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. 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
Almost half of all homeowners insurance claims, 45.5%, are caused by weather-related incidents, including 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.
Be sure to understand your policy if you have experienced storm damage at your home before filing a claim. It will help you to get the maximum benefit from your insurance.
Watch out for 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.
This is because most insurers share a database of all claims with each other and use it to determine their risk levels. This database records all claims filed by homeowners.
After your claim is approved, an adjuster from the insurance company will inspect the damage to determine repair costs. In addition, they may ask you to submit documentation supporting your claim.
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. To ensure that your claim is processed properly, you should get quotes from local contractors. You can also provide a detailed inventory of any 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 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. 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. Your insurance company will take some time to send an adjuster out to inspect the damages and estimate repair cost. It can be stressful to you and your loved ones to wait for an extended period.
A homeowner’s insurance claim can be hard to handle
The process of filing a home insurance claim can be difficult, frustrating and stressful. There are ways to reduce the stress and speed up the process.