Your home is a significant investment, which is why you need financial protection from several risks. Though no one expects to have to use their homeowners insurance, approximately one out of every 15 policyholders files a claim each year. To understand what kind of coverage you need, it helps to know which dangers pose a threat to your property and financial security. Here are some of the most common perils homeowners encounter.

4 Causes of Homeowners Insurance Claims

1. Wind & Hail Damage

Harsh weather conditions can result in serious structural damage to a home. Strong winds and hailstorms may wreak havoc on roofing systems, siding materials, and windows. Damage from tornadoes and hurricanes are included in this type of claim. Find out what your homeowners insurance policy covers and if it’s necessary to purchase a separate policy specifically written for these events.

2. Fire

There are several fire hazards in a home, including electrical systems, cooking, fireplaces, heaters, and candles. Fire damage is one of the most expensive claims filed. It can require extensive repairs or an entire rebuild, replacement of belongings, and temporary housing expenses. As such, you want to ensure you’re covered for the replacement cost value of your home. Also, keep an updated list of personal possessions, and make sure any high-value items you own are covered with an endorsement. 

3. Water Damage 

Burst pipes and malfunctioning appliances can lead to costly water damage. Having water infiltrate your living space puts the contents inside at risk and can weaken the home’s structural integrity. These claims frequently occur due to burst pipes, leaking roofs, and broken washing machine or dishwasher hoses. Fortunately, standard homeowners insurance policies cover water damage from plumbing failure and rainwater as long as it wasn’t caused by neglect. 

4. Theft 

There were an estimated 1.2 million burglaries in 2018, with residential properties accounting for 65.5% of cases. Basic policies cover theft. However, to ensure you’re reimbursed the appropriate amount, your contents coverage needs to be updated whenever you acquire new valuables. 

If you have uncertainties about your current homeowners insurance policy, reach out to Family First Insurance Services in Wesley Chapel, FL, for help evaluating your coverage needs. They’ll make sure you have the right protection to recover quickly in the event of a disaster. Backed by more than 70 years of combined industry experience, they’re proud to provide residents in Pasco County and throughout the Tampa Bay area with quality insurance solutions from a reputable national carrier. Call (813) 994-3900 to schedule an appointment, or visit them online to learn more about their services.