Common Home Insurance Claims and How to Prevent Them
Home insurance claims cost insurance companies millions every month, and, while not as much, the insured’s premiums will increase as a result. Knowing which claims are most common can help you prevent having to make them, especially given that home insurance companies do not pay out for claims that could have been prevented with proper maintenance.
Those perils that cannot be prevented by routine maintenance can usually be averted by other measures. Find here the four most common home insurance claims.
4. Water-Related Damage
Flood damage is the highest costing water-related damage claim. Homeowners can take measures such as building flood walls, making sure homes meet building standards, and building homes above national flood lines to prevent such a peril from turning into a catastrophe.
3. Malicious Damage
Malicious damage refers to intentional damage such as burglaries or vandalism. Improving security measures on the home can reduce the risk of malicious damage. Some low-cost measures include adding lights outside the home, light timers inside, and installing video cameras.
2. Storm Damage
Storms aren’t limited to flood damage. Wind-damaged homes and lightning damage causes millions in claims every year. Certain insurers go so far as to refuse cover for certain homes because of their risk of storm damage, such as thatched roofed houses.
1. Accidental Damage
Accidental damage includes burst pipes and geysers and cracked sinks. Anything that causes damage to a fixture in a home, even a window, can be claimed against a home insurance policy. It is the number one reason for claims on home insurance, even though the damage is somewhat minor compared to the others.
While some insurance companies include all of the above in their standard policies, others do not. Check your home insurance policy to make sure that you are covered for these, as the risk of such damage is high, as is the cost to the insured.
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