Lightning Strikes: A Surge in Homeowners Insurance Claims in 2023

Lightning-Related Claims Skyrocket in 2023

The total value of lightning-caused homeowners insurance claims rose more than 30 percent in 2023, to $1.27 billion from $950 million in 2022, according to Triple-I estimates based on national claims data provided by State Farm. The number of claims rose 13.8 percent during the same period, to 70,787 from 62,189, with 10 states accounting for 57 percent of the total. The average cost per lightning-caused claim increased 14.6 percent, to $17,513 from $15,280.

Inflation and Severe Convective Storms Drive Up Costs

"Rising inflation, including higher replacement, construction, and labor costs, impacted claim costs for the year," said Triple-I CEO Sean Kevelighan. Triple-I released these estimates in advance of Lightning Safety Awareness Week, which runs from June 23 to June 29. Much of this damage is due to severe convective storms, which are among the most common and most damaging natural catastrophes in the United States.

Top States for Lightning Claims and Mitigation Efforts

Florida, the state with the most thunderstorms, remained the top state for the number of lightning claims in 2023, with 6,003. However, Texas had the highest average cost per claim at $41,654. "Mitigating the risks of lightning strikes starts with a thorough assessment before a storm," said Tim Harger, executive director at the Lightning Protection Institute. Lightning protection systems play a crucial role in safeguarding homes, businesses, and communities from the potential downtime and destruction caused by lightning strikes.

For readers, it is crucial to understand the importance of lightning protection systems and to ensure that your home is adequately protected. Regular assessments and updates to these systems can significantly reduce the risk of damage and the associated costs.