How Will A Claim Affect My Home Insurance?
1615 POINTSview profileRyan AndrewPresident, The Andrew Agency, Richmond, VAClaims will affect your home insurance but other variables are considered. Other variable include, how long you have been with the insurance company, how many claims you have filed, type of claims, payment for each claim, credit, other policies with the same insurance company. Filling a claim does not automatically increase your rate but filing several claims will.Answered on July 12, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaClaims on homeowner’s policies are very infrequent. They signal to the underwriter that there might be something that makes your property other than “standard.” Consulting tables they use the amount of the claim to determine if additional premium will be required in the following year. This is not to compensate for the claim but merely express the fact that your property isn’t a “standard” property. There are several other important factors but because a claim can affect your homeowner’s premium I suggest that you consult with your agent prior to filing a claim, unless you are being threatened with a lawsuit.Answered on August 12, 2014flag this answer
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