About one in 20 insured homes has a property damage claim each year. We never want anything happening to our property but it’s important to be prepared if it does. Not only is property damage a huge headache to deal with but there are too many instances of insurance companies that don’t pay their fair share of a claim.
Before you deal with a property insurance claim, you’ll need to know more about the most common types of property damage claims. This can make you better informed of any potential issues you’ll need to deal with in the future. Keep reading to learn more!
- Wind and Hail
The most common property damage claim is wind and hail. This is caused by high-velocity winds that can cause substantial damage. Not only can it severely destroy a structure, but it can cause significant damage to things like roofing tiles, shingles, windows, and doors.
These are all things that will need to be repaired or replaced. Strong winds have the potential to create openings in your home as well and this can cause water to enter and damage your property. Some insurance policies don’t cover wind damage, so you’ll need to check with your provider and see if your insurance covers wind damage.
Hail is similar to the wind in that it can cause significant property damage as well. It tends to be particularly damaging to your roof so you may not see the damage immediately but be sure to look thoroughly. Often time, insurance companies will deny a claim if they believe the damage is cosmetic so be sure to document any property damage quickly and file the claim as soon as possible.
- Human Incited Property Damage
As unfortunate as it is, human incited damage is another big homeowner insurance claim. This includes things like vandalism as well as malicious mischief, which includes the hijinks that teenagers get up to during holidays like Halloween. There are also the more severe cases like broken windows or sabotaged locks.
If you have your garden or landscaping destroyed, that is considered human incited property damage. Since there are limits to making a vandalism claim, be sure to look through your policy carefully and file a police report quickly. If you still have trouble assessing the situation, consider hiring property damage consultants.
- Water Damage
Water damage is divided into non-weather water damage and weather-related water damage. Non-weather damage includes problems with appliances, water leaks, sewage, plumbing pipes as well as drains and valves. Weather-related damage is exactly what you think it is, it includes frozen pipes, torn siding, roof damage, and other home damage.
If the damage is significant, your insurance company might cover temporary living expenses while you make other living arrangements as your home gets repaired. There is a lot of water damage, like flooding or rising water, that is usually not covered by basic property insurance policies. The good news is you can still purchase a separate policy that helps cover this.
- Fire and Lightning
The most expensive cause of property damage is fire. They may be less frequent but if they do occur, it’s a nightmare scenario. The cost comes from the extent of damage that a fire causes.
Typically, your entire home as well as all its contents will be damaged – if not by the fire then by the smoke. There is even a chance things will be destroyed from the water that firefighters use to douse the blaze. That’s why you want to ensure that your insurance policies cover fire and lightning damage.
Lighting is part of this category because of its ability to strike and create a fire. Not only that but lightning can overload your electrical system which destroys it completely.
- Robbery and Theft
Despite how many precautions you take, the chances of your home being broken into are more likely than you think. The good news is that theft and burglary claims are covered under insurance policies. This will cover the damage caused by a break-in and it covers the cost of anything that got stolen or damaged.
Of course, there might be limits to this depending on your policy. The majority of these disputes involve the value of the stolen or damaged items are. If your home is broken into, be sure to file a police report and file your claim as quickly as possible.
- Mold Claims
Although not as common as the previously mentioned, mold can not only cause property damage but serious illness as well. This is typically covered under property insurance, but most policies do limit the coverage for damages caused by mold. As mentioned in the previous claims, your policy might have limited coverage for damages caused by mold.
It’s important to get rid of mold in your property because it can cause eye irritation, congestion, and respiratory problems as well. As soon as you realize that there’s a mold issue, file a claim. The longer you wait, the worse the mold can get and the more health problems your family will be susceptible to.
Most Common Types of Property Damage Claims
There is no way to foretell the destructive events that can cause damaged property. The good news is that there are insurance companies that can make it easy for you to take care of the damage and get your life back to normal with minimal stress.
As you do your research on how to best prepare for property damage, you’ll want to know about the most common types of property damage claims. This will keep you informed about what are the major causes of property damage and what to do if you face these unfortunate circumstances.
Looking for more informative articles like this one? Be sure to check out the home section of our blog!