Common Property and Liability Insurance Claims on a Homeowner’s Policy

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Photo Credit/kattekrab

We buy homes to be a safe and happy place. There are quite a few potential hazards and large amount of money in claims paid on the homeowners claims. The natural elements and events are typically what you think of when you think about claims around the home, things like wind, water and fire. Events surrounding the property. Talk to your agents if you are also interested in flood coverage and that you have limits you are comfortable with for the above mentioned natural events.

But what about claims around our homes?Slippery floors, pets that bite, trampolines and injuries resulting in lawsuits are a  few things revolving around liability coverage. Home Owners policy generally have this up to a certain limit. To add more coverage Umbrellas are very effective.

Here are a few of the most common claims for property and liability claims related as relates to your homeowners’s policy.

 

Property Claims:

  • Fire Damage-Homeowners policies generally respond for these damaging events just make sure it for “Guaranteed Replacement Cost” make sure your amount is correct for debris removal and rebuilding. It also important to keep receipts, photos and records for your belongings so they can be replaced at proper values following an event.
  • Water Damage-This is the most common cause of loss. There can be a lot of causes, roof leaks,  broken washer hoses or piping issues. Bring up with your agent if your home is older or you think you may need water back up or sump dump overflow coverage for your residence.
  •  Storm Damage-This included wind damage. This can be anything from tornadoes to straight lines winds or any other more common weather events. Make sure these events are covered sufficiently on your policy.

 

Home Liability Claims:

  • Home Accidents- Whether invited or uninvited, accidents happen. This could be a door-to-door salesman that is injured, a guest tripping on loose carpet, stairways in disrepair or trampoline accidents. There are lawsuits around these events for home owners. Intoxicated guests can increase this exposure as you would be responsible for any injuries or property damage.
  • Pet Bites-A typical home insurance policy for damages or injuries caused by members of the household is covered . This would encompass pet bites, however, some dog breeds are excluded such as (pit bulls,German Shepherds, Akitas, etc..) For excluded breeds separate often more expensive coverage must be added or found with another carrier. These claims are on average thousands of dollars for injuries.
  • Neighbor Related- What happens when a tree or branches fall on a neighbor’s house or fence? Or if there are resulting injuries. This can be a costly claim
  • Hired Workers-If you hire a domestic worker to clean your house or do other odd  jobs around the house, think about your potential liability. Check for them to carry a contractor’s liability policy as well.

 

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