This year, the Northeast has been hit hard by harsh winter weather, but no major city has been inundated so visibly as Boston. With the total snowfall inches away from an all-time record, homeowners have begun to dig their way out of feet of snow and to assess the condition of their properties in the aftermath.
The Boston Globe reports that homeowners claims in the city have climbed along with the accumulation.
"Insurance companies say their phones are jammed with customer calls about ice dams," explains the newspaper. "About 25 percent of the new claims that Quincy-based Arbella Insurance is receiving are tied to ice dams, said Joe Salerno, vice president of claims. He expects it to grow as high 40 percent of claims."
The Globe reports that some large insurance companies have dispatched adjusters from around the company to help manage the volume of claims that offices are handling. The process could take months of evaluation to address all of the claims.
It's uncertain what portion of the claims that have been filed will be met with settlements. According to the Globe, some of the ancillary damage caused by ice dams, like property destruction inside a home, may not be covered by standard policies.
When winter weather strikes and claims result, it's critical that homeowners' insurance policies reflect the most accurate replacement value of a property to date. Homeowners can also prepare themselves by taking photos, saving receipts and otherwise documenting costs and damages along the way.
Agents depend on pinpoint accuracy in home valuations to provide customers with policies that fit their property's replacement cost. Contact us today to learn more about our valuation calculator and other tools to arrive at consistent valuations.