What Are the Most Common Home Insurance Claims?

What Are the Most Common Home Insurance Claims?

For most people, buying a home is the biggest investment of their lives. However, not all homeowners know in advance how to protect their property from potential dangers.

A good guideline for designing adequate protection is to understand the most common home insurance claims. This information helps ensure that our insurance policy provides sufficient protection and also guides us in taking preventive actions, whether by improving coverage or reinforcing and maintaining high-risk areas or structures.

According to the Insurance Information Institute (III), damage from hail and wind is the most common type of claim among homeowners. In Florida, this type of claim affects one in every 40 insured homes, with an average cost of $11,000. It is well known that properties in Florida are highly exposed to hurricanes and strong storms, which can damage roofs, windows, or even cause structural harm.

With this in mind, every homeowner should make sure they have strong coverage that includes wind and hail damage, as well as specific coverage for hurricanes.

Additionally, it is essential for homeowners to take preventive measures to protect their homes, such as regular roof maintenance and installing impact-resistant windows and doors, which can reduce storm damage.

Second on the list are claims for fire and lightning damage. According to the III, the average cost of these claims is $83,000, making them one of the most destructive hazards.

Homeowners should ensure that their insurance policy includes sufficient coverage to handle this type of risk. It’s also important to equip the home with preventive measures such as smoke alarms, proper maintenance of kitchen smoke outlets, and ensuring the house’s electrical system and appliances are safe and meet all safety codes.

Third and fourth on the list are claims for theft and home accidents, respectively. Therefore, homeowners should make sure their house is well protected with secure locks on all access points and sufficient lighting. It’s also a good practice to review the insurance policy to confirm that theft and liability coverage are included.

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