The Top Insurance Claims Homeowners File
Purchasing a home is probably the most expensive investment you will make in your lifetime. You need to ensure that you maintain adequate protection on the dwelling and its contents in case of an unfortunate loss. Review your insurance policy with a professional agent or broker to make sure you understand the coverages and that they are sufficient.
There has been a rise in homeowner insurance claims in the United States. Some of the most common are as follows:
Water Damage: Water damage happens very quickly during heavy rainstorms, when large quantities of water fall during a short time period. Water can penetrate your home and cause extensive damage, both to your contents and to the structure. Typically flood insurance needs to be purchased separately. Check with your insurance professional. Damage inside the home from leaking pipes and broken hoses in the dishwasher or washing machine are examples of water damage that may be covered under a homeowner’s policy.
Visitor Accidents: There are a lot of homeowners insurance claims filed for incidents on property while entertaining visitors. These can include slips and falls, accidents in the pool or falls off a trampoline. Make sure that you have adequate third party liability insurance and speak with your insurance broker about the possibility of taking out an umbrella policy. Always ensure that your property is free from any areas that can cause an accident, such as uneven and slippery surfaces. Make any necessary repairs to furniture, fences or decking that could otherwise result in someone getting hurt.
Fire: A fire in the home, no matter the size, is a catastrophic event. It is imperative that your dwelling and its contents are adequately covered to protect you against financial devastation in the event of a loss. Ensure that the contents are covered for replacement cost and make sure the building limit is sufficient.
Dog Bites: You may think your dog is precious, but animals can be unpredictable by nature. Make sure that you keep a close eye on the family pet when visitors are at the house and always keep them on a leash when you are walking them. Injuries caused by dog bites are one of the leading insurance claims submitted by homeowners.
Wind and Hail: Wind and hail storms can cause extensive structural damage to your home. Roofs can be either partially or fully destroyed, airborne debris can break glass and siding can be ripped from the house, to name a few incidents. Home insurance can protect against financial loss from damage caused by wind and hail.
Take the time to talk through the various homeowners insurance policy options with your insurance professional. Ask about deductibles, policy limits and exclusions, and get a basic understanding of exactly what is and is not covered.
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