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The Most Common Homeowners Insurance Claims

Weather related incidents account for over 50% of all homeowners insurance claims filed in the United States. This includes pipes freezing and bursting, roof leaks, ice damage, wind damage, hail, etc. Thankfully here in Warsaw Indiana we don’t have to contend with Hurricanes, but there are many other acts of God that do extensive damage. Fire damage claims are the most expensive claims. But they aren't the largest percentage in quantity. Here are the top 5 most common homeowner’s insurance claims.

 

  1. Wind Damage – 25%
  2. Non-weather related water damage – 19%
  3. Hail damage – 15%
  4. Weather cused water damage – 11%
  5. Theft 6%

While there are many other events that cause damage in a home, these are the most common. If homeowners focus on preventing these issues, then the majority of insurance claims could be avoided.  

 

The costliest damage;

Weather related insurance claims are the most common, however they aren’t the costliest. Fires account for nearly 25% of all claim costs. These fires are often caused by machinery misuse or appliances in the home. Electrical problems are also common, along with fires started by cooking.

 

Water Damage;

Water damage Is unfortunately the most common claim and there are two main causes of water damage. The first is weather related events, such as a huge downpour, snow melting, etc. The other cause is from pipes leaking, or a drain line bursting. The second is the most common cause of water damage. Make sure to regularly check pipes, drains, and water lines. This could prevent a significant amount of damage.

 

Fire Damage;

Fire is the costliest homeowner insurance claim. The main reason for this is the amount of damage even a small fire can do. Because not only is there burn damage, but smoke can be just as devastating. Often if a house experiences a fire, it requires almost a complete rebuild. Even if it doesn’t, the cost of cleaning and repairing the damage is enormous. This is one of the biggest reasons you should have homeowners insurance.

 

The frequency of of claims changes throughout the country. For example in the southern part of the country wind is the most common insurance claim and hail is the most expensive. While in the Midwest sump pump and sewer backups are much more common. Work to prevent and reduce the risk of you and your home suffering one of these events.