Check Out the Top Home Insurance Claims in 2009-15

Information and statistics can steer you in the right direction to protecting your home.

Top Home Insurance Claims 2009-15Many homeowners buy a standard policy that protects their home – somewhat. With recent data from past claims, insurers are stressing that homeowners tailor their policy to their unique needs and possessions.

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 Travelers Companies Inc. recently gathered U.S. homeowners claims from 2009-15, investigating the most common cause of home claims! The top five were:

  • Exterior wind damage – 25 percent of all losses.
  • Non-weather-related water damage (e.g., plumbing issues) – 19 percent.
  • Hail – 15 percent.
  • Weather-related water damage (e.g., rain, melting ice) – 11 percent.
  • Theft – 6 percent.

Check out the other facts that research found:

  • 53 percent of non-weather water damage claims are related to plumbing issues.
  • 15 percent of known fire losses are related to overloaded electrical outlets and circuits.
  • Freezing issues account for 17 percent of weather-related water damage.
  • Over 50 percent of all homeowner’s claims are due to wind, hail, and other weather-related water damage.

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

Talk a professional in the field to ensure that your homeowner’s insurance best suits your needs and budget – as well as protecting your home in the right areas! Contact Mayer Insurance, serving Apple Valley in Minnesota to get started today.