With every new advance in technology, electronics become increasingly ingrained in our lives and homes. As the number (and cost) of electronics per home increases, so does the cost of residential lightning claims. Over the first half of this decade, the average residential lightning claim payout increased by 55%. The most recent statistics show that the average paid claim amount is almost $8,000 (III). With an average of over 130,000 lightning residential claims paid annually, it is critical that you are able to settle lightning claims accurately.
Lightning and high voltage surge damages are the most commonly claimed perils for residential electronics. This fact, combined with their increasing costs, reinforces why you shouldn’t settle for replacement without conducting a thorough investigation. The average surge or lightning claim assessed by StrikeCheck in 2016 included nearly 6 items per claim. After our independent assessment, 13% of those items were found not damaged. Some types of equipment, such as home electrical equipment, have a much higher frequency of claimed items that are actually non-damaged (27%). This overview will help you decide when to do a little more digging before settling your next electronics claim.