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
- What is covered?
- What is my deductible?
- 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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