Does Home Insurance Go Up After Claim?
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! The answer is unfortunately, a lot of times, it does. It isn't always the case, however. Many companies will have a "forgiveness" or "first claim" benefit, like the ones made popular with the auto insurance industry, your company may be one of those. If your claim is very small, and you have no history of claims, you may not see a rise either. If the claim is a good sized one, then you may well see an increase. Hopefully that's not the case for you. Thanks for asking!Answered on June 26, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaInsurance companies often reward homeowner policyholders who don’t have claims with a discount. This can have a significant impact on the premium. When you file a claim, you lose that discount. The amount paid by the company on the claim could trigger a surcharge to future premiums. Recurring claims of a similar nature are sure to attract an increase in premium if not a notice of non-renewal.Answered on June 26, 2014flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482It might, but honestly that depends upon the company and the terms and conditions of their contract. It is always a good idea to discuss your policy and it's terms with your Insurance Professional. Some companies may, for an additional charge, include "claim forgiveness" as a benefit in their policy and that too may come with certain limitations.Answered on July 2, 2014flag this answer
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