Does anyone have good data sources for how often houses suffer significant damage? (I assume this must be in actuarial tables somewhere, but I’m not seeing any obvious percentage values when searching).
Depends significantly on where you live! I don’t worry about hurricanes, floods, earthquakes, etc.
Among the things that remain are fire, and my government says the fire services get called to 6000 domestic fires every year. Divided by a population of, say, 5 million households that’s a risk of 0.12 % per year. Maybe not all fires get fire services involvement, so we’ll bump it up to 0.2 %.
You won’t find actuarial tables, but they can often be constructed from official sources and/or press releases with some ingenuity. We’d do this for other risks too, like burglary, water damage, etc.
Of course, we could also gut feel our way there. Maybe we consider the past 20 years, and that we’d be told if any one in a circle of 5 friends would tell us about a serious event in their household, and we have been told twice in that time. That’s twice in 100 person-years, i.e. a 1⁄50 all-cause risk.
Does anyone have good data sources for how often houses suffer significant damage? (I assume this must be in actuarial tables somewhere, but I’m not seeing any obvious percentage values when searching).
Depends significantly on where you live! I don’t worry about hurricanes, floods, earthquakes, etc.
Among the things that remain are fire, and my government says the fire services get called to 6000 domestic fires every year. Divided by a population of, say, 5 million households that’s a risk of 0.12 % per year. Maybe not all fires get fire services involvement, so we’ll bump it up to 0.2 %.
You won’t find actuarial tables, but they can often be constructed from official sources and/or press releases with some ingenuity. We’d do this for other risks too, like burglary, water damage, etc.
Of course, we could also gut feel our way there. Maybe we consider the past 20 years, and that we’d be told if any one in a circle of 5 friends would tell us about a serious event in their household, and we have been told twice in that time. That’s twice in 100 person-years, i.e. a 1⁄50 all-cause risk.