A homeowner might need to file a claim with their insurance company at some point. Whether they experience storm damage on their primary residence, a guest slips-and-falls at a vacation home, or interior damage occurs - some claims are more common than others. Understanding the issues that affect most homeowners can help other property owners minimize risks associated with these claims, be prepared for understanding the homeowners insurance claim process, and perhaps review their current policy to ensure coverage is adequate in the event a claim is needed. Our Raleigh insurance dispute lawyers offer an overview of how to read your policy.
According to The Travelers Companies data reviewing claims over the past six years, the most common insurance claims from least to most frequent include:
- Damage due to weather
- Damage due to non-weather causes
- Wind damage to exterior
Wind damage has affected many homes across North Carolina the past few years. There have been a few tornadoes across the state, some large storm damage after Hurricane Sandy and severe thunderstorms. What are possible causes of damage that are not related to weather? Electrical fires, space heater fires, a leaky washing machine could damage floors and contribute to mold growth, and many other factors could result in property damage.
An important area for property owners to consider is that they don't necessarily need to accept the insurance company's initial offer of repair/replacement compensation. Statistics have shown that insurance companies might offer half of the actual replacement cost. Some companies may even deny a claim even if the policy states coverage is in place. When a policy holder suspects wrongdoing, they can file an insurance dispute. Policy holders don't need an attorney to do this, but insurance companies are generally familiar with the reputations of attorneys. Retaining an attorney might not only intimidate the insurance company, but it also helps the policy holder better understand their rights throughout the negotiation process, and potentially the litigation process. Our attorneys offer free case evaluations; request a case review.