The insurance you purchase for your home covers many different types of damages. Homeowners insurance covers a wide range of losses, including wind damage, theft, fire and flood. There are also many other incidents that can lead to frequent homeowners insurance claims.
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 estimates that weather-related insurance claims in 2020 will cost homeowners an average of $13,955. The majority of these damages are due to hurricanes and twisters.
Be sure to understand your policy if you have experienced storm damage at your home before filing a claim. You can ensure you get the most out of your insurance policy by doing this.
Beware of Recurring Losses
You should typically only file a claim for homeowners insurance if your home has suffered a major loss. It's because filing too many claims can negatively affect your rate, and may even result in the cancellation of your policy.
Most insurers use a database to compare their risk levels. This database records all claims filed by homeowners.
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 of repair and replacement depends on many factors. From the area of damage to the type of materials used to fix the damage. Before submitting a home insurance claim, it is important to receive estimates from contractors in your area and to list all the damaged items.
Consider the amount of the deductible that you will have to pay and whether it is worth filing a claim. The deductible refers to the percentage that you pay for the repairs or replacement costs before your insurance pays the rest.
Another factor to consider is the statute of limitations for filing a homeowner insurance claim. These laws vary by state and insurance company, so it's a good idea to reach out to your insurance company for more details about the rules regarding when you can file a claim.
Be patient when filing your homeowners insurance claim
Home insurance claims can be completed and processed over a period of months or 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. It can be stressful to you and your loved ones to wait for an extended period.
The Homeowners' Insurance Claim can be a difficult one to deal with
Filing a home claim can be stressful and frustrating. It is possible to reduce stress by speeding up the claim process.