Homeowners insurance provides coverage for a wide variety of property and home losses. Most homeowners insurance claims are for wind damage, flooding, theft, hail and fire. Other occurrences can also cause homeowners insurance to be used frequently.
Wind and hail are the most common causes of injury.
Nearly half (45.5%) of all homeowners' insurance claims are weather-related, including hail, wind 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.
If you've experienced storm-related damage to your home, make sure you understand your policy before submitting a claim. This will ensure that you receive as much money from your policy as possible.
Watch out for Recurring Losses
Typically, you should only file a homeowners insurance claim if there's a significant loss to your home. You may find that filing too many insurance claims within a very short period can have a negative impact on your rates and could even result in your insurer canceling the policy.
This is because most insurers share a database of all claims with each other and use it to determine their risk levels. If you make a claim on homeowners insurance, the information is recorded in this database. It will stay on your record for several years.
When your claim has been approved an adjuster of insurance will visit you to inspect the damages and determine the 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. This is why you need to ask for estimates from local companies and list the items that are damaged before filing your claim.
You should also consider the deductible you have to pay for the repairs, and whether or not it's worth it to make a claim. The deductible you pay is usually a percentage of your repair or replacement expenses.
You should also consider the statutes of limitations when filing a homeowner claim. 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.
Be Patient when Filing an Insurance Claim for Homeowners
Home insurance claims can be completed and processed over a period of months or years. Your insurance company will take some time to send an adjuster out to inspect the damages and estimate repair cost. You and your family can become more stressed if you are forced to wait a long time.
You may find it difficult to manage a claim for homeowners insurance
Filing a home claim can be stressful and frustrating. There are ways to reduce the stress and speed up the process.