Homeowners insurance covers a wide range of losses to your home and property. The most common homeowners insurance claims include wind damage, hail, theft, fire, and flooding. There are also many other incidents that can lead to frequent homeowners insurance claims.
Wind and Hail are responsible for the majority of claims
Nearly half of homeowners insurance claims (45.5%) are due to weather-related events, such as 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. This will allow you to receive the maximum possible amount from your coverage.
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 is because insurers all share a common database that contains information about claims. They use this to assess their own risk. This database is used to record all homeowners insurance claims.
When your claim has been approved an adjuster of insurance will visit you to inspect the damages and determine the repair costs. They will also request documentation, such as photos or home inventory lists, to support 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. Before submitting a home insurance claim, it is important to receive estimates from contractors in your area and to list all the damaged items.
Also, you should consider the amount of deductibles that will be required for repairs. You can also decide if it's worthwhile to file a claim. The deductible refers to the percentage that you pay for the repairs or replacement costs before your insurance pays the rest.
The statute of limitations is another factor to take into consideration when filing an insurance claim for a homeowner. 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. 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.
A Homeowners Insurance Claim Can Be Hard to Handle
Filing an insurance claim for your home can be frustrating, and even stressful. You can reduce stress and speed the process up.