More Gadgets, More Claim Payouts

Written by
July 2nd, 2012

According to the Insurance Journal, the amount of lightning strike claims doubled between 2004 and 2011. Even as the actual number of claims shrank significantly; claim payouts increased.

Lightning strike payouts reached nearly $1 billion in 2011 and the group says fancy new TVs and video games consoles are the reason! Lightning protection equipment in homes were responsible for the 33 percent decline in claims between 2004 to 2011 but the average claim cost rose 93 percent.

Replacement costs on electronics are also on the rise according to the study because earthquakes and floods disrupted many companies’ supply chains.

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