If you are a homeowner, then you should know that recent data shows that homeowners insurance claim costs are on the rise. Data from the Insurance Research Council shows that the average amount of an insurance claim payment rose by a whopping 173 percent across the United States. The period the data covered was for the years between 1997 and 2011.
The data also shows that this upward trend is gaining some serious momentum, as 2011 by itself saw a 27 percent increase in the claim payment amount. Compare this to the average increase of 7.4 percent per year for the data period and you can see just how big of a deal the rising 2011 claims cost is for homeowners.
While this can create a challenge for insurance companies, it can also result in a financial burden on homeowners.
For more information about managing homeowners claims costs, please contact Chivaroli Premier today.