Homeowners’ insurance and car insurance have one thing in common: the importance of weighing and carefully considering using it may affect your premium and pocketbook in the long run. Every time there is damage to your property or an accident on it, you need to weigh whether it makes financial sense to file a claim or absorb the losses yourself. The following are 3 things to consider when deciding if you should make a claim or not…
Know Your Deductibles and Liability
When an accident on your property happens you probably must make a claim typically within two weeks to 30 days. With theft claims, insurers usually expect you to report that with days. You will need to get repair estimates to determine if the cost to fix the problems exceeds your deductible. Our advice would be to always make a claim for damage that exceeds your deductible. If someone is injured on your property it is advised to always make a claim no matter your deductible. Personal injury claims are the most likely to have a large claim.
When You Shouldn’t File a Home Insurance Claim
If you have a $1,000 deductible and someone breaks into your house and takes your personal belongings, which are worth $1,500 total, then filing a claim may not be worth it. If you’re paying $1,200 per year for home insurance and your premium rises by 10% after your first claim, you would be paying an extra $120 per year for five to seven years since claims can stay on your record for that amount of time. Filing multiple claims, say two or three over a span of two or three years puts you at risk for non-renewal. It will also make it harder to get affordable coverage in the future. Even if you do not have the funds to pay the damages it may be worth getting a short-term loan. You would probably end up paying less in interest than you would pay in increased premiums.
What Happens If My Homeowner’s Insurance Denies a Claim?
If you aren’t getting any satisfaction from explaining your position to your insurance company’s claims adjuster, you will need to file a formal appeal. The appeals process that you must follow is outlined in your homeowner’s insurance policy. Filing a formal appeal triggers a review of your denied claim. Your insurer may be misreading or improperly stretching the policy language. If your homeowners’ insurance company is stalling or using delay tactics to avoid paying out a claim, that you feel from reading your policy is a justified claim, contact a skilled attorney to defend your rights and help you obtain the compensation you deserve.
Rollins Insurance represents multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio.
Contact us (859-781-7283) for more information or get a free quote!
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About Rollins Insurance
Rollins Insurance is an independent insurance agency providing our clients the best prices with the most coverage possible since 2008. We represent multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio. We find that most people are under-insured and over-paying when we meet them. We love what we do and our primary business is Personal Auto, Homeowners, and Life and Health insurance. We are a family-owned and managed business that specializes in providing needs-based insurance services.
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