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The Most Common Home Insurance Claims

Top Home Insurance ClaimsCheck out the frequently filed home insurance claims from 2009 to 2015.

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.

Research from the Travelers Companies, Inc. examined the most expensive and the most common homeowners insurance claims. Their data was based on home insurance claims filed across the nation from 2009 to 2015.

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 most frequently filed claims over the past eight years were as follows:

  • 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.

The most expensive claims with the percentage of all financial damages were as follows:

  • Fire – 23 percent
  • Hail – 20 percent
  • Windstorms – 18 percent
  • Water damage not related to weather – 11 percent
  • Weather-related water damage – 3 percent

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

Talk a professional in the field to ensure that your homeowners insurance best suits your needs and budget – and protects your home in the right areas! Visit the professionals at Bell Black Insurance! We serve the Oakley, Idaho Falls, Island Park, Driggs, Victor, Swan Valley, and Ashton communities in Idaho, and Jackson and Star Valley within Wyoming.