As the United States continues to grapple with the economic fallout from the COVID-19 pandemic, one silver lining is that home insurance claims are being resolved at a higher rate than ever before. According to a recent report from the Insurance Information Institute, the settlement rate for homeowners insurance claims in the U.S. has reached an all-time high of 95.2% in 2020.
This is a significant increase from the previous year, when the settlement rate was at 92.3%. The report attributes this increase to a combination of factors, including increased customer service, improved technology, and better claims processing.
The improved settlement rate is good news for homeowners, as it means they are more likely to get the compensation they deserve when filing a claim. It is also beneficial for insurance companies, as it helps them reduce their costs and increase customer satisfaction.
The report also found that the average amount paid out on a homeowners insurance claim rose to $9,945 in 2020, up from $9,878 in 2019. This is likely due to the fact that more people are filing claims for damage caused by natural disasters, such as hurricanes and floods, as well as for damage caused by other events, such as fires and theft.
Overall, the high settlement rate for home insurance claims is a positive sign for both homeowners and insurers. Homeowners can be confident that their claims will be resolved quickly and fairly, while insurance companies can be sure that they are providing the best possible service to their customers.