Sustaining damage to your home is always stressful. It's never easy to determine if it's worth putting in a claim to risk an increase in rates or paying for home repairs out of pocket. What's the point of paying for insurance if you're not going to use it, right?
Well, there is a risk but it may be not what you think. Insurance companies expect to pay claim. it's the reality of being an insurance company. Typically, one claim in a three to five year period would be no problem. What insurance companies try to avoid are risks with multiple claims. Because coverage on home insurance policies are so broad, there are many circumstances that filing a claim will provide a payout from an insurer, even though that clause may be a maintenance issue or a result from ware and tare, something that you would spend money to replace or fix anyway.
Due to this, it's an individual risk management decision. Our first recommendation whenever a client has a potential claim, is to get one or two estimates from a contractor. Then, weigh that against two things; Your deductible and your ability to pay out of pocket.
Claims can impact the rates you pay for insurance. Insurance companies not only look at the cost of your claims but the frequency as well. Call us before the company to way the pros and cons of filing a new claim.