Water damage is one of the most common reasons for homeowners to make an insurance claim. But does homeowners insurance typically cover water damage? The answer depends on the specific policy and the cause of the damage.

Home insurance loss costs and frequency across all perils fell in 2021 from the year prior, but severity increased by 7%, according to the 2022 LexisNexis U.S. Home Trends Report. LexisNexis noted that insurance professionals should not be deceived by the one-year dip. The report, which analyzes data spanning seven years, shows a steady increase over time.

U.S. homeowners insurers paid out $1.31 billion in claims caused by lightning damage last year, down 36.5% from 2020, according to a report by the Insurance Information Institute (III). The total number of lightning-caused claims and the average cost per claim also fell year over year.