Home insurance is comprehensive. It provides financial protection for homeowners from many risks. This includes property damage. It also covers liability claims. You may not know just how common filing a home insurance claim is. Here is a closer look at the most common claims homeowners make.
What Are Common Problems For Homeowners?
The Insurance Information Institute provides a great deal of insight into this question. Here is a look at some of the most common claims homeowners file with their insurers.
Wind And Hail Damage Claims
Wind is perhaps the most damaging of common claims, aside from fire. Hail can be very destructive as well. Most often, these events pelt homes with destructive force. Hail can damage even a highly durable roof. Wind can cause objects to fly into homes, creating significant and lasting damage. For those who live in active weather regions, such as in areas where tornadoes are common, these types of claims occur frequently. They can also occur as a result of hurricane-related weather.
Water Damage And Freezing Damage
Frozen pipes are not uncommon in colder areas of the country. Water damage from frozen pipes is a key concern. It is important to know home insurance does not cover most types of typical flooding. Water entering your home from a rainstorm does not apply. However, water damage from burst pipes may be covered. Your coverage also does not provide protection from leaks or most sewer backups due to poor maintenance. That's likely related to standard wear and tear, which is your responsibility to clean up.
Property Damage And Theft
Property damage occurs when someone damages the physical property at your home. This may include damaging your outdoor fixtures through vandalism. Theft is also a common problem. Theft includes people breaking into a home. It also includes instances where items are stolen from around the home.
Fires happen in every day in neighborhoods across the United States. Fires range from fully engulfed homes to small, localized fires. The water damage, smoke damage, burn damage and property loss from fires can be significant. Your home insurance policy covers unavoidable and non-maintenance related fires.
Storms cause damage beyond wind. They can create lightning that creates fire. They can also cause objects to fall on a home, such as tree branches.
What are the most likely risks your home faces? Talk to your TCU Insurance agent about it. You may find this is the most important step in learning how to protect your home. Make sure your coverage contains enough value to totally rebuild a damaged home.