The professionals at Wai Cheng Insurance Inc, serving the Bay Area, CA have vast experience with home insurance and are well versed in all of the different types of claims associated with home insurance policies.
Homeowner’s insurance is not required by the government to be carried by homeowners, but most mortgage lenders do require their borrowers to carry coverage in order to secure a mortgage.
There are a wide variety of reasons why policyholders will file insurance claims. There are a handful of claims that are made much more frequently than all others. These are:
- Exterior Wind Damage (accounts for approximately 24% of all insurance claims) – this could be from storms such as hurricanes and tornadoes.
- Water Damage (not weather related) (accounts for approximately 20% of all claims) – these are often incidents such as leaks, pipes bursting and other related issues that happen in the home.
- Hail (accounts for approximately 16% of all claims) – this is related to hurricanes, thunderstorms and tornadoes
- Weather related water damage (accounts for approximately 11% of all claims) – this encompasses flooding and other water damage from storms and adverse weather
- Theft (accounts for approximately 6% of all claims) – this includes break-ins and items being removed from the home by burglars
These five claims make up nearly 80% of all home insurance claims. Although it is not one of the most common claims, fire is the most costly claim made to home insurance agencies. It was responsible for about 25% of all insurance claims paid out to insured policyholders who made claims.
To find out more about home insurance in the Bay Area, CA, contact Wai Cheng Insurance Inc. today!