Homeowners' insurance can cover a variety of losses that may occur to your property and home. Most homeowners insurance claims are for wind damage, flooding, theft, hail and fire. Many other events can also lead to homeowners insurance claims.
Wind and hail account for most claims
Nearly half (45.5%) of all homeowners' insurance claims are weather-related, including hail, wind and flooding. Insurance Information Institute states that homeowners insurance costs for weather-related claims will average $13,955 per claim in 2020. Most of the damages come from hurricanes, tornadoes, and hail.
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 of Recurring Losses
Normaly, you only need to file a homeowners' insurance claim when there has been a significant damage to your home. 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. If you make a claim on homeowners insurance, the information is recorded in this database. It will stay on your record for several years.
When your claim has been approved an adjuster of insurance will visit you to inspect the damages and determine the repair costs. They will also request documentation, such as photos or home inventory lists, to support your claim.
The cost to replace or repair damaged items depends on several factors. They include the square footage of the damages and the materials that were used to restore the damage. This is why you need to ask for estimates from local companies and list the items that are damaged before filing your claim.
It's also important to consider whether or not filing a claim is worth the cost of repairs and the deductible. The deductible represents the portion of repair and replacement costs you are responsible for paying before the insurance company covers the rest.
A homeowner's insurance claim is also subject to the statute of limitation. The laws differ by state and insurer, so you should contact your insurance provider for details.
Be Patient When Filing a Homeowners Insurance Claim
It can take months or even years for your home insurance claim to be processed and completed. That's because it takes a while for your insurance company to send an adjuster to inspect the damage and estimate repair costs. You and your family can become more stressed if you are forced to wait a long time.
It can be difficult to handle a homeowner's insurance claim
Filing a home claim can be stressful and frustrating. It is possible to reduce stress by speeding up the claim process.