About 1 in 15 homeowners make a homeowners’ insurance claim each year, and typically they’re resolved quickly and efficiently.
If you’re buying a home, you need to make sure that your homeowners’ insurance policy covers everything you need it to cover–and this list of the five most common claims will get you started on the right path.
What the Insurance Information Institute Says
According to the Insurance Information Institute, the five most common claims include:
- Wind and hail. Some of the most frequent claims involve wind and hail, which can tear into shingles, break windows and cause a whole host of other problems for homeowners.
- Water damage. When temperatures dip, pipes freeze—and water damage is often the unfortunate result. Pipes can burst, leak or otherwise malfunction if they’re not insulated properly. (It’s always a good idea to inspect your pipes before winter hits—and if you’re buying a new home, make sure the inspector checks out all the pipes before you sign the dotted line.)
- Run-of-the-mill property damage. While no property damage is really “run-of-the-mill,” this category includes vandalism and malicious mischief, such as locks that have been tampered with, an exterior that’s been defaced with paint, or a garden that’s been dug up. Broken windows and lights count, too.
- Theft. While it’s easy to say that having a home security system is the easy way to prevent theft, that’s not always the case; it still happens.
- Fire and lightning. Fire damage is among the most expensive claim homeowners make (the average claim tops out at around $38,000, according to the III). However, not all policies cover it in the same way—so make sure your policy contains the right amount of coverage.
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