Homeowners insurance provides coverage for a wide variety of property and home losses. Some of the most common insurance claims made by homeowners include hail damage, wind damage and theft. But there are many other occurrences that cause frequent homeowners insurance claims as well.
The most frequent cause of wind-related claims is hail and wind
Nearly half of homeowners insurance claims (45.5%) are due to weather-related events, such as wind, hail and flooding. Insurance Information Institute reported that in 2020 the average cost for homeowners insurance claims due to weather-related events will be $13,955. Most of these damages result from hurricanes or tornadoes.
Make sure that you are familiar with your policy and the terms of your claim before you submit it. This can help ensure that you receive the maximum amount possible from your insurance coverage.
Beware Recurring Losts
Typically, you should only file a homeowners insurance claim if there's a significant loss to your home. If you make too many claims in a short period of time, your insurance rate can be affected and your policy may even be cancelled.
It's because many insurers pool their data and use them to determine risk levels. If you make a claim on homeowners insurance, the information is recorded in this database. It will stay on your record for several years.
A claim adjuster will then visit the property to assess damage and determine repair costs. The adjuster will also ask for supporting documentation, like photos or lists of your home's inventory.
The cost for repairs and replacements is determined by several factors. This includes the amount of damage, the construction material used to repair that damage, and the square footage. This is why it's important to obtain estimates from local contractors and to provide a detailed list of damaged items before submitting your home insurance claim.
Consider the amount of the deductible that you will have to pay and whether it is worth filing a claim. The deductible you pay is usually a percentage of your repair or replacement expenses.
The statute of limitations is another factor to take into consideration when filing an insurance claim for a homeowner. The laws differ by state and insurer, so you should contact your insurance provider for details.
Do not rush when filing an insurance claim.
You may have to wait months or even a year for your insurance claim. The reason is that it can take months or even years for your home insurance claim to be processed and completed. You and your family can become more stressed if you are forced to wait a long time.
A Homeowners Insurance Claim Can Be Hard to Handle
Filing a home claim can be stressful and frustrating. There are ways to reduce the stress and speed up the process.