After Filing A Claim, Does Homeowners Insurance Increase?

You have recently completed the entire claims procedure and are now wondering if your homeowner's insurance will increase. Usually, depending on the nature of your claim, your insurance company may surprise you. Let's examine some types of claims that would likely result in higher homeowner's insurance premiums.

What Kind of Claims Will Cause My Rates to Increase?

Numerous types of claims raise the likelihood of your premiums increasing; sadly, they are relatively common. Theft, water damage, fire damage, dog bites, liability, and mold damage are among these claims. Depending on the details of the damage, your premiums may climb further. These are the most expensive claims, which is why your homeowner's insurance premiums will increase.

When Should I Use Household Insurance?

You would need to utilize your current homeowners' insurance policy in numerous instances. Depending on what was damaged in a pipe break or by a tree falling on your home, the reimbursement from a claim based on your deductible may not be worth the trouble if you want to avoid an increase in your premiums. Always evaluate your current insurance coverage and consult a public adjuster to ensure you receive the maximum payout from your insurance company in the event of a natural disaster.

How Much Will My Homeowners' Insurance Increase?

Again, this depends on the circumstances, but it might increase by 7 to 10 percent in many cases. In the event of a theft, your insurance premiums may increase even further. This evaluation involves numerous criteria, such as what was destroyed, the cost of repairs, who will be engaged in the repair process, etc. It is also crucial to understand that any water damage not caused by weather will likely increase your homeowner's insurance premium.

Can My Homeowners Insurance Be Change After A Claim?

If you believe that your rates are ultimately greater, you must switch. As a homeowner, you have the right to compare insurance quotes, which might save you thousands of dollars in the event of unforeseen property damage.

Here Are Some Suggestions For Preventing Your Homeowners Insurance From Increasing:

Never File Claims Unless Absolutely Required

When on an insurance policy, some individuals will use it to reimburse damage lost for easily replaceable products. However, if you file excessive insurance claims, your premiums will increase. Do not submit a claim until it is necessary. Its best to speak with an experienced home insurance attorney.

Install Security Devices In Your Residence

However, some homes do not comply with the fire code and safety rules. Purchase carbon monoxide detectors, smoke detectors, sprinkler systems, etc. These will help you discover issues before they occur. Not to mention that if your insurance provider discovers you lack these systems when you file a claim, you will likely receive a small reimbursement.

Pay Your Bills Promptly

Pay your bills! This may be one of the most crucial suggestions on this list. Anything you can do to remind yourself to pay them on time will prevent an increase in your insurance premiums. In addition, it is vital to note that paying your credit card bills late may cause your homeowner's insurance premiums to increase following a claim.