How To Determine When To File A Homeowner's Insurance Claim

Sherri Ramos

Having protection for your home and belongings through a homeowner's insurance policy is a good idea for anyone who owns a home. Homeowner's insurance provides protection for damage a home may incur from storms, vandalism, and other things, and you must file a claim on your insurance if you ever want to utilize the coverage you have with your insurance policy. There are times, though, when filing a claim is not the best option, and there are several things you should consider that may help you determine when to file a claim and when you should not file one.

Filing claims may have consequences and risks

Any time you make a claim, it could have consequences and risks, and you should fully weigh these out before you decide whether or not to make a claim when you experience a loss. One of the risks of filing a claim is the potential for your home insurance rates to increase. Secondly, you face the risk of your insurance company dropping you; however, this typically does not happen from filing just one claim. It could, though, if you file multiple claims.

Your policy will have a deductible you must pay

Secondly, you should realize that your policy will have a deductible amount to pay if you file a claim, and this amount is something you can use to help decide whether or not to file a claim. If your deductible is $1,000, filing a claim for damage that is around this amount or less is probably not the best idea. If you do this, you would be paying the cost for repairs out of your own pocket. Therefore, there is really no need to file a claim for the damages, as the insurance company would not be paying any part of it.

Homeowner's insurance is best when used only for major claims

The top thing to know is that filing a claim on your homeowner's insurance is best to do only when you have a major claim, such as damage from a house fire or major damage from a windstorm. Filing claims for small problems may cause more harm than good, as there are consequences of filing claims on your policy.

If your house is not currently covered by homeowner's insurance, or if you are not happy with your current policy, learn more about property insurance claims by contacting an insurance company of your choice today.