What is the most common homeowners insurance claim?

The most popular forms of home insurance claims

What types of home insurance claims are more common? And are they the most expensive? Between 2014 and 2018, these incidents caused the most homeowners' insurance claims, according to national data from the Insurance Information Institute.

We have found that 85% of home insurance claims are underpaid by at least $10,000. In that regard, we strongly encourage consumers to speak with an experienced home insurance attorney.

Wind and Hail (34 percent of Claims)

The group includes hurricanes, tornadoes, and the wind associated with thunderstorms, so it is no surprise that they are the most common concerning the number of reports. Think about it: when significant wind events come through town, they frequently do a lot of harm – so that repairs are more significant than an insurance premium, so it makes sense to claim on a policy.

But while wind and hail account for a small percentage of all insurance claims, they still are very costly at just $11,200 a request (number four overall). You'll soon see that insurance decreases wind and hail damage by around 40% relative to fire damage (shudder).

Fire and Lightning Damage (32 percent of Claims)

Fire and lightning rank second in their frequency, but they are the most costly claims, averaging a fee of $79,785. The good news? Homeowner's insurance initially included coverage for fires, but the policy has now extended to include fire claims. The serious downside is that fires can quickly damage the property (hence the high cost of claims).

Water Damage and Freezing (24 percent of Claims)

When pipes burst or appliances leak, potentially serious damage may occur. And this kind of water damage occurs more frequently than once in five homeowners insurance claims. They are also popular and expensive, coming in at 3rd overall and costing on average $10,849.

Non-Theft Property Damage (6 percent of claims)

All sorts of things can cause harm to your house, such as a tree falling through your roof, a baseball breaking your window, or a garbage truck pulling into your new garage. Due to the sheer number of claims, the average cost for these claims is difficult to estimate. But in the end, this costs $6,598.

Liability (2 percent of Claims)

We should also applaud the rarity of insurance cases because they are so costly. As a refresher, people are responsible for taking care of others. You may be held accountable for the costs to treat a guest's injury in the event of an accident or the costs to fix or replace their house.

Liability claims come in second in average expense, with an average of $26,000. The good news is that most homeowner's plans shield against liability.

Robbery (1 percent of Claims)

The most frequently reported homeowners insurance claim, i.e., robbery. Theft is just one percent of all homeowners' insurance claims and is generally addressed as a low-cost claim.

To further protect your house, consider installing a home protection device. Some insurance providers also provide premium discounts for those who volunteer.

Mitigate risk so you can save your home and your income.

Homeowners are nervous about things that could happen to their homes because they are afraid they would happen. The insurance industry also needs to prevent negative results because poor circumstances cost them money.

That's why more insurance companies prefer mitigating risk by changing the home than by insuring it. Risk reduction involves:

Using a smoke detector and having it functioning.
Getting a fire extinguisher available.
Living next to fire services.
Implementing home security measures.
To use a carbon monoxide detector.
Plumbing and sprinkler repairs.

Although upgrading security and safety is always smart, it doesn't always result in a discount. If you're considering buying more expensive parts at a premium price, check first with your insurance agent. Don't be loyal to your insurance company because it will not have any loyalty to you when you make a claim. Also, avoid State Farm.