Should I File a Property Damage Claim? Three Questions to Help You Decide

Homeowners insurance can protect you from the unexpected. If your home is damaged or your belongings are stolen, it can help cover repairs or replacement, temporary housing and more. For example, if a tree falls through your roof, you’ll likely file a property damage claim under your homeowners policy. But what if you have an incident where you’re not sure whether to file a claim? You might not know what is covered under your policy or whether your policy will cover all of the damages. Here are three questions to help you determine what to do next.

Is My Loss Covered Under My Policy?

According to Jim Wucherpfennig, Travelers Vice President, Claim Property Product, understanding what caused the damages to your home or belongings and whether that damage is covered is key to determining whether to file a property insurance claim. Statistics compiled by the Insurance Information Institute (III) show that wind and hail damage is the most common homeowners claim.

Your insurance policy sets forth what is covered and to what extent, so read your policy documents carefully. Once you understand how the damages were caused, you can explore if it might be covered under the policy. Some common causes of damage to your home, belongings and property include wind, hail, theft, fire, vandalism and water (burst pipe). Typically, flood, normal wear and tear, and earth movement are not covered by a standard homeowners policy.

What's My Deductible?

Although you may have a covered loss, the cost of the damages may not exceed your deductible, so you may not want to file a claim. Minor damages, such as a few roof shingles falling off during a windstorm, will often cost less to repair or replace than the total amount of your deductible. Generally, if you decide to file a claim that is paid, then your deductible will be subtracted from the amount of your covered loss.

Are There Special Policy Limits That May Apply to My Loss?

Payment for damage to certain types of property may have a special limit that applies to that type of property. For example, jewelry, comic books, collectibles or other valuables, may be limited. These sub-limits could be less than the total amount of damage to that property. This is something to consider when thinking about whether to file a claim.

If You Decide to File a Claim

If you’ve decided to file a claim, you'll want to notify your insurance company as promptly as possible. The sooner they receive notification, the sooner they can start helping you. In the meantime, if you make temporary repairs, keep a copy of all receipts and ask your Claim professional to review them and let you know if they’ll be covered. In the event you’re unable to stay in your home, keep track of expenses that may be reimbursed if you have Loss of Use coverage.

And remember, you’re not alone. Your Claim professional is there to answer your questions, help you understand what's covered under your policy, and guide you through the claim process.

If you need help determining if you need to file a homeowners claim, or how to go about it, please contact us today.

Dan Zeiler

dan@zeiler.com

877-597-5900 x134