Most common and costly homeowners insurance claims

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A recent analysis conducted by The Travelers Companies has revealed some significant trends.

According to the results of a homeowners insurance claims data analysis conducted by The Travelers Companies Inc., weather incidents were the cause behind more than half of all the filings that were made by policyholders.

Among the events that were most commonly at fault were wind, frozen bursting pipes and leaky roofs.

Despite the fact that the most common homeowners insurance claims were those caused by weather damage, it was the fire damage claims that were the most costly. The report was based on the claims that were made on home insurance policies from 2009 through 2015 with that specific insurer. Within the report, several different types of data with regards to the filings were broken down.

The most common type of home insurance claims was found to be exterior wind damage, at one quarter of losses.

homeowners insurance rates increaseNext most common was non-weather related water damage, such as from issues with appliances or with plumbing. That represented 19 percent of losses. Hail came in third at 15 percent, followed by weather-related water damage, such as from melting snow and ice as well as from rain, at 11 percent. At the end of the top five list was theft, which rang in at 6 percent.

Travelers senior vice president of personal insurance claim, Pat Gee, explained that “Any number of things can go wrong with a home, and it’s impossible to predict them all,” adding that, “But if consumers focus on these particularly common risks and take preventive steps and perform routine maintenance, it may help lessen the likelihood of damage.”

Among all the homeowners insurance claims, the most expensive were relating to fire, which made up one quarter of the total cost faced by the insurer. Among the most common causes of the fires in these filings were the misuse or failure of machinery and appliances, electrical problems (such as outlet and wiring issues), and cooking. After fire, it was hail, wind, and leaks in plumbing or appliances that were behind the most expensive filings on home policies with that insurer.

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