Does Filing a Home Insurance Claim Hurt You?
Oct 25, 2023 Crossroads IRA
Many homeowners hesitate to file a claim out of fear it will raise their rates or hurt their coverage. There is some truth to the concern, but the right answer depends on your situation.
How Claims Can Affect You
- A claim may lead to a rate increase at renewal.
- Multiple claims in a short window can affect insurability.
- Some claim types weigh more heavily than others with insurers.
- Your claims history is shared across carriers.
When Filing Is the Right Choice
For a significant loss, the protection your policy provides is exactly what you have been paying for. Avoiding a legitimate large claim to protect your rate rarely makes financial sense. The key is to file thoughtfully and make sure the claim is valued fully.
If you decide to file, get the most from it. Crossroads Insurance Recovery Advocates helps you maximize a single claim so a rate change, if any, is well worth the recovery you receive.