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The most expensive homeowner insurance claims
Fire is the most expensive cause of homeowner insurance claims, accounting for nearly a quarter of total costs, according to a recent study from Travelers.
The Insurance Information Institute reports that the average fire claim cost was $39,791 in 2010-2014.
According to Travelers, here are the five most common causes of homeowner claims:
1) Exterior wind damage: 25%
2) Non-weather related damage, such as plumbing or appliance issues: 19%
3) Hail: 15%
4) Weather-related water damage from rain, melting ice, etc.: 11%
5) Theft: 6%
The Midwest / West region has the most and costliest homeowner hail claims.