Your home insurance policy does a lot of work. It covers a wide range of losses and damages that could happen to your home, your belongings, and yourself. Insurance, which is often required by mortgage lenders when you buy your home, helps you recover from financial losses of all kinds.
There are many things that can happen to your home. Natural disasters, inclement weather, falling trees, theft, accidents, and more can all be costly expenses unless your insurer provides you with a fair settlement. When you have to make a content insurance claim or a claim for structural damage, it pays to get help. Depending on the size of the loss, you may want to get in touch with an insurance claims lawyer for support.
But what are the most common types of home insurance claims?
#5 Liability
Liability coverage is an essential part of your home insurance policy. If someone hurts themselves on your property, you can be held responsible for legal and medical costs. Likewise, if something goes wrong on your property that causes damage to another, you would be responsible for their property damage. Liability coverage protects you when someone might have a lawsuit for damages against you related to your property.
#4 Miscellaneous Property Damage
Life can beunexpected, and that’s covered by this type of claim. Falling trees, smashed windows, and a wide variety of accidents fall under this category. Given the variety, it’s not easy to identify how these are settled. For example, if a vehicle damages your home, the driver’s auto insurance will cover damage up to the coverage limit. Beyond that, your home insurance policy applies.
#3 Water Damage
Water damage is the third most common type of claim, but it’s also the one of the most expensive, with claims averaging over $10,000. Importantly, water damage coverage is not the same as flood insurance. Rather, it covers incidents when appliances leak or overflow, when pipes burst, or potentially when sewers back up. Some policies only cover specific types of water damage. Make sure to check your policy to ensure you’re covered.
Your insurance should cover both the cost of cleaning up and repairing the structure of your home, as well as replacing or restoring any lost or damaged personal belongings.
#2 Fire
The origins of homeowner insurance begin with fire insurance coverage. Not only are fire insurance claims among the most common, they are also the most expensive. Even a small fire that’s quickly contained can cause extensive damage requiring structural repairs and smoke damage restoration for your belongings.
A fire insurance claim typically covers the cost to repair or replace the structure of your home and personal belongings lost in the fire, as well as the additional costs of living elsewhere while your home is repaired.
#1 Wind and Hail
The most common type of claim made is for damage caused by wind and hail, including hurricanes, tornadoes, and high winds associated with thunderstorms. Even in places not typically hit with hurricanes, high winds can bring down trees and cause damage to your home, but on average these claims are not the most expensive.
If your home is damaged for any of these reasons, know that you’re not alone.
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