Top Home Insurance Claims Revealed

The most cashed in home insurance claims can steer you in the right direction to protecting your home.

Many homeowners buy a standard policy that protects their home – somewhat. While Mother Nature plays a big role in home insurance claims, there are other culprits that cause homeowners to cash in on their policy.

Did you know that weather incidents account for more than half of all homeowners insurance claims? Claims that result from fires are the most expensive, however.

The Travelers Companies Inc. gathered data from the nation’s homeowners claims from 2009-15, investigating the most common cause of filed claims. The top five were:

  • Exterior wind damage accounted for 25 percent of all claims.
  • Plumbing or appliance issues not related to weather totaled 19 percent.
  • Hail made up 15 percent.
  • Weather-related water damage (e.g., rain, melting ice) caused 11 percent.
  • Thefts resulted in 6 percent of claims.

Although wind damage was the most common claim, fire was most expensive, accounting for nearly 23 percent of all financial damages. Next were:

  • Hail – 20 percent
  • Windstorms – 18 percent
  • Water damage not related to weather – 11 percent
  • Weather water damage – 3 percent.

By evaluating previous homeowner claim data, one can determine where their current coverage may be lacking. For example, as fire claims are often the costliest, you may consider lowering your deductible to save your personal funds, or increase the amount of coverage.

Talk to a professional in the field to ensure that your homeowners insurance best suits your needs and budget – as well as protecting your home in the right areas! Visit the professionals at Humble & Davenport Insurance, serving Renton and neighboring cities in Washington

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