According to various online sources, over three-quarters of all property owners have, at one point or another felt the need to claim on their property insurance. The stats recorded range anywhere between 75-80% of all policyholders meaning that only 20-25% of all property owners have never had to claim on their policies! On that basis, if you’ve never had to claim on your property insurance then you’ve either made a really sound property purchase, been extremely lucky, or you don’t own your own property! Here is a rundown of the costliest disasters that helped to drive those numbers.
1. Fire
As you probably already know, fire can be absolutely devastating, especially in hotter climates where the wind is unpredictable. The trouble with fire is that it can spread at tremendous speeds, almost as fast as water, no doubt, that plumbing Services in Sydney will be sure to agree, making it almost impossible to escape from or to distinguish once it has taken its full effect.
In some areas of the world, mainly due to the extreme heat and the wind firefighters are simply not able to keep the fires at bay, leaving them no option but to stand by, try and keep people safe and wait for the fire to burn itself out.
2. Hail
Most people will have seen fire before but, not everyone will have experienced hail before, mainly because it is largely geographical in terms of where it is likely to happen, and how fierce it will be. Essentially, hail is water that has formed into ice as it falls from the sky, it can be harmless if small and soft enough, on the other hand, it can be extremely devastating and, even deadly if it has had the chance to fully form into an ice ball.
Imagine how hard is, ice is when it’s just come out of the freezer of your apartment and then imagine it falling from the sky at up to 40mph in chunks that can be nearly 2 inches in diameter! It’s those characteristics that make it number 2 on the list of most costly property insurance claims!
3. Unnaturally Caused Water Disasters
Number 3 on the list of most costly property insurance claims are water disasters that are unnaturally caused, usually with the aid of human intervention. Unnaturally means that something other than nature helped to start the cause of the water damage which, as you are no doubt aware, can be catastrophic!
There are those circumstances that happen naturally which, didn’t quite make the top 4, it just so happens though that, with a little bit of a helping hand, water disasters have made it into the top contender list and beat the wind in terms of ‘cost to put right’ damage.
4. Wind
Finally, and not to be underestimated by any way, or means is one the most devastating natural force to be reckoned with…. Wind. The trouble with wind is that it is almost entirely natural making it really unpredictable and, once it has gathered speed there is no way of stopping, or slowing it down! Wind comes in many forms and has been responsible for demolishing homes in certain parts of the world.
Property insurance is important so make sure your policy does not expire.
Do you know someone who might enjoy this article or would find it useful? Share it!
