What are the Most Common Causes of Home Damage?August 24, 2018 in Personal Insurance, Safety How valuable is your home? It’s probably the most expensive thing you own. It’s probably the most important thing too. Homes aren’t like other property. Their market value can be measured financially, but their true value is measured emotionally. It’s the emotional investment that makes homes so valuable and losses so difficult. The most effective way to prevent a loss is to identify the risks. Fortunately, a recent report from Travelers did precisely that. The report examined eight years of claims data to identify the most common and most expensive causes of property damage. Let’s look at what the nationwide data revealed. Most Common Causes Wind (24%) Water — Non-Weather-Related (20%) Hail (16%) Water — Weather-Related (11%) Theft (6%) Most Expensive Causes Fire (25%) Hail (20%) Water—Non-Weather-Related (17%) Wind (17%) Water—Weather-Related (7%) The nationwide claims data was also analyzed by region and season. The results revealed just how much both can affect the risks facing homeowners. Most Common Causes – Regional Northeast: Wind (27%) South: Wind (26%) Midwest: Hail (28%) West: Non-Weather-Related Water (28%) Most Expensive Causes – Seasonal Spring: Hail (38%) Summer: Hail (22%) Fall: Fire (35%) Winter: Fire (30%) Knowing the extent to which risks are influenced by time and place can prove invaluable when shopping for homeowners’ insurance. Not all regional risks are covered by standard homeowners’ policies. Some may require you to purchase a specific coverage endorsement. Others may exclude the risk outright. Risks are also changing. In 2012, there were 35 magnitude 3+ earthquakes in Oklahoma. In 2015, there were 903. Weather-related losses made 2017 the costliest year ever. Hurricane Irma caused catastrophic flooding in parts of Texas that were not considered flood zones. Many homeowners are facing new risks that may not be covered under their old insurance policies. Understanding these risks is the key to getting the right kind of insurance. Otherwise, your most valuable possession may not be covered. Please contact us to learn more about obtaining adequate homeowners’ insurance coverage. To receive regular updates about developments which may affect you, subscribe to Setnor Byer Insurance & Risk’s risk management news brief. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window) Tags: Fire, Home Damage, home insurance, House Fire, Personal Insurance, Property Damage Share on Facebook Share on Twitter
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