As homeowners, we are all worried about devastating hail storms. From 2018 to 2020, the number of hail damage claims to insurance companies increased 2%. The reality is that these storms can do a lot of damage and even destroy our homes. The good news is that typical homeowners insurance policies offer coverage for these storms. The question that many homeowners have is whether filing a claim for it would impact their insurance rates.
The summer season brings severe weather that can damage your home. If you have to file an insurance claim for storm damage, will your rates go up? Read ahead to learn more about whether or not filing it would impact insurance rates.
Homeowner Claim
When a homeowner files an insurance claim for storm damage, their insurance rates may be impacted. If the claim is for a large amount of damage, the insurance company may consider the home a higher risk and raise rates.
If the claim is for a small amount of damage, the insurance company may view the home as a lower risk and keep rates the same or even lower them. Filing a claim for damages can impact insurance rates, but it is not always easy to predict how they will be affected.
Roof Damage
If a tree falls on your house and severely damages your roof, your insurance company may raise your rates. This is because they view you as a high-risk customer who is more likely to file a claim in the future. If you have a history of filing claims previously, your rates may increase even more.
It’s essential to keep your roof maintained to limit damage during a storm. You can learn more about repairing roofs by contacting a local business. While it’s impossible to predict how much your rates may increase after filing a claim, it’s essential to be aware that it could happen.
Home Insurance Claims and Your Policy Rate
If the insurance company decides the damage was caused by something excluded from the policy, they may not cover the claim, and the policyholder could see an increase in their rate.
Second, if the claim is paid, the policyholder may see an increase in their rate due to the increased risk associated with their home.
Finally, if the insurance company decides the damage was due to negligence on the policyholder’s part, they could see an increase in their rate.
Does Your Homeowner’s Insurance Increase After a Storm Damage Claim?
Any storm damage can impact insurance rates, but it depends on the severity of the storm and the amount of damage caused. If the storm was severe and caused a lot of damage, then the insurance rates may go up. However, if the storm was not severe and only caused minor damage, the insurance rates may not go up.
Dealing with storms and homeowners’ insurance claims is always stressful. If you’re looking for more information about dealing with this type of situation, check out the rest of our blog.
