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You just went through the entire process of a claim and now you are wondering will my homeowners insurance go up? Depending on the type of claim you may be in for a surprise from your insurance company. Let us take a look at some of the types of claims that will most likely result in higher rates from homeowners insurance.
What type of claims will increase my rates?
There are many different types of claims that will increase your chances of your rates rising, unfortunately, they are relatively common. Some of these claims include theft, water damage, fire damage, dog bites, liability, and mold damage. Depending on the extent of the damage it could potentially increase your rates more. These are all some of the most highly-priced claims which is why your homeowners insurance rates will go up.
When should I use homeowners insurance?
There are many situations that would call for you to use your current homeowners insurance policy. For instance, depending on what property was damaged in a pipe burst or tree damage to your house, the payout from a claim based on your deductible may not be worth the hassle if you want to prevent your rates from increasing. Always assess your current insurance policy and consult with a public adjuster to make sure you get the most money from your insurance company in such disasters.
How much is my homeowners insurance going to go up?
Once again, this depends on the situation however in many cases it could rise nearly 7-10 percent. In the case of theft, your insurance could rise even further. Numerous factors are involved with this assessment such as what was destroyed, what is the cost for repairs, who will be involved in the process of repairs, etc. It is also important to note that any water damage not related to weather is most likely to result in your insurance going up as the homeowner is responsible.
Can I switch my homeowners insurance after a claim?
If you feel that your rates are higher at the end of the day, absolutely switch. Looking around for better rates is your right as a homeowner and it could potentially save you thousands of dollars in the case of unforeseen damages to your property.
Do you need to switch your homeowners insurance?
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Here are some tips on how to prevent your homeowners insurance from going up:
Only file claims when absolutely necessary
When on an insurance policy, some people will use it to repay damage loss for items that can be easily replaced. However, if you file too many claims your insurance rates will skyrocket. Save your time to file for a claim until you absolutely need to.
Install safety devices in your home
These are required, however, some homes are not up to fire code and safety regulations. Purchase smoke detectors, carbon monoxide detectors, sprinkler systems, etc. These will help you detect a problem before it happens. Not to mention the fact that when filing for a claim and your insurance company notices you do not have these systems, you are likely to not get much reimbursement for your claim.
Pay your bills on time
This may be one of the most important tips on this list, pay your bills! Anything you need to remind yourself when to pay them on time will help prevent your insurance rates from increasing. Also, it is important to mention that paying late on credit bill statements also may cause your homeowners insurance to go up after a claim.
Do you have an insurance claim?
We can help! Performance Adjusting is a public adjusting company that specializes in getting property owners the most money for their property damage. We take on the claims process for you so that you can sit back and relax. Give us a call at 401-724-9111 or visit our contact page for a free, no-strings-attached consultation on how we can help you!
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We've been helping homeowners since 2005 to get the most money for their claim and take the stress out of the insurance claim process.