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Home > Blog > How Many Home Insurance Claims is Too Many?
MONDAY, JANUARY 18, 2021

How Many Home Insurance Claims is Too Many?

home insuranceMost homeowners purchase a home insurance policy with the hope that they will never have to file a claim. Unfortunately, accidents happen and you may need to file a claim at some point to receive compensation for damages to your home or belongings. Filing too many claims in a short amount of time can cause issues with your insurer, however. 

In general, there is no set amount to home insurance claims you can file. However, two claims in a five year period can cause your home insurance premiums to rise. Over two claims in the same period may affect your ability to find coverage and even lead to a cancelled policy. This also depends on what type of claims are being filed. 

If these claims are valid, meaning they are not fraudulent, then the insurer may consider you too high risk to insure because of the dangers posed in your area, such as extreme weather or high crime rates. On the other hand, if there are too many fraudulent claims—meaning home insurance claims that are filed but denied—an insurer may cancel your policy.  

When Should You Not File a Home Insurance Claim? 

You should carefully consider each incident before filing a home insurance claim. All damages should be appraised by a professional. If the cost of repairs cost less than your home insurance deductible, you will not want to file a claim. For example, say damages to your home amount to $500 but your home insurance deductible is $1,000. Since you cannot meet the $1,000 deductible, you may be expected to pay for the $500 in repairs out of pocket. This also allows you to avoid your home insurance rates going up after filing a claim. 

How Long Do Home Insurance Claims Stay on Your History? 

A typical home insurance claim may last on your record for five to seven years. This means that your home insurance rates can continue to be affected even five years after a home insurance claim. If you have any questions about your home insurance policy or premiums, be sure to ask your insurance agent for clarification. 

There are several ways to save money on home insurance even if you have past claims on your policy, such as asking about discounts, building your credit score and increasing the safety of your home with things such as upgraded fire alarms and a burglary alarm system.  

Posted 9:52 AM

Tags: home insurance, home insurance claim
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