The insurance you purchase for your home covers many different types of damages. Wind damage, hail, burglary, fire and flooding are the most common claims for homeowners insurance. Other occurrences can also cause homeowners insurance to be used frequently.
Wind and hail account for most claims
Almost half of all homeowners insurance claims, 45.5%, are caused by weather-related incidents, including wind, hail, and flooding. According to the Insurance Information Institute, homeowners insurance claims resulting from weather-related incidents will cost an average of $13,955 by 2020. The majority of damages are caused by hurricanes and 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.
Watch out for Recurring Losses
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.
This is because most insurers share a database of all claims with each other and use it to determine their risk levels. When you file a homeowners insurance claim, it's recorded in this database and it will remain on your record for years.
A claim adjuster will then visit the property to assess damage and determine repair costs. They will also request documentation, such as photos or home inventory lists, to support your claim.
The cost of repair and replacement depends on many factors. From the area of damage to the type of materials used to fix 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.
You should also consider the deductible you have to pay for the repairs, and whether or not it's worth it to make a claim. The deductible you pay is usually a percentage of your repair or replacement expenses.
Another factor to consider is the statute of limitations for filing a homeowner insurance claim. This varies by state, and also by insurance company. It's best to contact your insurer for more information about when you can make a claim.
Be Patient when Filing an Insurance Claim for Homeowners
The processing and completion of your home insurance claims may take several months or even many years. This is because it can take a long time for your insurer to send out an adjuster to inspect and estimate the repair costs. The longer you wait, the more stress you will feel.
A homeowner’s insurance claim can be hard to handle
The process of filing an insurance claim on your home can be stressful, frustrating and difficult. It is possible to reduce stress by speeding up the claim process.