Do not trip into a pile of claims this Fall! Make sure you are aware of these seven common insurance claims that we see an increase in during the upcoming months.
Along with the falling leaves and dropping temperatures, Autumn brings new types of hazards and personal Insurance Claims. Here you have the most common claims that take place during Fall so you can be alert and prevent them from happening.
What is an Insurance Claim?
So, let´s start from the basics. An Insurance Claim is a case that a policyholder presents against an Insurance Company after an occurrence to be compensated.
According to the Financial News and Insights website Investopedia, an Insurance Claim must be validated by an Insurance Company and once approved, the payment is issued. “Insurance Claims cover everything from death benefits on life insurance policies to routine and comprehensive medical exams. In some cases, a third-party is able to file claims on behalf of the insured person.”
Claims are personal and non-transferable. This means that Insurance Claims can only be managed only by the policyholder. Their purpose is to bring the insured back to the same financial state they were in immediately before a loss. This process is known as indemnification.
Insurance Claims Trends During the Fall Season
In a general analysis, most of the common Insurance Claims that are filed during the Fall are related to two main variables.
- The weather. Roads are likely more slippery during the fall. This is due to the falling leaves (generating less friction on tires) and rain (which wets roads and makes breaking more difficult.) Finally, regarding weather conditions, fog reduces visibility for drivers. It can sometimes get to the point where the driver cannot see what is in front of them.
- The Holidays Season. With events such as Halloween and Thanksgiving taking place during the fall, people get out of their houses more often and crowd shopping malls.
This means more traffic on roads increasing the possibility of an accident.
With these catalysts in mind, let us analyze the most common Insurance Claims that take place during Fall season.
The 7 Most Common Insurance Claims in Fall
By preventing damage, you can keep your insurance costs to a minimum and avoid the risk of increased insurance premiums from your house, vehicle and businesses. Here you have the most common Insurance Claims during the fall season:
- Animal Collision Claims: Animals crossing highways make for an immense hazard. As populated areas expand, they tend to cross with Deer’s and Mooses natural habitats. These animals are also more active at dusk when vision is reduced.
- Collisions Claims related with Snow and Ice: 24% of weather-related vehicle crashes occur on snowy, slushy, or icy pavement and 15% happen during snowfalls. Snow and Ice related claims increase between October and December according to the US Department of Transportation.
- Fire and Smoke Damage Related Claims: Since the weather invites people to spend more time indoors and enjoy fall events, the main source of damage with claims outcomes comes from fireplaces, woodstoves, and candles.
- Water and Ice Damage Related Claims: Damaged water supplies, freezing pipes, burst pipes and dishwashers, and broken water heaters, are some of the consequent claims that become more frequent as the weather gets colder.
- Falling Tree Branches: Trees are beautiful in the fall, but aside from creating piles of leaves to rake up, they can also be the source of a lot of damage to your home and create liability risks.
- Parking Lot collisions Claims: Crowding of social spaces, such as malls and shops and people in a hurry, makes it easier for these kinds of accidents to happen with higher frequency.
- Auto & Home Theft Claims: According to the Insurance Information Institute, 25% of each year’s auto claims related to stolen vehicles are filed during the last quarter of the year. Claims for robberies increase 7% during September and October according to Farmers Insurance.
How to Avoid Claims Management Increasing During Fall
Now that you know what the most common insurance claims during Fall are, it is easier to be prepared and avoid the unnecessary losses of time and money.
If you want to streamline and speed up your Claims Management Process. No matter if it is Summer, Winter, Spring or Fall, Terraclaim is the ideal option for brokers, insurers, or third-party administrators.
Avoid Claims piling up like leaves on your front yard. TerraClaim centralizes data, eliminating time consuming manual input of document process and time lost browsing through endless certificates.
Request a Free Demonstration today to be ready for the next season!
