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Does a home insurance premium increase after a claim?
My house sustained some damage during a storm last week. The contractor estimates the roof repairs will total almost $3,000. My uncle’s telling me that I shouldn’t file a claim. He says the claim will cause my homeowners insurance to go up, and because my deductible is $2000, it’s not worth it. Is he right? Will filing a claim cause my premiums to increase?
Rachel Rigolino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
So sorry to hear about the damage to your home. Yes, your uncle may very well be correct; filing claims with your
home insurance
can cause your premiums to increase, and it may not always be worth it if you have a high deductible. Then again, your rate may increase only slightly or perhaps not at all. If this is your first time filing a claim, your premium is more likely to remain about the same.Let’s take a look at reasons premiums increase after a claim:
- Multiple claims over a five-to-seven-year period will cause premiums to rise. Why? Because insurance companies look at you and the property as being at a higher risk. The more claims you file, the higher your premium will be.
- The cause of the damage affects the way insurers view you. For instance, claims made because of fire, liability, and vandalism will likely cause a homeowner’s premiums to rise rather steeply. This is because—unfair or not—insurance actuaries have found that people who experience these types of mishaps are more likely to have a second one.
Thankfully, your claim sounds straightforward. You’ll have to decide whether being reimbursed $1,000 is worth having your home insurance increase a bit (and having a claim on your record).
Not sure whether you should file a home insurance claim? Turn to
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and homeowner insurance app Jerry
to help you negotiate insurance coverage. Jerry’s agents can also assist you with finding the perfect car and home insurance policies for your budget. Give Jerry’s friendly agents a quick text or call—they’re available 24/7.View full answer
- Gregory R.
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