Property Insurance Claims Can Hike Up Your Premiums

No one like paying for insurance, but the only thing worse than paying insurance typically ends up being paying for repair bills in full. With that being said, filing an insurance claim will likely cost you more than you’re already paying for that coverage.

In fact an average clim can raise your monthly premium by ~9% according to Additional claims can increase your premium even further. To make matters worse, you claim doesn’t even have to be approved for this to happen. Even denied claims can result in higher premiums.

These are all things you should keep in mind when filing claims. Also keep in mind that certain claims will result in higher premiums than others. Liability claims for instance can raise your premium by ~14%.

Your state also heavily affects your premium increases. For instance, some states such as Texas don’t allow insurance providers to increase premiums due to one claim. Other states have higher and lower average premium increases.

If you find your premiums to be unbearable high, there’s good news and bad news. The bad news? Your claims history goes back several years, and potential insurers will take your past claims into account when deciding your payment. The good news? You can still lower your premiums.

You can raise your deductible for instance, which can encourage your providers to give you a better premium. You can also make sure to avoid making small claims that you can fix relatively inexpensively. Lastly, shop around. You can’t get better deals if you aren’t looking for them.