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Insurance Facts
Documentation will determine compensation if and when it comes time to place an insurance claim. The burden will be on you to prove that items existed and that they had certain values based on their purchase prices and on their ages and conditions at the time of loss. Nationwide the insurance industry reports that less than 20% of homeowners have an up to date inventory of their possession. That 20% however typically collects more on their insurance claim. Statistics from the National Crime Industry show that over 6 million burglaries occur each year in American homes. That's one every 10 seconds. Statistics from the National Fire Protection Agency show that 74% of all structure fires occur in residential properties. That's one every 82 seconds in the US. Over the 1977-2001 period, excluding the events of 9/11/2001, the average loss per structure fire ranged from a low of $3,751 in 1977 to $17,016 in 2001 for an overall increase of 353%. Of the property loss in 2001, an estimated $5.6 billion occurred in residential properties. Tornado, Hurricane and storm damage has increased in Your Name over the last 10 years and is expected to continue. Annual Property Damage Figures: |
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