Does Your Home Insurance Go Up After A Claim?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Most companies apply an increase to subsequent premiums when a homeowner has a claim.  Very few homeowners have claims.  The ones that do are not “average.”  The company views such a customer as being a higher risk than normal for future claims and adjusts their rates to reflect that.  Claims are not considered for a long period of time, however, and most companies remove consideration of a claim after three years.
    Answered on June 6, 2014
    flag this answer
  2. 1844 POINTS
    David W. Clausen
    Chief Executive Officer, Coastal Homeowners Insurance Solutions, Rocky Point, NY 11778
    Most of the time an insurance company will not be able to increase the rate you pay on your homeowners insurance if you have a claim. If you have several claims or one large claim the company may cancel or non-renew your policy. Your rate is likely to go up while searching for the new homeowners insurance after you have been non-renewed. This is generally when most clients experience a high rate from claims
    Answered on June 23, 2015
    flag this answer
    3. Did you find these answers helpful?
    Yes
    No
    Go!

Add Your Answer To This Question

You must be logged in to add your answer.


<< Previous Question
Questions Home
Next Question >>