Frigid temperatures are a fact of life for much of the country in January, but winter-weather related insurance losses are even more likely this time of the year. More than 22% of all U.S. homeowners losses in 2007 were caused by water damage and freezing.  Winter storms are the third-largest cause of property damage, totally to about $1 billion annually, according to the Insurance Information Institute.

Standard homeowners and business policies provide coverage for a wide range of winter-related disasters such as wind damage, bursting pipes, and damage caused by downed trees or other falling objects.

With these frigid temperatures, it's important to avoid freezing pipes by keeping your home heated to at least 65 degrees. Everyone should also know how to shut off their home's water system.  If water freezes and pipes burst, time is of the essence to eliminate as much damage as possible.

Click here for tips to eliminate loss in the winter.  It's also important to have your water system drained by a professional if you plan to be away for an extended period of time.