Unless you work for an insurance company, you likely don’t know what the most common types of property damage claims are. Though their frequency does vary heavily from state to state and among different regions, across the United States, there are certain types of damage that are claimed much more frequently than others. In order to protect your property for decades to come, you need to make sure that your home insurance policy protects you against the most common types of damage, and even some less common occurrences.
Believe it or not, water damage is the leading claim homeowners make to collect compensation for damages to their property. And it makes sense – since even a little bit of water can snowball into problems that take over other areas of your homes. Heavy rains, flood waters, leaky roofs, broken pipes, and even problems with you dishwasher can all cause water damage. But failing to act quickly (usually within 48 hours) can cause massive setbacks and ancillary damages that compound your problem into an expensive claim.
Though people living in older homes with outdated and antiquated pipes, infrastructure, and roofs carry the largest risk, even newer homes can experience leaks and water damage after a heavy storm. You’ll want to make sure that you ask your agent about coverage concerning all aspects of water damage, including coverage for water backup and sump pump overflow. Because water damage claims are the most common, it only makes sense to be as prepared for them as possible.
Wind and Storm Damage
The next most popular category of insurance claims includes damage caused by heavy winds and related storm damage. And because we live in the Midwest, we never really know what the weather is going to do next – even during the summer. Tornadoes have been increasing in frequency, and summer rains and hailstorms are not uncommon.
These kinds of storms can easily damage your roof, siding, windows, deck, and automobiles. It’s important to understand what types of storms your homeowner’s insurance policy protects you against and what is missing. Make sure you go over the finer details of storm coverage with your insurance agent.
Interestingly enough, fire damage is among the leading insurance claims. It seemed pretty surprising because fires seem to be so rare. Between modern technologies like smoke detectors, 9-1-1, and the fire department, I couldn’t believe that fire damage claims were so common. And sadly enough, they are one of the most dangerous disasters that can ruin a property, because they cause immediate threats to personal safety.
Some insurance policies will offer coverage as much as 125% of your homes value, but again, this varies widely among providers and policies, so you’ll want to read the fine print and ask your agent if you’re covered.
What to Do After a Disaster Strikes Your Home
Whether you need water damage restoration, smoke and fire restoration, or other types of repairs, don’t wait to reach out for a helping hand. We can even help you 24/7 to combat immediate problems like water damage to protect the future value of your home.