What Are the Most Common Home Insurance Claims?
Any experienced homeowner can tell you how important it is to get home insurance. The benefits of getting home insurance can be summed up in one word: Protection. Home insurance offers protection from financial losses and exorbitant costs in several stressful situations, offering you peace of mind when you need it the most. If you’re in the process of buying a new home (or getting home insurance for the first time), keep reading to learn about the most common home insurance claims.
Theft
Home insurance is designed to protect homeowners from losses incurred in their homes due to theft, fire, and vandalism. One of the most common types of home insurance claims involves theft. Most homeowners policies provide coverage for stolen items up to a certain amount, typically $1,000 to $2,000. If the value of your stolen items exceeds the limit of your policy, you will have to file a claim with your homeowners insurance company. To make a successful claim for theft, you will need to provide documentation of the items that were stolen and their value. You may also be required to provide evidence that the theft occurred while your home was insured.
Water, Wind, and Hail Damage
Water damage can occur as a result of numerous things, including flooding, a pipe burst, or a roof leak. When water damage occurs, it can cause some serious problems, including damage to the structure of the home, damage to personal belongings, and mold growth. Thankfully, most home insurance policies cover accidental water damage.
Wind can also cause a lot of damage to a home, including roof damage, window damage, and even structural damage. It is important to have wind coverage on your homeowners policy if you live in an area that is prone to high winds, such as the northeast.
Hail damage can be caused by a hail storm, and can damage the roof, windows, and siding of a home. Hail damage can also cause water damage, as the hail can break the windows and allow water to enter the home. If you live in an area where hail is common during storms, you’ll need to make sure your insurance company provides coverage for hail damage.
Fire Damage
Fire is another very common home insurance claim. In fact, according to the National Fire Protection Association, fire is the third leading cause of property damage in the United States. The good news is that most home insurance policies cover fire damage. However, there are a few things you should keep in mind when filing a fire insurance claim.
First, you should notify your insurance company as soon as possible. You should also gather as much information as possible about the fire, including the date, time, and cause of the fire, and take photos to document everything. If you need to stay in a hotel while your home is being repaired, be sure to keep your receipts and submit them to your insurance company so they can reimburse you for your expenses.
Liability Claims Against the Homeowner
When a person is injured on another person’s property, they may have the right to sue the homeowner for damages. This is known as a liability claim. In order to win a liability claim against a homeowner, the injured person must prove that the homeowner was negligent in some way. For example, if the homeowner knew that there was a dangerous spot on their property and did not take steps to fix it, then they could be held liable if someone gets hurt. Homeowners insurance typically covers liability claims, but there may be exceptions depending on the policy.
Purchasing a home is one of the biggest decisions you will ever make. Along with the excitement of buying a new home comes the responsibility of protecting it. Home insurance is one of the best and easiest ways to protect your home and your family following a serious event.
