Common Types of Insurance Claims

 

Common Types of Insurance Claims

Oxford Insurance has seen many claims come through our company. Some claims are bizarre and some are, unfortunately, fairly common. Here are a few types of claims we see regularly.

  1. Auto Insurance Claims:

    Auto insurance claims are among the most common types of claims. Accidents, hit and runs, damage from animals, debris flying up and hitting your vehicle- some you can prevent, some you can’t. We recommend always being aware of your surroundings, buckling your seatbelt, obeying the speed limit, and keeping your road rage in check.

  2. Homeowners Insurance Claims:

    Homeowners insurance covers your property and its contents from a wide range of perils, including natural disasters, theft, and liability claims. Common homeowners insurance claims include damage caused by fire, storms, burglary, or water leaks, our most common type of home insurance loss.

    How can a homeowner prevent water losses? Sam Paneto, Property Claims Manager for Quincy Mutual Group, says, “If we’re talking prevention methods, automatic water shutoffs (such as Flo by Moen) is a great start. Also watching the water bill, making sure all your faucets and toilets aren’t running before leaving for a vacation, or even turning the water off at your home before a vacation. Doing that and running the water after you’ve turned it off before you leave can do wonders, especially in the winter.”

  3. Property Insurance Claims:

    Property insurance claims encompass various types of assets, including commercial buildings, rental properties, and personal belongings. These claims often arise from damage caused by natural disasters, accidents, or theft. It is vital to document the contents of your business or home in an inventory list and keep this list updated as you purchase new equipment or belongings. This inventory can be referenced when a loss occurs and will help determine the reimbursement of these items.

    The claims experience is never enjoyable, neither for the adjuster, or the one filing the claim. To help prepare for filing a claim, maintain accurate documentation, and review your coverages regularly with your insurance provider. With the right knowledge, you can make the most of your insurance coverage and protect yourself against unexpected financial burdens.

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