Condominum Facts and Information

Did you know …

• According to the Insurance Information Institute, co-op and condominium owners need two separate policies to protect their home:
  • A "master policy" provided by their condominium or co-op board, and
  • Their own personal insurance policy.
  
  
• According to a report by U.S. Fire Administration, an average of 2.1 million fires occurs each year.
  
  
• According to the NFPA:
  • A fire department responds to a fire in the United States every 17 seconds
  • A fire occurs in a structure every 60 seconds 
  • A residential fire occurs every 85 seconds
  
  
• The estimated direct value of property destroyed by fire in 1996 was $9.4 billion. 
  
  
• A working smoke alarm can reduce the risk of death in a residential fire by 40% to 50% according to the National Fire Protection Association.
  
  
• According to the USFA: 
  • Cooking is the leading cause of residential fires.
  • Heating is the second leading cause of residential fires. 
  • Smoking is the leading cause of residential fire deaths. 
  
  
• The U.S. Consumer Product Safety Commission estimates that more than 100,000 residential fires every year are associated with the use of space heaters.
  
  
• The USFA estimates that during a typical year home electrical problems account for over 90,000 fires and $700 million in property losses. December is the most dangerous month for electrical fires. Fire deaths are highest in winter months due to more indoor activities and increases in lighting, heating, and appliance use. 
  
  
• Most electrical wiring fires start in the bedroom. 
  
  
• Faulty wiring accounts for 33% of residential electrical fires.
  
  
• Fires occurring during the holiday season account for over $500 million in damage each year.
  
  
• The US. Consumer Product Safety Commission reports that each year more than 390,000 residential fires are serious enough to report to fire departments. 
  
  
• Seventy-four percent of all structure fires occurred in residential properties. 
  
  
• An estimated $10,024,000,000 in property damage occurred because of fire in 1999.
  • 85% of this damage occurred in structure fires.
  • 73.2% of all structure fires were residential. 
  • 54% of all structure fires occurred in one and two family dwellings.
  
  
• Fifty-one percent of all structure property loss occurred in residential properties. 
  
  
• One in every 20 households is burglarized each year. 
  
  
• Homes within three blocks of a major highway are at greatest risk of burglary. 
  
  
• According to the U.S. Department of Justice, Bureau of Justice Statistics, property crime accounts for about three-quarters of all crime in the United States. 
  
  
• Households with annual incomes greater than $75,000 experienced about 21% higher rates of theft than those with incomes less than $7,500.

   

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