Homeowners insurance covers a wide range of losses to your home and property. Some of the most common insurance claims made by homeowners include hail damage, wind damage and theft. Many other events can also lead to homeowners insurance claims.
The most frequent cause of wind-related claims is hail and wind
Nearly 50% of all homeowners claims for insurance are caused by weather related incidents such as hail, wind, and flooding. The Insurance Information Institute reports that the average cost of homeowners insurance claims for weather-related incidents is $13,955 in 2020, with most of these damages resulting from hurricanes and tornadoes.
Be sure to understand your policy if you have experienced storm damage at your home before filing a claim. This can help ensure that you receive the maximum amount possible from your insurance coverage.
Beware of Recurring Losses
Normaly, you only need to file a homeowners' insurance claim when there has been a significant damage to your home. You may find that filing too many insurance claims within a very short period can have a negative impact on your rates and could even result in your insurer canceling the policy.
It's because many insurers pool their data and use them to determine risk levels. When you file a homeowners insurance claim, it's recorded in this database and it will remain on your record for years.
When your claim has been approved an adjuster of insurance will visit you to inspect the damages and determine the repair costs. The adjuster will also ask for supporting documentation, like photos or lists of your home's inventory.
The cost to replace or repair damaged items depends on several factors. They include the square footage of the damages and the materials that were used to restore the damage. It is important to get estimates from local contractors, and provide a list of the damaged items to your insurance company before you submit a claim.
If you are considering filing a claims, it is important to also take into account the deductible amount that you must pay. The deductible represents the portion of repair and replacement costs you are responsible for paying before the insurance company covers the rest.
You should also consider the statutes of limitations when filing a homeowner claim. These laws can vary from state to state and even insurance company to insurance company. You should ask your insurance company about these rules.
Be patient when filing your homeowners insurance claim
Home insurance claims can be completed and processed over a period of months or years. That's because it takes a while for your insurance company to send an adjuster to inspect the damage and estimate repair costs. The longer you wait, the more stress you will feel.
The Homeowners' Insurance Claim can be a difficult one to deal with
The process of filing a home insurance claim can be difficult, frustrating and stressful. But there are some ways to minimize stress and make the claims process faster.