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Homeowners insurance claims are something we typically hear about in the event of a flood, fire, or other catastrophes. The latest figures from the Insurance Information Institute found that in 2021, 5.3% of insured homes had a claim. Wondering about the main types of property damage? Here are six of the most common homeowners insurance claims:
Wind and Hail Damage
The latest figures from the Insurance Information Institute show that wind and hail damage accounted for 39.4% of all household insurance claims in 2021. Wind damage from hurricanes, tornadoes, and large storms — along with hail damage to roofs — led to an average claim of nearly $13,000.
Water Damage and Freezing
Water-related issues, including burst pipes, leaks, and basement flooding, are a major concern for homeowners — with 23.5% of claims in 2021 being for water damage and freezing. The aftermath of water damage, especially mold growth, can be both costly to repair and detrimental to the health of the household. Preventative maintenance and immediate action in the event of water damage are key to minimizing losses.
Fire and Lightning Damage
Did you know that more than 62,000 property insurance claims were filed across the United States due to lightning damage to homes in 2022? Whether lightning strikes a home and knocks out electronics, or a wildfire completely burns a home down, fire and lightning damage lead to more than $15,000 per claim.
Break-ins and Theft
Thefts and break-ins only account for about 0.7% of home insurance claims, thanks in part to mitigation efforts like professionally monitored home security systems, video doorbells, and surveillance cameras. Aside from locking your doors and windows and securing valuables, take inventory of all your property and assets. That way, in the event of theft, you’ll be prepared to file a residence claim.
Non-Theft Property Damage
Types of non-theft may include vandalism and malicious mischief — an intentionally destroyed HVAC system, a broken door, or other property damage. Break-ins may make news headlines more often, but non-theft property damage is much more prevalent, accounting for 9.4% of claims in 2021.
Other Insurance Claims
Unspecified homeowners insurance claims can cover a whole host of liability issues — from property damage and bodily injury to medical claims. A kid could fall off their bike in your driveway, a visitor may injure themselves in your pool, or a dog bite may take place on your property that requires medical attention.
Conclusion
Understanding the most common home insurance claims can empower you to choose the right coverage and take preventative measures to safeguard your home. Whether it’s damage from natural disasters, water, fire, theft, or other risks, being informed about types of home insurance claims is the first step toward protecting your property and ensuring peace of mind.
You might ask: How do I know if I have enough coverage? Contact a Mercury Insurance agent to ensure you have the homeowners insurance you need in any scenario.
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