kpbdy99
Super Genius
- 158
Hi everyone. I can't seem to find this stat anywhere - what % of homeowner's claims turn out to be a total loss; i.e, a smoking hole where the house used to be? Any suggestions? Thanks !
Total Loss on Homeowners? How many?
- Thread starter kpbdy99
- Start date
- 2,639
Lots of house fire stats online but I haven't found any stats for total loss fires.
Al3x Lee
Guru
- 965
I was told only 2% of property claims are a total loss when I took the CIC property class.
- Thread starter
- #4
kpbdy99
Super Genius
- 158
Thanks. Do you have a source for that?
Al3x Lee
Guru
- 965
Yeah, you can cite me
- 2,216
...just because I am that kind of guy -
What is the Definition of a Total Loss for a "homeowners" policy?
What is the Definition of a Total Loss for a "homeowners" policy?
- 4,618
If you are thinking in a similar way as auto loss, you would be looking for how many home losses have greater cost to repair than Market value.
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Al3x Lee
Guru
- 965
They say a picture is worth a thousand words, so let me give you a long explanation of 2,000 words.
<Not totaled
< Totaled
Policy Monkey
Super Genius
- 117
More like "greater cost to repair than Dwelling limit". Market value is irrelevant to a homeowners policy.
- 2,216
And that is exactly my point with the question. Auto Total Loss is easy to understand. Home Total Loss???
Lots and Lots of properties are underinsured. Either intentionally or otherwise. Some properties are overinsured. Even defining a Total Loss as "more than the dwelling limits" has challenges.
Al3x's photo is super helpful -but how do you translate that into a national database? Perhaps Al takes photos of everyone?
Agreed Market Value means nothing.
@kpbdy99 -sorry to derail your question a bit.
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