In the U.S. 97% of homeowners have homeowners insurance. The average premium is $1083 per year. Homeowners insurance is not required by law but it is usually required by mortgage companies. The average claim is $8787, with wind damage the most common at 25%. These exclude hurricanes and severe storms. Theft, at 6%, is the least common. Fire is the most costly claim. There is an average of 355,400 house fires per year, causing $6.5 billion in damage. Only 37% of renters have renters insurance. The average premium is $144 per year. Renters insurance insures just the items inside the building, not the building itself. The average cost of auto insurance is $1500 per year. The average insurance claim is $4100. Even though auto insurance is required by law, 13% of drivers are uninsured. Use this data to discuss the pros and cons of auto and homeowners/renters insurance. In addition, make sure the following questions are covered in the answer. What would happen if a homeowner had no homeowners insurance? What would happen if a renter had no renters insurance? Why do mortgage companies require homeowners insurance? How could an automobile owner benefit from purchasing auto insurance? In the U.S. 97% of homeowners have homeowners insurance. The average premium is $1083 per year. Homeowners insurance is not required by law but it is usually required by mortgage companies. The average claim is $8787, with wind damage the most common at 25%. These exclude hurricanes and severe storms. Theft, at 6%, is the least common. Fire is the most costly claim. There is an average of 355,400 house fires per year, causing $6.5 billion in damage. Only 37% of renters have renters insurance. The average premium is $144 per year. Renters insurance insures just the items inside the building, not the building itself. The average cost of auto insurance is $1500 per year. The average insurance claim is $4100. Even though auto insurance is required by law, 13% of drivers are uninsured. Use this data to discuss the pros and cons of auto and homeowners/renters insurance. In addition, make sure the following questions are covered in the answer. What would happen if a homeowner had no homeowners insurance? What would happen if a renter had no renters insurance? Why do mortgage companies require homeowners insurance? How could an automobile owner benefit from purchasing auto insurance