Not all home insurance claims are the same. Flower Mound, Texas, is a wonderful city filled with hardworking homeowners, beautiful homes, and a strong sense of community. These characteristics and others are why we continue to rank highly as one of the most desirable places to live year after year.
But no matter where you are in the Lone Star State, you’ll have to deal with perils that can destroy your home. Having the right home insurance policies helps mitigate the financial hit you might otherwise take when having to restore your home due to a loss. While some perils may affect you more often than others, even perils that are less frequent can deliver a devastating blow to your home.
Thanks to the data found through the Insurance Information Institute (III), we can dive deeper to see which claims insurance brands are paying out the most on average. Learn more on the perils that can cost homeowners like you the most money if you are without the right coverages.
Fire and Lightning Damage
The good news? Fire and lightning-related claims are among some of the least frequent property damage claims for any home.
Not to double down on the doom and gloom, but fire and lightning damage claims are also the most expensive by far, reaching over $78,000 per claim. This means that homeowners who either don’t have a homeowners insurance policy or are covered by an inadequate home insurance policy would be forced to face a costly repair bill completely or partially out of pocket.
If there is ever a reason for home insurance it is a fire. Beyond all other risks, house fires have the very power to destroy your shelter, your belongings, and your finances in one sweeping blow. This loss is compounded exponentially should the unimaginable occur and cause physical or fatal harm to members of your family. Home insurance policies help you rebuild and can also provide loss-of-use coverage to help pay for lodging and eating costs while you are displaced.
Bodily Injury and Property Damage Liability
When people are visiting your property and become injured, you’ll find yourself in the middle of a very awkward situation where you are responsible for their medical expenses. The same is true should a member of your household, say your child, accidentally destroy your neighbor’s property.
Thankfully, bodily injury and property damage liability claims aren’t something that comes up often, however, when they do, you’ll be paying a sizable amount to restore such losses without home insurance. The average claim reaches nearly $30,000 and it is only expected to rise. Take these factors into consideration:
- The cost of medical care in America continues to grow at an alarming rate.
- Labor and material costs are also rising across the board, making restoring damaged property a costly endeavor.
Avoid paying excessive medical or labor fees with a home insurance policy, and for added liability protection, homeowners in Flower Mound, Texas, are always recommended to consider an umbrella insurance policy for maximizing their asset protection.
Water Damage and Freezing
According to III, water damage and freezing claims average a hair under $12,000 per claim. They are also one of the most commonly occurring claims homeowners will file. Texans throughout the Lone Star State learned how extreme freezing weather can be in 2021 after suffering from a winter storm that would rack up $24 billion in damages.
A standard homeowners insurance policy protects against water damage and freezing perils when the damage is of an accidental and sudden nature. You won’t be able to file a successful claim for water damage that comes from wear and tear such as a neglected roof or an old, leaky pipe. A damaged roof from a storm that allows water inside, accidental spillage of water from new appliances, and freeing damage from a sudden winter storm are all common examples of acceptable claims, though policies vary from home to home.
Flooding is another tricky area you should be aware of. While it may seem that a flash flood would fit the exact definition of accidental and sudden, it is important to remember that flood events require a separate flood insurance policy for coverage.
Weather patterns continue to pose unpredictable threats to homes in Flower Mound, TX, and beyond. Being a part of North Texas means that our homes can endure smoldering southern summers as well as harsher winter conditions. We overcome severe thunderstorms year-round, the remnants of tropical storms, and the potential for damage from freezing and the weight of ice/snow. Luckily, home insurance policies, while not blanket coverage, help you protect yourself and your home from a wide range of weather-related perils.
Wind and Hail Damage
Windstorms of every shape and size affect homes in Flower Mound, Texas, and with an average claim of almost $11,000, the damage these storms can bring is significant. To make matters worse, wind and hail damage is the most common claim homeowners are likely to make. Building materials and labor are going up making your roof repair a continuously growing expense.
Homeowners rely on their roofs to provide shelter from the elements. A shotty roof can lead to other problems in your home and neglecting to fix it as soon as possible can also have your claims rejected as well as your insurance provider dropping you as a client. Offset the cost of repairs with the right protection for your home.
All Other Property Damage Claims
A vehicle crashing into your home, a burglar vandalizing your home, a fallen object causing damage to your roof and wall…these are all examples of property damage that can happen to you. The frequency of such claims falls in the middle of other property damage claims and will only (“only”) amount to $6,400+ per claim. Still, shelling out several thousands of dollars to restore your home is never ideal. Home insurance can help you mitigate these expenses and protect against the unexpected.
Home Insurance Claims Made Easy in Flower Mound, Texas
Home insurance is necessary for protecting your financial future. All it takes is one major loss to destroy the equity you have in your home and put a dent in your net worth. It doesn’t matter whether you are a first-time homebuyer or happily enjoying a paid-off home, you’re going to need to stay protected.
Freedom Insurance Group is here to serve our community the best way we know how. By providing reliable home insurance products built to save you money while keeping you secure. We are proud to be headquartered in Flower Mound, Texas, and equally proud to work with more than 25 A-rated or better insurance providers.
Using an individual insurance brand can work against homeowners as an insurer is in the business of generating revenue from premiums. Here, we work for you by searching through a variety of home insurance providers to deliver the best coverage for your needs at the lowest price available.
Our team of agents is made up of talented experts who are ready to help guide you through the world of insurance. If you suffer a loss, the last thing you’ll want to do is be forced to face overcoming such an already disruptive event alone, but with Freedom Insurance Group, you’ll receive expert help when you need it most. Let us provide world-class customer service so that you can focus on getting your home and your life back on track.
The average customer switching to Freedom Insurance Group can save 40% on average. Get your free home insurance quote or contact us today and learn more on how we keep our clients safe for much less than the competition.