Will a dropped claim impact my home insurance premium?

"A thief broke into my home and stole some electronics. I filed a home insurance claim, but then the thief was caught and my belongings were returned to me. The claim has been dropped, but will it still impact my premium?

"

Answer provided by
avatar
Savannah Grabek
Answered on Apr 07, 2021
“The claim will show up on your reports as a $0 paid loss. This type of loss may not impact your premium as much as your eligibility for coverage.
For example, let’s say you have another break-in and this time the insurance company does pay out. This means you have two theft losses on your record, even if the insurance company did not pay money for the first claim. As a result, the company you are with may decide to not renew your policy or cancel it because there are two losses that occurred for the same reason. “
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies