Home insurance cost and payouts for lightening damage rose significantly over the last two years. Massive storms have caused serious damage throughout the US, including tornado damage. This does not bode well for the upcoming hurricane season on the Atlantic coast. In 2010 alone, more than 213,000 homeowners across the country filed insurance claims for lightening damages.
This marked a 15% increase from the prior year. The total cost of the damage grew rapidly as well during the same time period, with total payouts for lightening claims in the US topping $1 billion in 2010. The average cost per claim rose by 13% year on year, averaging almost $5,000 in 2010. This is due in large part to the huge increase in the value of consumer electronics per home. Plasma and Hi-Def TVs, multiple computers, and home entertainment centers all can be destroyed by the power surges that lighting storms can cause.