Homeowners' insurance can cover a variety of losses that may occur to your property and home. Homeowners insurance covers a wide range of losses, including wind damage, theft, fire and flood. Many other events can also lead to homeowners insurance claims.
Wind and Hail Account for the 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.
Before submitting a claim, ensure that you fully understand your insurance policy. This will allow you to receive the maximum possible amount from your coverage.
Beware Recurring Losts
In general, you shouldn't file a homeowners claim unless there is a substantial loss to your house. 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.
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 repairs and replacements depends on a number of factors, from the square footage of the damage to the construction materials that are used to repair 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.
It's also important to consider whether or not filing a claim is worth the cost of repairs and the deductible. The deductible is usually the percentage of the repair or replacement costs that you have to pay out of your pocket before your insurance company pays the rest.
A homeowner's insurance claim is also subject to the statute of limitation. 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 a Homeowners Insurance Claim
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. You and your family can become more stressed if you are forced to wait a long time.
It can be difficult to handle a homeowner's insurance claim
The process of filing a home insurance claim can be difficult, frustrating and stressful. You can reduce stress and speed the process up.