Homeowners should know that there’s always a chance of unfortunate events beyond their control, causing significant damage to their property – it’s best to be ready for it. The smartest thing to do is to have a financial back-up for the losses. For that, we recommend buying a homeowner’s insurance policy.
Factors That Influence Home Insurance Policy
If you live in Bradenton, Fl, multiple factors can influence the type of homeowner policy you can get.
- The size of your home (Square footage)
- Building costs in your area (home construction, materials, and features, etc.)
- Local crime rates, like burglary
- The likelihood of certain types of disasters, such as storms.
As per a study done in November 2019 by the Insurance Information Institute, the events mentioned below triggered the most homeowner’s insurance claims between 2013 and 2017.
Human-Caused Property Damage
Theft accounts for 6% of all homeowners’ insurance claims – this includes personal and property damage that occurs during the theft. Homeowners insurance covers both losses inside and outside your house and covers for maintenance of the property damage.
Vandalism also falls under human-caused property damage. Events like Halloween – when people throw eggs on the houses and decorate trees with toilet rolls – can significantly damage the property. Moreover, broken windows, wall graffiti, and dysfunctional locks can also qualify for a homeowner’s insurance claim.
Nature Induced Damage
· Wind Damage
Wind damage includes high-speed winds, which can uproot trees and cause roof damage. It accounts for one-fourth of all homeowners’ insurance claims. Heavy storms can cause havoc to your property, damaging your house’s shingles and siding or cause a tree to fall on the roof.
Nature induced water damage includes a damaged roof, frozen pipes, destroyed siding, and other similar damages. While the home is under repair, this policy also covers temporary living expenses if you shift to another place. An important thing to notice is that water damage does not cover the damage caused by floods. For flood coverage, one needs to purchase a flood insurance policy.
This category accounts for the destruction caused by tornadoes, hurricanes, and thunderstorms. Hailstones can wreak havoc on the roof and cause windows to break – it accounts for 16% of all homeowner insurance claims. Having an insurance package that covers the damage seems like a smart move.
Fire and lightning tend to be the most expensive claims, with an average value of $68,000. Homeowners’ insurance was initially designed to protect against fires, so coverage for these claims is easy to find.
Usually, the entire home is affected by the fire – either by smoke and flames, or the water used to extinguish it. Therefore, one needs to ensure that their coverage is adequate should a tragedy of this sort occur.
Why pay more when you can have discounts? If your house has an alarm system, deadbolts on the doors, smoke detectors, and sprinkler system, then you are eligible for a discount on your policy.