How Certain Home Insurance Claims Impact Your Premiums
Insurance rates are based on a number of risks, but there are some factors that affect a policyholder’s insurance more than others, such as filing claims. Believe it or not, but filing claims will raise rates more than any other factor – besides poor credit. To help you understand which claims put your premium at risk of increase, read on.
Fire claim:
Average Price Increase: $273
Average % Increase: 20%
Liability claim:
Average Price Increase: $260
Average % Increase: 19%
Theft claim:
Average Price Increase: $253
Average % Increase: 19%
Weather claim:
Average Price Increase: $107
Average % Increase: 8%
Medical claim:
Average Price Increase: $76
Average % Increase: 6%
As you can see, there are some claims that cause your premium to increase more than others. Keep this in mind when assessing damage and how to save money.
Your homeowners insurance can help you should the worst happen. From a fire to a natural disaster, your home insurance protects your property. Do you need help reading or securing the right homeowners insurance for your needs? Contact the team at Premier Risk, LLC to get started! We serve Long Island and neighboring cities in New York.
