When disaster strikes your home, every homeowner is happy that they have homeowner’s insurance to help cover the cost of the damages. While it is a relief to have these repairs covered, it is important to remember that not all claims on your policy are going to be treated equally. There are some claims that will make your premiums raise a lot higher while others won’t. Since you have paid into the policy for years, it shouldn’t seem like you’re being punished for using what is rightfully yours. Signet Insurance Group is here to talk about claims and what you can expect as far as your premiums are concerned after filing one.
Home Insurance Claims from Easily Preventable Perils
Remember when we said that not all claims are treated equally? Well, when you file a claim on a problem that could have been easily avoided, you are more than likely going to see an increase in what you pay for your coverage. This would include accidents like a water backup or a fire in your kitchen. Things that happen that could have been avoided if you would have maintained that part of your home properly or paid particularly close attention to what was going on in your kitchen.
Insurance Claims Due to Weather Phenomenon are Different
If you have filed claim for something like a rare weather phenomenon, you aren’t going to see the same increase premiums that easily avoidable claims do. For instance, if your area has just experienced a severe hailstorm and you have extensive damage to your home, you won’t be heavily penalized like areas that live in high-risk places.
High Risk Homes Will Pay More
It is important to note that high risk homes are going to pay more for their coverage as well. This would be homes that are in an area that sees a large number of tornadoes. It could also be homes that are in places where wildfires happen often. These houses are going to pay more for their insurance coverage than homes not in these high risk areas.
How Many Homeowners Insurance Claims Are Too Many?
Whenever you make a claim on your insurance policy, it goes on your claims record. The claim will remain there for 5-7 years. If you have more than three claims in one year, you can count on seeing a significant increase in your insurance premiums. It can also have an impact on future buyers of the house when the sellers have filed claims. It is worth asking for a history when purchasing a new home.
Home, Business, Life & Auto Insurance Agency in Henderson, North LV, Reno, Spring Valley, Enterprise, Sunrise Manor, Paradise & Las Vegas, NV
If you are concerned that you’re paying too much for your homeowner’s insurance, you can turn to Signet Insurance Group to help you find more affordable insurance. We will do the work so that you don’t have to. It is our goal to make sure you’re not overpaying. Call us today!
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