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 other situations that lead to frequent insurance claims.
Wind and Hail Account for the Most Claims
The weather is responsible for almost half (45.5%) of all homeowner insurance claims. This includes wind, hail, flooding, and other weather-related incidents. 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.
If you've experienced storm-related damage to your home, make sure you understand your policy before submitting a claim. You can ensure you get the most out of your insurance policy by doing this.
Beware of 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. This database records all claims filed by homeowners.
Once your claim has been approved, an insurance adjuster will visit to inspect the damage and determine what repair costs are. 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. 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.
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 is the amount of repair or replacement cost that you must pay before your insurer pays the remainder.
It is important to know the deadline for filing a claim with your homeowner's insurer. 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 your homeowners 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.
It can be difficult to handle a homeowner's insurance claim
Filing a claim for home insurance can be a frustrating, stressful and difficult process. It is possible to reduce stress by speeding up the claim process.