Home insurance is important to help you financially recover from a disaster. Unfortunately, filing claims can affect the cost of your insurance. Here are five examples, along with some ideas to reduce the chance of a loss that could create a claim.
- Fire claims occur when your home becomes damaged or destroyed by a fire. Yes, even masonry houses like we have in the Virgin Islands can burn. Once kitchen cabinets catch on fire, the roof can easily catch on fire, potentially causing a total loss. Make sure you have adequate smoke detectors and fire extinguishers, and that both are kept up to date.
- Liability claims are filed if a person is injured or their personal property is damaged at your residence. Your liability insurance would help pay for damaged property and medical expenses up to your policy limit. Check regularly for slip and trip hazards around the property.
- Theft claims take place when something is stolen from your home. You can choose to install various security equipment, such as cameras or alarm systems, that may lower your insurance rates and aid in preventing any future theft.
- Water damage claims most often occur because of an overflowing sink or bathtub or a broken pipe or burst water heater. Check plumbing regularly and replace water heaters periodically. These can deteriorate more quickly in the Virgin Islands Environment. Standard home insurance policies do not cover damage caused by overland floods or rising coastal water.
- Weather claims arise if your home is damaged from tornadoes, hurricanes or other natural disasters. Check your policy to determine what kind of weather claims it will cover.
Keep in mind that any claims you’ve filed at a previous residence may be reflected in your current premium costs. Talk to our team today for more risk management tips and to discuss your coverage.