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Do home insurance claims increase premiums?

Blog 2020 July Do home insurance claims increase premiums?
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Do home insurance claims increase premiums?

Posted By Dick Law Firm || 25-Jul-2020

Do home insurance claims increase premiums?

The simple answer is no. Insurance companies can decide not to renew a homeowner if they have excessive number of claims.

When evaluating the insurance premium that you are paying your insurance company, you should ask yourself

  1. What is covered?
  2. What is my deductible?
  3. How much does the insurance cost?

For coverage, you want extensive insurance coverage.

  • Make sure you do not have multiple deductibles for your roof.
  • Make sure you are covered for wind and hail.
  • Make sure you are covered for sudden and accidental water damage in excess of $5000.

For deductible, you want a low deductible.

  • Avoid a roof surfaces deductible!
  • Pay attention to separate deductibles for wind and hail damage.
  • Avoid any deductible that exceeds 2% of your covered property.
  • Get a deductible at a low dollar amount.

For insurance cost, you want a low premium.

  • Avoid major insurance carriers like State Farm, Allstate, and Farmers Insurance.
  • Contact an independent insurance agent and change insurance carriers every year to get the lowest price.

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Categories: Insurance Claim Denial, Delayed Claims, In the News

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