If you own your home, you know homeowners insurance is a must. From fires to weather-related damages, here’s a look at the five most common homeowners insurance claims.
Most Common Homeowners Insurance Claims: Wind and Hail Damage
Damage from wind and hail was the most common insurance claim between the years 2013 and 2017, according to the Insurance Information Institute. This includes damage caused by not only hurricanes and tornadoes, but also wind associated with thunderstorms. The average claim came in at $10,182.
Most Common Homeowners Insurance Claims: Fire and Lightning Damage
When it comes to damage for fire and lightning, it ranks second for frequency, but accounts for the most expensive claims, according to the Insurance Information Institute. The average claim for fire and lightening damage is a whopping $68,322.
Most Common Homeowners Insurance Claims: Water Damage
Water damage can come from rain or snow melt, along with inside issues such as a busted pipe and leaking plumbing. Travelers Insurance analyzed eight years of insurance claim coverage data and found water accounted for 20 percent of their claims.
Most Common Homeowners Insurance Claims: Non-Theft Property Damage
The Insurance Information Institute puts property damage, such as a tree falling on the roof or a utility truck that backs into your garage, as one of its top reasons for homeowner’s insurance claims. While this type of claim can take a number of forms, the average cost of the claim is $5,823.
Most Common Homeowners Insurance Claims: Break-ins and Theft
Travelers notes that break-ins and theft of personal property account for 6 percent of its insurance claims. However, when it comes to the average cost of these claims, surprisingly, it doesn’t even break the top five.
Wonder where dog bites and trampoline accidents fall? Well, the Insurance Information Institute says liability insurance claims made up just 2 percent of total claims. Liability refers to your duty toward other people, such as when a guest is injured or has their property damaged while visiting your home. While these claims are low, they can be expensive—averaging a hefty $26,085.
Are you a genius homeowner? Find out in the video below.