Will submitting a flood damage claim increase my insurance premium?
In the event that my home is damaged by water from a flood, will making a claim on my policy increase my insurance rate?
“Submitting a claim under your flood insurance policy will likely cause your premium to increase because the insurance company believes you’re more likely to submit another claim in the future. This is especially true if you live in an area that is subject to frequent flooding or natural disasters.
Living in these areas may result in you filing multiple flood claims and falling into the “severe and repetitive loss” category on your insurance policy, where four separate claims are paid out at over $5,000 each. This might cause your rates to jump as much as 25%.
If your premium does increase after a flood claim, it’s important to keep in mind that the change isn’t permanent. Most claims are cleared from your record after 3 to 7 years, depending on your insurance company. While your premium may not go back to its original rate, it will decrease a bit.
Bundling home and auto coverage is a great way to save on your insurance policy. Download the Jerry app to quickly and easily compare rates from over 50 of the nation’s top providers.”
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