Condo insurance information and facts

Did you know...?

• According to the Insurance Information Institute, co-op and condominium owners need two separate policies to protect their home:
  • a master policy provided by their condominium or co-op board.
  • an owner's personal insurance policy.
    
    
• According to a report by U.S. Fire Administration, an average of 2.1 million fires occur each year.
  
  
• According to the National Fire Protection Association (NFPA):
  • A fire department responds to a fire in the U.S. every 17 seconds.
  • A fire occurs in a structure every 60 seconds.
  • A residential fire occurs every 85 seconds.
    
    
• The estimated direct value of property destroyed by fire in 1996 was $9.4 billion.
  
  
• According to the NFPA, a working smoke alarm can reduce the risk of death in a residential fire by 40% to 50%.
  
  
• According to the USFA:
  • Cooking is the leading cause of residential fires.
  • Heating is the second leading cause of residential fires.
  • Smoking is the leading cause of residential fire deaths.
  
  
• The U.S. Consumer Product Safety Commission estimates that more than 100,000 residential fires every year are associated with the use of space heaters.
  
  
• The USFA estimates that during a typical year home electrical problems account for over 90,000 fires and $700 million in property losses.
  • December is the most dangerous month for electrical fires.
  • Fire deaths are highest in winter months due to greater indoor activity and increased usage of lighting, heating, and appliances.
  
  
• Most electrical wiring fires start in the bedroom.
  
  
• Faulty wiring accounts for 33% of residential electrical fires.
  
  
• Fires occurring during the holiday season account for over $500 million in damage each year.
  
  
• The US. Consumer Product Safety Commission reports that each year more than 390,000 residential fires are serious enough to report to fire departments.
  
  
• Seventy-four percent of all structure fires occurred in residential properties.
  
  
• An estimated $10,024,000,000 in property damage occurred because of fire in 1999.
  • 85% of property damage occurred in structure fires.
  • 73.2% of all structure fires were residential.
  • 54% of all structure fires occurred in one and two-family dwellings.
    
    
• Fifty-one percent of all structure property loss occurred in residential properties.
  
  
• One in every 20 households is burglarized each year.
  
  
• Homes within three blocks of a major highway are at greatest risk of burglary.
  
  
• According to the U.S. Department of Justice, Bureau of Justice Statistics, property crime accounts for about three-quarters of all crime in the U.S.
  
  
• Households with annual incomes greater than $75,000 experienced about 21% higher rates of theft than those with incomes less than $75,000.
  
  
• Fires and injuries in one and two-family dwellings are highest between 4 PM and 8 PM when cooking fires sharply increase.
  
  
• Fires and deaths in one and two-family dwellings peak from December to March due to increases in heating fires.
  
  
• Nearly twice as many fires occur in the kitchen than in any other area of one and two-family dwellings.
  
  
• Fire death rates are significantly higher (35%) in rural areas than in non-rural areas.
  
  
• The three leading causes of fatal fires in rural structures are heating (25%), careless smoking (21%), and electrical distribution and arson (12%).
  
  
• The NFPA estimates that every year candles in the home caused an average of:
  • 8,690 fires
  • 104 civilian deaths
  • 947 injuries and
  • $126 million in estimated direct property loss.
    
    
• Dog bites account for approximately 80% of animal bite injuries.
  
  
• According to the Insurance Information Institute, dog bites account for over $1 billion in damages and losses in the United States each year.
  
  
• The Insurance Information Institute estimates that the cost of liability from dog bites has tripled in the last nine years.

Take a few minutes to get a free, no obligation quote, and see just how affordable our rates can be.