Homeowners’ holiday flames and claims

The Fourth of July has come and gone, but for claims adjusters at insurance companies, the holiday rush has just begun. Homeowners who encountered trouble during the holiday ranging from fires started by malfunctioning grills to damage from a neighbor's illegal fireworks display are likely to file claims in the coming days and weeks seeking settlements. 

"If your neighbor fires a bottle rocket that hits the siding of your home, lands on your roof, catches your home on fire — the good news is that your homeowners insurance will take care of that, less your deductible," Northwest Insurance Council President Karl Newman told KIRO Radio. "They will rebuild whatever part of your home is damaged up to the complete house itself."

Insurance professionals have come to expect a spike in volume of claims around busy holiday weekends, when many Americans are likely celebrating at home. During the November, December and January holidays, NerdWallet reports an average of 67,000 claims are filed. This includes a 15 percent jump in home fire claims, 19 percent in sewer backup and 7 percent in theft. 

A combination of education and good preparation can help prevent holiday mishaps that are costly and dangerous. Some insurance providers issue warnings and suggestions ahead of major holidays, urging policyholders to celebrate safely. However, the best preparation a homeowner can make for incidental damage is to update their current replacement cost valuation. This can be done annually or as needed, particularly if changes are made that alter the home's cost to rebuild or repair. 

At e2Value, our valuation estimator tools provide a flexible solution for insurance professionals. Contact us today to learn more about how they can be integrated into an existing workflow to save your business time and money.