18 August 2016

The Most Common Home Insurance Claims

Buying home owners insurance is mandatory in most states and is put there as a measure of protection we can not live without. Premiums may be costly, however, in the event of emergency, your policy can save you from rack and ruin. According to a comprehensive insurance study conducted from 2000 to 2007, Texas insurance claims have been dominated by water damage issues. Some of the most common insurance claims to be collected also include fire, individual personal claims and even dog bites. You can never second guess what kind of incident may cost you a payout, so be sure to secure your home with the maximum coverage. According to statistics from the nation's leading home insurance companies, these four claims top the list:

1. Water Damage.

Water damage coverage is not just for flood zones. Internal circumstances such as a water heater burst or careless operation of a bathtub can occur and cost you big bucks to repair. Drainage overflows, hurricane conditions and a leaky roof are just a few of the monetary make-up of the water damage scenario.

2. Accidents.

Home owners are just as accountable under the law for someone being injured on their property as is the commercial policy owner. We tend to think its grocery stores and restaurants that have to deal with slip and fall injury claims, however, the home owner who is host to an accident runs the risk of financial ruin if the injured party sues. Although most people welcomed into the home are family and friends, don't let the cordial relationship fool you into thinking that they will not sue if injured. In addition, handy men and contractors may pursue a liability claim should they trip on an uneven cobblestone or fall from a ladder. Be sure your policy is complete and comprehensive to cover all manner of personal injury on your property.

3. Animal Attacks.

Dog bites are a frequently seen claim as dog owners are percieved as prime targets for those who wish to collect for a canine attack. If you own a dog, be sure your policy has a personal liability up to $100,000 in the event that Rover see's fit to nip. Unfortunately, the claim courts do not probe too deeply into the circumstances for the bite, and don't care whether the recipient had it coming or not. Dog owners are responsible to keep their pets under control or shell out a fortune in court.

4. Fire Claims.

Fire insurance is essential to rebuild a life reduced to ashes, but be sure that you can back-up and validate all your recovery money. Insurance claims professionals are willing to help, but are also trained to sift through hyper-inflated monetary losses. When declaring your possessions and valuables, the best results ensue when you can assert the exact worth of the object, rather than rounding the figure out with a guess. Extended fire insurance plans may also cover the costs for temporary housing and living expenses. These details should be carefully considered before committing to a fire insurance policy.