All of us would like to think we’ll never suffer any damage to our homes, but we also realize that things come up – ranging from severe weather to plumbing mishaps. Things that can, in fact, cause damage. One of our great companies that we represent here at Benton White Insurance, Travelers Insurance Companies Inc. has identified the most common and costliest homeowner claims. Here’s a Q&A!
Q: So what is the most common cause of damage to a typical home?A: Based on a review of its U.S. homeowners insurance claims made from 2009 to 2015, Travelers found weather incidents were the most common cause of damages, resulting in more than half of all claims. Wind, pipes freezing and bursting, roof and flashing leaks and ice dams were among the major issues leading to damage during weather events.
Q: Can you break that down?
A: Exterior wind damage accounts for 25 percent of all losses. Hail causes 15 percent and weather-related water damage like rain, melting snow and ice, account for another 11 percent.
Q: What about non weather-related damage … how significant is that?
A: Plumbing or appliance issues make up 19 percent of the claims and theft is another 6 percent.
Q: What are some of the costliest claims homeowners deal with?
A: While weather-related claims were most common, fire caused the most expensive claims, accounting for nearly one quarter of the total claim costs. Fires were often caused by appliance and machinery misuse or failure, electrical problems, including wiring or outlet issues, and cooking. Hail, wind, and plumbing or appliance leaks followed fire as the most expensive claims.
Q: What are the most common causes of water damage?
A: There are typically two main causes of water damage – weather events, such as rain or snow melt, and other issues, such as pipes bursting or leaking. By comparison, more water damage was caused by events such as a pipe bursting, or plumbing or appliance issues, than from the weather.
Q: Does the type of claim a homeowner files depend somewhat upon where they live?
A: Yes. In the South, wind was the most common cause of home claims and hail was the most expensive.
Q: Any thoughts on how a homeowner can prevent these kinds of incidents from happening?
A: To help consumers keep their property and families safe, Travelers provides home maintenance steps, seasonal safety tips, suggestions about preparing for severe weather events and more on its Prepare and Prevent website. Homeowners should also review their policies annually to help ensure they have the coverage they may need should something go wrong. When damage occurs, insurance coverage depends on the specific circumstances of the situation, as well as the terms of the homeowners’ insurance policy. Travelers suggests that individuals speak with an independent insurance agent to help understand their policy and coverages.
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So that’s us! We’re an independent agency and represent Travelers and other great companies. If we can help you, contact any of our staff at 615.377.1212 or EMAIL us at info@BentonWhite.com. We’re here to earn your business.
