Home insurance is a simple and efficient way to ensure you can restore your family’s life and home after an unexpected event disrupts your family’s daily routine. The team of insurance professionals at NY Twin Bridges Insurance Agency is ready to help you select the insurance policy that meets your needs as a homeowner in Albany, NY.

The Most Common Homeowners Insurance Claims

According to an Insurance Information Institute (III) study, in 2020, 6% of insured homes submitted a claim for insurance reimbursement. Nearly 98% of those claims against a homeowner’s policy dealt with were for property damage. This is how the most common homeowners insurance claims break down.

Wind &Hail – 45.5% of Claims Submitted

The largest category includes damage caused by –

• Hurricanes
• Tornadoes, and
• Wind associated with thunderstorms.

Fire & Lightning – 23.8% of Claims Submitted

These homeowners insurance claims tend to be the costliest type of claim compared to other insurance claims.

Water Damage & Freezing – 19.9% of Claims Submitted

This type of damage happens when pipes freeze and burst or one of the home’s appliances begins to leak. This does not include flood insurance coverage – which is a separate policy.

All Remaining Property Damage – 7.9% of Claims Submitted

The remaining category covers all other forms of property damage, which may include –

• A tree that falls through your roof.
• A baseball that shatters your window, etc.

Bodily Injury/Property Damage to Other Individuals – 2% of Claims Submitted

While occurring at less frequency, liability claims typically are more expensive when they happen.  

Do you have questions regarding a homeowners insurance policy for a home or condominium in the greater Albany, NY area? Contact our licensed insurance professionals at NY Twin Bridges Insurance Agency at 518-608-5797.