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Homeowners Insurance Premium Increase After Claim
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Homeowners insurance can help homeowners rebuild or repair their home after it is damaged by a covered loss. Without home insurance, many would be left without a place to live – and still have a mortgage to pay. While it’s a worthwhile investment, there are some things to consider before filing a claim with your homeowners insurance company. Understanding what can happen after a claim is filed, including whether your homeowners insurance increases after a claim, can help you decide when it’s worth it to file a claim.
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Making a home insurance claim can cause your premium to temporarily increase. The amount your premium will increase after a claim depends on a number of factors, including:
It is also possible for your home insurance rate to increase based on the frequency of claims in your area. For example, after a major hurricane causes extensive damage to your community, your insurance rate may increase more substantially than if you filed a single property damage claim.
With a clean claims history, the average annual cost of homeowners insurance with $250,000 in home coverage is $1,428. The table below highlights different types of claims, the average payout and the average annual rate after a claim.
Homeowners Insurance Claim Statistics And Facts
*Based on Insurance Information Institute (Triple-I) estimates of average homestead claim payments. Average rates based on a claim made on a home insurance policy with $250,000 in home coverage.
Homeowners insurance rates often go up after a claim because it leads your insurance company to believe that you are more likely to file another claim in the future. This is especially true for claims related to water damage, dog bites and theft. To compensate for another possible claim payment, the property insurer preemptively increases your premium.
As mentioned, whether or not the premium increases after a claim is circumstantial. Certain types of claims affect insurance rates more than others. You should expect your rate to increase after a claim if you fall into any of the following categories:
In general, your premium is more likely to increase if you file a liability claim rather than a property damage claim. With a liability claim, there is a chance you could face a lawsuit. Court fees and court settlements can be very expensive, meaning there is additional risk for you and your insurance company.
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If your homeowners insurance rate goes up after a claim, know that it’s not a permanent rate increase. Most claims stay on your file for about five years. However, this depends on the insurance company. A claim could stay on your record for as little as three years or as long as seven years. After this time, your premium should be reduced again, although it may not return to the original price.
There are many situations when the property
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