Damage due to lightning strikes fell last year

Recent data from the Insurance Information Institute (III) shows that the number of lightning-related homeowners insurance claims dropped in 2014, although the average severity of storms rose. This is due in large part to efforts to lightning-proof homes, a step many policyholders have taken to protect their properties from the possibility of damage. 

"The incidence of lightning claims last year is a continuation of a downward trend," said James Lynch, Director of Information Services and Chief Actuary at the III. "Since 2010, the number of paid lightning claims is down more than 53 percent. The sustained decline in the number of claims may be attributed to an increased use of lightning protection systems, technological advances, better lightning protection and awareness of lightning safety as well as to fewer storms."

Storm-proofing homes can go a long way to reduce the ultimate destruction weather crises cause. However, it's important that homeowners insurance policies reflect the most current and accurate replacement cost of a home so that when these measures aren't enough, sufficient funds are available to help rebuild. When replacement costs are inaccurate or outdated, homeowners may be faced with insufficient settlements in their moment of need. For this reason, annual and as-needed reviews can ensure that the data in a policy is the most current. 

Insurance professionals who are dissatisfied with their current method of property valuation may need to explore alternative solutions to determine replacement costs. At e2Value, we've engineered web and cloud-based solutions for insurance professionals to calculate the replacement value of residential, commercial and farm and ranch properties. Contact us today to learn more about the benefits of using our solutions for determining valuations.