Boston Property Management: 5 Common Insurance Claims

Boston Property Management

Boston Property Management: 5 Common Insurance Claims

Home Insurance can be a lifesaver as it helps you if there is any damage to your property. You just need to inform your insurance company about the damage and see what the policy covers. However you also need to make sure that you are fully covered for the damage which has occurred. This will protect you as you know what you are covered from. A standard policy will protect you for the basic stuff  such as fire, wind, theft, hail and more, depending on your provider and the coverage you select.

Here’s a look at the five most common claims.

1. Wind and hail

Wind and hail are the most common insurance claims which include tornadoes and hurricanes. However some providers may force you to get a separate policy depending on where you live. This means that if you live in an area well known for tornadoes then your policy won’t cover it.

2. Water damage and freezing

A lot of the country suffers from low temperatures during winter which ends up leading to burst pipes if not insulated properly. Fortunately home policies cover water damage so there is not much to worry about. The only problem is that the premiums go up later. SO make sure that all your pipes have no leaks and that they are well insulated.

3. Boston Property Management: All other property damage

If your home is vandalised or broken into then you are entitled to damages from your home insurance provider. This may also include damage to your property or defacing from the outside.

4. Theft

If you are the victim of a theft then you can make a claim from your insurance company. The only caveat is that you need to have the receipts for all the items which were stolen. You can prevent this from happening if you have a property home security system or if you have trusted neighbors who can keep a lookout for you when you are out traveling. Also make sure that your home is secure and that you haven’t left a spare key hidden underneath a mat.

5. Fire and lightning

Fire and lightning claims tend to be the most expensive claims as they cause the most damage. The average claim was for  $37,153, which is $17,687 more than the second-most severe types of claims (bodily injury and property damage).

To minimize losses from these typically covered perils, just update your inventory and review your policy annually. Keep a list of all your possessions and their value in a secure place so that you can file a claim fast.

We hope you liked our post “Boston Property Management: 5 Common Insurance Claims

 

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