The insurance you purchase for your home covers many different types of damages. Homeowners insurance covers a wide range of losses, including wind damage, theft, fire and flood. Many other events can also lead to homeowners insurance claims.
The most frequent cause of wind-related claims is hail and wind
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 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.
Make sure that you are familiar with your policy and the terms of your claim before you submit it. 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. 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.
It is because insurers all share a common database that contains information about claims. They use this to assess their own risk. When you file a homeowners insurance claim, it's recorded in this database and it will remain on your record for years.
When your claim has been approved an adjuster of insurance will visit you to inspect the damages and determine the repair costs. To support your claim, they will ask for documentation such as photographs or home inventory lists.
Repairs and replacements are determined by a variety of factors. These include the size of the damaged area, the materials used to repair it, as well as the cost. To ensure that your claim is processed properly, you should get quotes from local contractors. You can also provide a detailed inventory of any damaged items.
It's also important to consider whether or not filing a claim is worth the cost of repairs and the deductible. The deductible refers to the percentage that you pay for the repairs or replacement costs before your insurance pays the rest.
Another factor to consider is the statute of limitations for filing a homeowner insurance 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.
You must be patient when filing a claim for homeowners insurance
Your home insurance claim can take many months, or even years to process and complete. That's because it takes a while for your insurance company to send an adjuster to inspect the damage and estimate repair costs. It can be stressful to you and your loved ones to wait for an extended period.
The Homeowners' Insurance Claim can be a difficult one to deal with
Filing a home claim can be stressful and frustrating. It is possible to reduce stress by speeding up the claim process.