Mishaps like slip and fall accidents and disasters like a burst pipe in the kitchen can compromise your finances as a homeowner. They can cost you thousands of dollars to remedy and leave you without the cash you need to settle them sufficiently.

Rather than experience such a financial crunch, you can take out a policy that will protect you, as a homeowner, monetarily. You can keep money in your bank account and avoid going bankrupt by making a homeowners insurance claim against it. 

Sparing Your Own Finances

When you make a homeowners insurance claim against your own policy, you can keep more money in your own bank account. Without this coverage, you would face having to pay for repairs and damages on your own. These costs can range in the thousands of dollars and wipe out your savings and any other money you have on hand.

Even more, if you lack the money to pay for these expenses, you might have to take out an expensive loan or risk going bankrupt to cover them. Rather than suffer such personal financial losses, you can make a homeowners insurance claim and allow the policy to cover most or all of them for you.

Protecting Accident Victims

A homeowners insurance claim can also protect victims of accidents that take place on your property or in your home. For example, if your dog bites a person, that person is entitled to seek financial compensation from you to pay for their medical costs for treating the bite. Those medical expenses can be substantial and difficult to cover if you use your own money.

Instead of paying the victim's costs on your own, you can have this person make a homeowners insurance claim against your homeowners insurance policy. The policy will pay out the victim's medical costs and spare you from having to pay them on your own.

Paying Lawsuit Judgments

Finally, a homeowners insurance claim can cover any judgments stemming from lawsuits filed against you. Your insurer may cover some or all of the judgment's costs after you pay your deductible and spare you from paying potentially thousands of dollars that you cannot afford from your own bank accounts. It can also spare your paychecks from being garnished.

A homeowners insurance claim can protect your finances. It allows you to recoup damages from disasters like a burst pipe. It also covers the costs for victims of accidents that happen in your home or on your property.

If you need help making a claim, contact a homeowners insurance claim representative.