What Could Go Wrong? The Most Common Homeowners Insurance Claims

Home insurance serves the important purpose of protecting your house and the possessions inside it. Without adequate home protection, you could find your financial future in ruins after an unexpected catastrophe.

Protecting yourself against the following disasters can help reduce your financial risks:

WIND DAMAGE

Exterior wind damage is the number one cause of home insurance claims in most U.S. states. Wind may not only cause direct damage, but it can also potentially topple trees and throw items such as bicycles, gardening tools, or patio furniture, into your home or the homes of neighbors. Yikes!

THEFT AND BURGLARY

Another large source of homeowner insurance claims is theft. People may try to break into your home when you’re not around and steal the possessions you’ve worked so hard to buy. It’s disheartening, and it happens to be one of the most common claims today.

NATURAL WATER DAMAGE

According to FEMA, the organization behind the National Flood Insurance Program, nearly 25 percent of all flood claims in the United States happen in homes outside of the designated high-risk areas.
This means a large percentage of flood victims each year live in areas where floods aren’t even expected. More importantly, your homeowner’s insurance policy doesn’t even cover flood damage. It’s a policy you must purchase in addition to your standard home insurance if you want to stay protected against floods.

NON-NATURAL WATER DAMAGE

Despite flood coverage being a separate expense, other water damage to your home may be covered by your homeowner’s policy. For instance, when your pipes freeze in winter and burst, leaving water everywhere, your homeowner’s insurance can help you with repairs unless your policy specifically excludes them.
Working with an insurance agency that you trust can allow you to ask questions and get the right answers about buying the proper insurance.

FIRE AND LIGHTNING DAMAGE

Whether the damage comes from wildfires, lightning strikes, faulty wiring, or your spouse’s cooking, a fire in the home is one of the most devastating and costliest disasters you can face. Even possessions that aren’t destroyed by the fire itself can suffer smoke damage, water damage, mold, or mildew.
It’s essential to have an adequate amount of homeowner’s insurance to protect against fire damage.
While the claims listed above may be somewhat more common, there are plenty of other insurance plans you should consider as well. At the end of the day, protecting your family from physical and financial devastation is crucial to ensuring a safer future.