What are the most frequent insurance claims?
What are the most frequent insurance claims? Housing is the most valuable asset for most people. Having the appropriate policy that protects the house against any danger or eventuality is the responsibility of the owner. For this reason, it is important to know which are the most frequent insurance claims and see if we have such coverage, in order to reduce potential financial risks.
According to the Insurance Information Institute, 96% of insurance claims in recent years were related to property damage. Of these, 33.5% were caused by wind and hail; 28.64%, water damage, and 27.48%, damage caused by lightning and fire.
3.04% of the claims had an origin related to civil liability.
Once you have established which are the most frequent claims, it is key to understand the impact they can have, how much the average repair after a fire or water damage amounts to.
The Institute for Insurance Information indicates that a water damage claim costs an average of $ 11,098. The fire and lightning damage claim was over $ 78,839 and damage from wind and hail averaged about $ 10,801.
Liability lawsuits also play an important role in claims, whether caused by someone having an accident in our home or after a tree in our yard falls on a neighbor’s roof. These claims average $ 29,752. What are the most frequent insurance claims?
You know, a good understanding of a few words is enough. Review your policy and see if the mentioned coverages are sufficient. When in doubt, talk to your Univista Insurance agent and they will help you set up your insurance in a way that provides more efficient protection.