Property damage caused by natural disasters or accidents can be devastating, and property restoration companies play a crucial role in helping people recover and restore their homes and businesses.
As property restoration technologies and techniques continue to evolve, it’s important for both property owners and restoration professionals to stay up-to-date with the latest trends and statistics in the industry.
In this post, we’ll explore property restoration statistics you need to know in 2023.
Key Property Restoration Statistics 2023 – MY Choice
- The property restoration industry generates approximately $210 billion in revenue annually.
- Water damage accounts for 30% of all property insurance claims.
- In the United States, the average cost of water damage restoration is around $2,700.
- Fire damage accounts for 10% of all property insurance claims.
- The average cost of fire damage restoration in the United States is around $12,000.
- Smoke damage can be just as costly to repair as fire damage, with the average cost of restoration ranging from $2,500 to $6,000.
- Mold can grow in as little as 24-48 hours after water damage occurs.
- In the United States, the average cost of mold remediation is around $2,500 to $6,000.
- Property restoration companies typically charge between $100 and $500 per hour for their services.
- The property restoration industry is expected to grow by 5.5% annually from 2021 to 2026.
Property Restoration Stats
| Statistics | Numbers |
| Total Property Restoration Statistics | 135 |
| Decrease in the use of truckmount and portable extractors | 13% |
| Increase in the usage of air scrubbers and filtration systems | 14% |
| Estimated Landsat 7 scenes lost due to SLC failure | 22% |
| Annual increase in consumer spending | 1.8% |
| Annual increase in industrial production index | 0.6% |
| Industry revenue increase over 5 years | 0.5% |
| Market Size | $4bn business |
| Number of Businesses | 55,352 |
| Increase in providing industrial damage restoration services | 0.5% |
| Average homeowners insurance premium increase in 2018 | 3.1% |
| Average renters insurance premium decrease in 2018 | 0.6% |
| Renters insurance premiums fell in 2017 | 2.7% |
| Percentage of homeowners with an inventory | 43% |
| Percentage of homeowners in different regions with a home inventory | South and West |
| Percentage of insured homes with a claim in 2019 | 5.1% |
| Property damage’s percentage in homeowners insurance claims in 2019 | 97.2% |
| Percentage of insured homes that experienced a claim in 2019 | 5.1% |
| Homeowners insurance losses, net of reinsurance in 2020 | $63.8 billion |
| Property damage percentage in homeowners insurance claims in 2019 | 96.1% |
| Liability percentage in homeowners insurance claims in 2019 | 3.9% |
| Percentage of insured homes with a claim in the 5-year period, 2015-2019 | 5.7% |
| Wind and hail’s percentage of insured homes with a loss | 2.5% |
| Water damage and freezing’s percentage of insured homes with a loss | 1.9% |
| Increase in cost of living in 2021 | 4.7% |
| Increase in cost of motor vehicle insurance in 2021 | 3.8% |
| Decrease in cost of tenants and household insurance in 2021 | 0.3% |
| Increase in median price of a single-family home since 2012 | Nearly 100% |
| Percentage of owner-occupied housing units in Q4 of 2021 | 65.5% |
| Percentage of renter-occupied housing units in Q4 of 2021 | 33.4% |
| Percentage of owner-occupied units that house people age 65 and over in 2019 | 32.1% |
| Percentage of rental units that house people over age 65 in 2019 | 16.2% |
| Median monthly housing costs for homeowners in 2019 | $1,510 |
| Median monthly housing costs for renters in 2019 | $1,301 |
| Percentage of renters who spent at least 30% of their household income on rent and utilities in 2019 | 45.1% |
| Percentage of renter-occupied units spending 30% or more on rent and utilities | 37% |
| Percentage of owner-occupied units spending 30% or more on homeowner | 32.1% |
| Increase in remodeling and home repairs spending from July 2018 through June 2019 | 6.8% |
| Percentage of restoration contractors predicting an increase in business in 2020 | 26% |
| Percentage of restoration contractors concerned about employee retention in 2019 | 45% |
| Percentage of restoration contractors who find adopting new technology challenging | 32% |
| Percentage of restoration contractors planning to purchase a drone in the next 12 months | 29% |
| Percentage of restoration companies planning to reduce using toxic chemicals | 64% |
| Percentage of restoration companies using botanical remediation products in 2019 | 48% |
| Percentage of purchases made from local distributors and suppliers | 40% |
| Percentage of purchases made from big box stores like Home Depot and Lowe’s | 24% |
| Percentage of purchases made from Amazon | 22% |
| Percentage of contractors who travel for large scale disaster work | 39% |
| Average water leaked by a home every year | Close to 10,000 gallons |
| Percentage of households that waste over 90 gallons of water each day through minor leaks and drips | 10% |
| Percentage of water heaters that trigger water damages before they are 12 years old | More than 70% |
| Increase in home water damage claims since 2005 | 2% |
| Vulnerability of getting an infection or illness post direct or indirect exposure to black water | More than 90% |
| Percentage increase in the average household water bill due to a minor leak | 10% |
| Economic impact of structural fires and fire damage in the United States in 2014 | $328.5 billion |
| Percentage of all funds attributed to fire safety costs in constructing and upgrading buildings | 17% |
| Employment of general maintenance and repair workers projected growth from 2020 to 2030 | 8% |
Property Damage Statistics
- Property damage from natural disasters in the US exceeded $90 billion in 2022.
- Water damage is the most common cause of property damage in the US, accounting for 47% of all losses.
- Fire and smoke damage are the second most common cause of property damage, accounting for 25% of all losses.
- The average cost of water damage restoration in the US is between $2,000 and $6,000, while fire and smoke damage restoration costs range from $3,000 to $10,000.
Property Restoration Industry Statistics
- The global property restoration market size was valued at $71.3 billion in 2021 and is expected to reach $102.3 billion by 2028.
- In the US, there are approximately 50,000 property restoration companies employing over 200,000 people.
- The average revenue per employee for a property restoration company is $400,000 per year.
- Property restoration companies spend an average of 15-20% of their revenue on equipment and supplies.
Water Damage Restoration Statistics
- The average cost of repairing water damage in a residential property ranges from $2,000 to $10,000.
- The average cost of repairing water damage in a commercial property ranges from $5,000 to $50,000.
- The average cost of a burst pipe incident is $5,000, while the cost of a sewage backup incident is $7,500.
- Water damage can lead to mold growth within 24-48 hours if not properly addressed.
Fire and Smoke Damage Restoration Statistics
- The average cost of repairing fire damage in a residential property ranges from $2,500 to $12,000.
- The average cost of repairing fire damage in a commercial property ranges from $10,000 to $50,000.
- Smoke damage can be just as harmful to a property as fire damage, and can cost between $2,000 and $6,000 to repair.
- The most common causes of house fires in the US are cooking, heating, and electrical malfunctions.
Mold Remediation Statistics
- Mold growth can occur within 24-48 hours of water damage, and can cause serious health problems if left untreated.
- The average cost of mold remediation in a residential property ranges from $500 to $6,000, while the cost in a commercial property ranges from $10,000 to $30,000.
- In the US, there are approximately 20,000 certified mold remediation professionals.
Insurance and Property Restoration Statistics
- 90% of residential property damage claims are related to water damage, fire damage, or theft.
- Property owners with flood insurance are more likely to have their claims approved, with an average payout of $29,000.
- Homeowners insurance policies generally cover water damage caused by sudden and accidental events, but not floods or water damage caused by neglect or lack of maintenance.
