Homeowners' insurance can cover a variety of losses that may occur to your property and home. The most common homeowners insurance claims include wind damage, hail, theft, fire, and flooding. There are other situations that lead to frequent insurance claims.
Wind and Hail Account for the Most Claims
Nearly half (45.5%) of all homeowners' insurance claims are weather-related, including hail, wind 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. This can help ensure that you receive the maximum amount possible from your insurance coverage.
Beware Recurring Losts
Typically, homeowners' insurance claims should only be filed if the damage to your property is significant. This is because if you make too many homeowners insurance claims, this can impact your rate or even cause your insurer to cancel your policy.
Most insurers use a database to compare their risk levels. The database will record your claim for homeowners insurance and remain on your records for many 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. 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.
It is important to know the deadline for filing a claim with your homeowner's insurer. 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.
You must be patient when filing a claim for homeowners insurance
The processing and completion of your home insurance claims may take several months or even many years. That's because it takes a while for your insurance company to send an adjuster to inspect the damage and estimate repair costs. If you have to wait for a long period of time, that can increase the stress on you and your family.
It can be difficult to handle a homeowner's insurance claim
Filing a home claim can be stressful and frustrating. There are ways to reduce the stress and speed up the process.