The right homeowner’s insurance is a must for anyone who wants maximum protection for their home and assets. When selecting your own policy, we recommend finding one that covers all of the problems you might run into throughout your time owning the home. With that in mind, let’s jump into the five most common homeowner’s insurance claims.
The Big Three
The following three claim categories account for around 90% of all homeowner’s insurance claims.
Wind and Hail Damage
According to the Insurance Information Institute, hail and wind damage is the most frequent homeowner’s insurance claim. When a hurricane, thunderstorm or even strong wind gusts roll in, our homes often suffer as a result. Luckily, most homeowner’s insurance policies cover this damage and offer deductibles that are cheaper than paying for repairs out of pocket.
Fire/ Lightning
While fire damage is the second most common reason to file a claim, it’s usually the most expensive claim to file due to the rapid destruction that fires can cause. Luckily, finding a policy that includes fire protection is generally very easy. In fact, homeowner’s insurance was invented to offer London residents protection from fires after the Great Fire of London in 1666.
Water Damage and Freezing
About one in every four homeowner’s insurance claims relates to water damage or freezing. A pipe bursting in the home is usually the worst-case scenario when it comes to water damage, but even snow melting or small leaks can result in significant water damage within the home.
Other Possible Claims
While these claims aren’t nearly as common as the first three, they are still worth keeping in mind when selecting your own policy.
Liability
While most homeowner’s insurance policies do offer liability coverage, the deductible is usually quite expensive. Luckily, most homeowners will never even have to make this claim due to the infrequency of home-related incidents involving guests.
Theft
You might be surprised to learn that theft only accounts for about 1% of homeowner’s insurance claims. As a result, the deductible cost is typically relatively low compared to more common claims. If you want to lower the cost even further, ask your insurance company about premium discounts if you consider installing a security system for your home.
Choose Insurance Coverage that Works for You at Freedom Insurance
We offer comprehensive, customized coverage from numerous major insurance carriers and make it easier than ever to find affordable policies that are exactly what you need. We have been serving clients throughout the greater Howard County and Carroll County areas since 1979, and we look forward to helping you and your family thrive. Get in touch today by calling (410) 795-2000 or requesting a free quote.
