Homeowners' insurance deals with damages and losses in an individual's residence. It provides coverage against accidents in your home. The policy covers exterior damage, interior damage, injury on the property, and damage or loss of personal assets. Here are some common types of homeowners' insurance claims.
1. Water Damage
Water damage can either be non-weather-related or weather-related. Non-weather-related damage is water damage resulting from burst or leaking pipes, overflowing toilets, bathtubs, or sinks, and burst appliances. Weather-related damage includes claims involving torn siding, frozen pipes, roof damage, or any other form of property damage.
A study shows that one in 50 homes experiences property damage caused by water every year. Water damage is only included in your insurance coverage if something in the house caused the damage. For example, leaks by old pipes are covered. Home insurance policies don't cover natural flooding. To get coverage for natural flooding, you should buy a flood policy.
2. Wind and Hail Damage
Wind and hail claims fall under destruction caused by thunderstorms, tornados, and hurricanes. Winds can cause great damage such that insurance deductibles cannot cover repairs. Over one-third of homeowners' insurance claims are caused by wind and hail.
However, these claims are cheaper than fire damage claims. The average wind and hail damage claim is $11,200. Dwelling insurance will cover wind claims if your home is destroyed in a major storm. If you have to relocate temporarily, loss of use coverage will reimburse you for food and hotel costs.
3. Fire and Lightning Damage
One of the most common homeowners' insurance claims is fire. According to the National Fire Protection Association, there's an average of 355,400 residential fires annually. The main causes of home fires include electrical distribution, cooking, lighting equipment, intentional fires, heating, and smoking. The average cost of property damage caused by home fires is $6.9 billion.
Not all policies cater to power surges caused by lightning. Lightning can lead to a power surge that destroys costly electronics and appliances. It's important to review your policy carefully to determine what kind of lightning damage is covered.
To file a homeowners' insurance claim, you need to obtain a police report. You should hand over this report to the insurance company when filing your claim. It's also essential to document everything from notes to photos and video footage. Cooperate with your insurer during the investigation by producing all the necessary documents and recording a statement under oath. Finally, the insurance company will send an adjuster to estimate the cost of your damage or losses.
To learn more, contact a homeowners' insurance provider.