Claims

Think Before You Claim!

   That storm last night took some tiles off of your roof. It also blew down tree branches onto your fence. Do you file a claim? There is no hard and fast rule about filing insurance claims. The sole purpose of insurance is to make you whole again in the event of a loss. But what if it is a minor loss? Is it worth the possible rate increase?
   One rule of thumb we have used with customers is to use your deductible to judge. If you have a 1% deductible on a $250,000 dwelling value, your out of pocket will be $2,500. If the damage is less than the $2,500, it may be a good idea to pay for the repairs out of pocket and not file the claim. If it is more than the deductible, you most likely would want to file the claim to keep your out of pocket expenses in check. But you may see a premium increase at your next renewal. 
   Weather Claims and Catastrophe claims do not usually cause an increase in your premium. Slips and falls, water and Dog Bites are the most common claims that will cause an increase in your premium. Many carriers will not insure a homeowner with multiple water claims. And those that will insure with multiple water claims, will do so at a higher premium. 
   Carriers will offer various deductibles. The higher the deductible, the lower the premium and vice versa. With a homeowners policy you will generally have 2 different deductibles. One for Wind/Hail and one for All other perils.
You can often get the same amount for both deductibles, or choose different amounts for each. Again, the pricing will vary so ask talk with your agent before you sign off on the policy. Know what you have. 
  You pay for insurance so it will compensate you in the case of a loss. There is a fine line between not needing to file a claim and needing to file a claim.  If you do have a claim, talk with your agent to help you decide what the next step will be.  That is what your insurance agent is there for! If you need an agent, contact us at The Brockman Agency

Thanks for reading!