Homeowners Insurance covers a range of losses for your property and house. The most common homeowners insurance claims include wind damage, hail, theft, fire, and flooding. Other occurrences can also cause homeowners insurance to be used frequently.
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. The Insurance Information Institute reports that the average cost of homeowners insurance claims for weather-related incidents is $13,955 in 2020, with most of these damages resulting from hurricanes and tornadoes.
Before submitting a claim, ensure that you fully understand your insurance policy. You can ensure you get the most out of your insurance policy by doing this.
Beware Recurring Losts
You should typically only file a claim for homeowners insurance if your home has suffered a major loss. 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.
It's because many insurers pool their data and use them to determine risk levels. This database is used to record all homeowners insurance claims.
After your claim is approved, an adjuster from the insurance company will inspect the damage to determine repair costs. The adjuster will also ask for supporting documentation, like photos or lists of your home's inventory.
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. 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.
It's also important to consider whether or not filing a claim is worth the cost of repairs and the deductible. 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. 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
You may have to wait months or even a year for your insurance claim. It takes time for an adjuster from your insurance company arrive to assess the damage and determine repair costs. The longer you wait, the more stress you will feel.
A Homeowners Insurance Claim Can Be Hard to Handle
Filing a claim for home insurance can be a frustrating, stressful and difficult process. You can reduce stress and speed the process up.