Should I file a homeowners insurance claim?

As a responsible homeowner, you likely have the right insurance to protect your property. With this coverage in place, you probably don’t think twice about using it. However, there are certain small issues that may not be worth a claim. Here’s what you should consider before accessing your homeowners insurance coverage.

Premium Increases

Every time you file a claim, your homeowners insurance premiums could increase. However, it is important to understand that different types of claims will impact your premiums differently. Catastrophe (CAT) losses, also referred to as an Act of God, these types of claims may have less of an impact as opposed to a water damage, fire or liability claim.

Minor Issues

If you experience a small issue with your property, such as a broken window or minor water damage, it may not be worth it to file a claim. When taking premium increases into account, filing a claim could actually cost more than it would to simply pay for the repairs out-of-pocket. Additionally, filing multiple claims in a short period of time could potentially result in the cancellation of your policy. So, you’ll want to avoid filing a claim for every small issue that arises.

Serious Problems

Your homeowners insurance coverage is best used to address major issues or catastrophic events. For instance, always use your insurance to cover personal liability issues or major damages to your home. A good rule of thumb, if the cost of the claim far exceeds the deductibles you have on your policy, then you should access your homeowners insurance coverage.

Ultimately, the decision to file a home insurance claim is a personal one. However, these are some of the things that you should consider as you make this decision. Do you have additional questions regarding your homeowners insurance? If so, contact the experts at the Scavone Insurance Agency Center LLC in White Plains, New York. They are ready to assist you with your coverage needs today.

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