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Frozen Pipes, Hail Damage And Tree Collapses Most Costly Winter Claims For HomeownersHARTFORD, Conn. --(Business Wire)-- An analysis of The Hartford's winter weather claims history finds that frozen pipes, hail damage and tree collapses are the three costliest homeowners' claims. To help homeowners prepare for winter weather, The Hartford analyzed five years of its claims data and surveyed 184 of its property adjusters for their best advice for the season. "We know winter weather can create challenges for homeowners," said John Kinney, chief claim officer for The Hartford. "Our goal is to help people prepare for unexpected weather, protect what's important to them and prevail over the season." Frozen Pipes One of the most common and costliest cold weather claims is frozen pipes. While most common in the Northeast and Midwest, frozen pipes happen in all areas of the country and average about $18,000 per claim. The Hartford's adjusters recommend learning where the water shut-off is before faced with a frozen pipe or water leak. If damage occurs from a water leak or frozen pipe, a homeowner may need to find a service company to help clean up, which may help save money and prevent further damage from mounting. Hail Damage Hail damage is another common and costly winter weather claim, especially in the South where it is three times more common than in other areas. Roof damage from hail is more likely at the end of winter and can lead to claims that average $10,000. Claims for hail damage are often filed late because the damage isn't always easy to see. After large hail storm, a homeowner may want to consider hiring a professional to examine the roof if they're not able to safely inspect it. Filing an insurance claim as soon as damage is noticed allows the insurance company to start working with the homeowner sooner to minimize the damage. Tree Collapses Wind damage and tree collapses are another common and costly winter weather claim. Trees in the West are generally larger than other parts of the country and claims in this area average more than $10,000. By comparison, tree collapse claims range on average from $3,000 to $5,000 in the Northeast, Midwest and South. The Hartford recommends regularly assessing the trees and other vegetation on the property. Weakened tree limbs can easily come down in windy weather so the adjusters suggest maintaining and trimming trees near the home that could fall on the house, other buildings or vehicles during a storm. Season, Storm, Supplies To help homeowners prepare for winter's worst, consider the "Three S's":
Most Common Mistakes Despite the best laid plans, it may be necessary to file an insurance claim after winter storm damage. The Hartford's adjusters indicated the most common claim filing mistakes made by homeowners are:
For more tips from The Hartford's claims experts, visit http://www.thehartford.com/winter. Methodology The Hartford conducted an online survey of 184 of its property adjusters between Oct. 17, 2014 and Oct. 24, 2014. The Hartford's claims data is from homeowners claims during the last five full winters (December to March) for weather-related perils. The claims data was organized by the regions as defined by the U.S. Census Bureau. About The Hartford With more than 200 years of expertise, The Hartford (NYSE: HIG) is a leader in property and casualty insurance, group benefits and mutual funds. The company is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at www.thehartford.com. Join us on Facebook (News - Alert) at www.facebook.com/TheHartford. Follow us on Twitter (News - Alert) at www.twitter.com/TheHartford. HIG-N Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2013 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued. From time to time, The Hartford may use its website to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at http://ir.thehartford.com. In addition, ay automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the "Email Alerts" section at http://ir.thehartford.com.
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