When to Avoid Filing an Insurance Claim

WTAFAIC-min

When to Avoid Filing an Insurance Claim

Say you’ve been paying home insurance since you moved in 5 years ago. The average homeowner’s insurance is anywhere between $500-$2000 per year. Maybe you pay $500 a year. As an example, say a big windstorm causes part of your fence to blow down, which will cost $950 to fix. Your deductible is $500 for a claim, which leaves the insurance company to pay $450. The claim is not worth much more than the deductible, and in this case it’s worth more to pay for the damages out of pocket. This is because the average homeowner’s policy can increase as much as 33% or more after a claim has been made. This means, your policy would increase $165 a year, which will end up costing you more than the claim would have within a three-year-span. Also, if you own more than one property, having one claim or more on your record could make you subject to a surcharge on all of your policies.

If you had to file another claim, it may increase your insurance further, or cause you to be non-renewed. Always consider the amount of your deductible versus the total the claim will cost before you decide whether to file a claim.

Remember, your claims report plays a big role in the cost of your homeowner’s premium. It’s important to always call your insurance agency and ask questions before filing the claim.

Insurance professionals will never discourage a client from filling a claim. We just want to make sure you are properly advised.

 By: KayLynn

WHEN THE LIGHTS GO OUT THIS WINTER

By admin / January 3, 2018 / 0 Comments

Burning Money

By admin / May 2, 2018 / 0 Comments

ELECTRIC TOYS FOR TWEENS

By admin / December 12, 2017 / 0 Comments

Focus Within?

By admin / May 18, 2018 / 0 Comments

NOT ALL THIEVES ARE STUPID

By admin / December 11, 2017 / 0 Comments

4 Reasons You Should Try Yerba Mate

By admin / March 30, 2018 / 0 Comments

High, How Are You

By admin / April 10, 2018 / 0 Comments

IVORY

By admin / April 2, 2018 / 0 Comments

Home

By admin / April 16, 2018 / 0 Comments

Leave a Comment





TOP POST

MORE POSTS

Automobile Insurance: Collector’s Edition

If you plan to buy a car a few decades older than you are, there’s insurance for that.

WHEN THE LIGHTS GO OUT THIS WINTER

How To Plan For A Power Blackout Caused By Winter Weather Conditions.

NOT ALL THIEVES ARE STUPID

Stay informed and stay safe! Check out what some thieves are doing and stay a step ahead.

%d bloggers like this: