out of their own pocket. But, most homeowners would spend less than $10 a month to get the kind of coverage they actually needed.

So, what kind of costs are we talking about?

Here are some cold hard facts about the actual average costs for various types of insurable damage. Fire damage – $24,153; Wind and hail – $7163; water damage – $5531, and burglary – $2493. These are sums that homeowners would pay a quarter of if they didn’t have the insurance they needed.

One of the worst things that can happen to a homeowner is for someone to get hurt on their property. Whether it is a slip and fall or a dog bite, the medical bills and punitive damages can add up. The insurance companies pay out $15854 on a typical bodily injury claim and another $3055 in medical payments. These are costs you don’t want to have to assume yourself.

Here’s some other interesting homeowners insurance statistics. The average insurance premium in 2006 was $809 per year. Texas had the highest price at $1408 (wind and tornado damage is to blame) and South Dakota has the lowest rates at $628.

Another interesting figure relates to who the largest insurers are. State Farm is number 1 with 21 percent of the market followed by Allstate and Zurich Insurance Group.

Where do your premium payments go? 58 percent of every dollar goes to policy payouts, 28 percent to administration and expenses, 9 percent to profits and 5 percent to taxes.

If you own a home, you probably wonder where your policy premiums go. So, there are some homeowners insurance statistics for you.

If you are wondering about Homeowners Insurance Statistics, you should check out the many resources found at http://HomeInsuranceProvider.net Visit the Uber Article Directory to get a totally unique version of this article for reprint.