Damages to a home and its property can happen at any time. Hurricanes, floods, tropical storms, fires — and even a heavy, summer rainfall — can wreak havoc on a home in a myriad of ways, including roof damages, gutter damage, downed power lines, fallen trees, contaminated water, etc. Some damages are harder to see than a torn-off roof, such as theft. Although the type of damages a home and property suffer can vary drastically, there are four types of homeowners insurance claims that are filed more commonly than others, as detailed by our home restoration experts with Maven Construction Group.
Wind damage accounts for about 25 percent of all insurance claims filed by homeowners. This includes roof damage resulting from stormy weather. Wind and storm damage is typically included in most insurance policies; as such, it is unlikely to be an area where homeowners can save. Nonetheless, remediating damage before it escalates can save policyholders thousands. For straightforward and expedient restoration services, contact Maven Construction Group today. We will work with your insurance company to get your home back in shape while saving you money.
Water damage as it relates to homeowners insurance generally falls into two categories: non-weather and weather-related. The former makes up about 20 percent of all homeowners insurance claims and includes water leaks, sewer damage, plumbing damage, and water-appliance breakdowns. On the other hand, weather-related water damage accounts for only about 10 percent of insurance claims, including roof damage, frozen plumbing, and some infrastructural damages. Depending on the policy, temporary living expenses may also be covered while repairs are made. It is important to note that flood damage is typically not covered under water damage coverage and must be purchased separately.
Property theft ranks much lower in comparison to other insurance claims, accounting for only about 5 percent. Cases include both personal property losses and property damage resulting from break-ins. Most homeowners insurance covers property theft both inside and outside the home but the property’s value is assessed differently based on the policy. Some policies use the actual cash value (ACV) of the item and compensate policyholders accordingly. On the other hand, some policies use a replacement cost value (RCV) system to calculate how much compensation to award. Homeowners looking to save money may want to consider installing enhanced, high-tech security systems in their homes as insurance companies may be willing to provide additional discounts for installing them.
Fire damage is among the least common causes for homeowners insurance claims. Nonetheless, it ranks highest for severity, being the costliest type of damage by far with about 25 percent of all total claims costs devoted to fire-related home repairs. Most insurance policies cover damages by fire, including appliance and machinery failure, electrical malfunctions, and cooking accidents. It is important to note, however, that the finer details of fire damage coverage vary significantly between policies. Homeowners must pay close attention to the terms and conditions of their homeowners policies if they hope to get the best return on their investment.
Locally owned and operated in Gainesville, FL, Maven Construction Group is a licensed general contractor, Angie’s List Certified Contractor, and is accredited and A-rated by the Better Business Bureau. Maven has delivered the best damage restoration and reconstruction services in North Central Florida for more than 15 years.Certified General Contractor Lic # CGC1519003 Certified Mold Remediation Lic # MRSR2344