If I file a claim on my homeowner's insurance will my premiums increase?
This is probably possible, but to be absolutely certain, you might contact your company directly. I'm sure this varies from state to state, but in Ohio the insurance companies I have had through independent agencies have never increased my premiums as a result of any claims. In Ohio & the companies I have worked for within independent agencies have never had rates increase due to claims. Repeated claims within home policies could result in the company placing higher deductibles on the policy or refusal to renew a policy, or also may require repairs or replacements of things to prevent additional claims. I'd check directly with your insurance company for specifics in your situation.
by memyselfi - 12 hours ago
Well, YES, your AGENT knows the particulars of your policy!! Unless you have a rate guarantee, or some other oddball enhancement that doesn't increase your policy for claims, it goes up! I would NEVER file a homeowners claim for $1500. $5,000 is my personal threshhold (and I'm in TX, too). Because of that, I carry a $1,000 deductible, and of course, a lovely 3% wind deductible. Homeowners policies are for large, catastrophic claims - like that $50,000 kitchen fire, or a tornado blowing off the roof. Not the $1500 water damage, or wind knocked over the fence thing. So if you DO put in a small claim, it's going to penalize you.
by mbrcatz - 12 hours ago
yes it will
by Insurance - 12 hours ago
You'll have to ask your agent. They'll usually tell you before actually filing the claim. In general though, they will care more (and charge more) if you have a claim history with internal water damage, mold, and deterioration. Freak weather related claims should be OK. But... I don't know the market in Texas or the Insurance Regs there. So this is just an "in general".
by trail guy - 12 hours ago
Research the regulations at this website: http://www.tdi.state.tx.us/consumer/cb025.html It appears that they can only raise your premiums at renewal but I see no mention of it being a blanket application policy (applying to all policy holders equally). Look at it this way, if you were in Florida you would be ecstatic to have insurance!
by saurus3118 - 12 hours ago
With all the bad weather lately and all the claims, you will probably get an increase. I know of people that won't claim on things they can handle, as they don't know if they will have an increase. Hard to tell. Maybe you can discuss this with your agent. bettyk
by elisayn - 12 hours ago
yes it will go up
by steve - 12 hours ago
Premium go up? You'll be lucky if they don't drop you. Insurance is the biggest legal scam I can think of. Before I go off on a tirade ... If you file a claim, yes your premium can increase. It's called "Risk-Based" pricing. Just like when you apply for a loan at the bank... If your credit history is bad you get a bad rate. For insurance, homeowners, auto ... even life & health .. if you have a history of making them pay or are a higher risk, they will charge you more.
by Patrick N - 12 hours ago
I would file the claim. You are talking over $1500.00 more out of pocket expense to replace the fence above the $2200.00 deductible. I do not think they can raise your premiums that much for this claim. If it was under $500.00 more then my deductible I wouldn't file a claim.
by JAN - 12 hours ago
How to get people to come to your events: A Business Rockstars Minute
Hosting and holding events can be a great strategy for any business owner to network, to build contacts, to establish a...
iPhone or Android? A Business Rockstars Minute
In this Business Rockstars Minute with Ken Rutkowski he takes a look at the question that plagues everyone involved with a...
Cheating the 24-hour Day: A Business Rockstars Minute
Entrepreneurs are busy. Very busy. In fact so is any small business owner. So time is precious and we all need to make the...
Make Money with Free: A Business Rockstars Minute
Make money with free? What can that mean? In this Business Rockstars Minute with Ken Rutkowski, he explains how easy it is...
Lucky Dogs: Barkefellers Upscale Pet Hotel Goes National
For some poor doggies, doing a stretch at the local kennel while their families are away can be traumatic. Stuck in a cage,...
Carnivore Club: A Model for Success in the Subscription Business
Toronto-based online entrepreneur and angel investor Tim Ray says that his business decisions—all of them with good pay-offs...