When Should You File a Home Insurance Claim?
Proper homeowner’s insurance is an essential component of owning a home. In the event of a devastating fire, flood, or burglary, filing a claim can garner you compensation and peace of mind. However, not all forms of home damage are good candidates for insurance claims.
When should you file a homeowner’s insurance claim? The adjusters at Americlaims have plenty of experience dealing with these claims. If the following circumstances apply to your situation, a home insurance claim will be worth your while.
Your Policy Covers the Damage
Take a look at your homeowner’s insurance policy. Do you have adequate coverage for the type of damage your property suffered? If so, filing a claim is a good idea.
For example, many standard homeowner’s insurance policies do not cover flood damage. However, if you live in a flood-prone area and have that specific coverage, you’d do well to report the damage to your insurer.
Repair Estimates Exceed Your Deductible
Enlist a home insurance claims adjuster to help you quantify the damage your home experienced. If the adjuster’s repair estimate greatly exceeds your deductible, filing a claim can get you the compensation you need.
Good To Know:
If repair estimates are less than or about the same as your deductible, paying those costs yourself may be a better idea. The more home insurance claims you file, the higher your premiums will be in the future!
The Damage Is Severe and Extensive
Some forms of home damage, like a single flooded bathroom or a minor roof leak, are not worth the time and effort required to file a claim. But if you’ve lost a great deal of property or an entire floor of your home is seriously damaged, you might consider filing that insurance claim.
You Have No Recent Claims
The more homeowner’s insurance claims you file, the more difficult your home will be to insure in the future. Every time you file a claim, it’s recorded with the Comprehensive Loss Underwriting Exchange (CLUE). If your CLUE report has several claims on it, your premiums will rise and you may be deemed a high-risk homeowner.
However, if you haven’t filed a claim with your homeowner’s insurance in the last three years, go ahead and file one now. Just remember to save your insurance claims for instances when you direly need them.
When should you file a home insurance claim? Many insurance professionals recommend that you only file a claim when the damage is far too severe to repair on your own. Keep an eye on how many claims you file, and space them out over several years if at all possible.
