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Does Filing a Claim Raise Homeowners Insurance Rates? The 101 from a Boca Raton Public Adjuster 

The world of insurance is a strange and complex one, and sometimes that means finding a Boca Raton Public Adjuster to look to for assistance. At United Claims Specialists, we help hundreds of people each year with their property damage cases. One of the questions we receive often is one that surrounds the idea of filing a claim and having their policy price increased. If you’re someone who’s having a similar question, keep reading! 

Filing a Claim can Raise Rates by 10%: Boca Raton Public Adjuster 

The reality is that filing a claim can raise your insurance rates by about 10%. A report from CNN shows that monthly premiums rise about 9% after filing a claim for your property. If you file a second claim within seven years, the premium will rise by 20%. Do you see a pattern? The downside to insurance companies is that they’ll look for any reason to raise your rate. While it would seem applicable, perhaps, in a situation like a severe water damage case or even a household fire, they can actually raise rates for much smaller reasons. Even simple issues such as a broken pipe can increase your rate as soon as you decide to file. 

Now, there are different cases that can be filed. A homeowner’s insurance will raise it less than say a home liability case. Those can raise about 14% per filing. Vandalism and theft cases are also more significant in terms of raising premiums. The way the insurance company sees it is that if your home is having more than one break in every few years, chances are this means that your neighborhood is no longer as safe as it once was. This brings higher premiums for you and for your neighbors if a trend continues. 

Other times where you may see a jump in your homeowner’s insurance rates is if there are more natural disasters year after year. For example, if your home is on the water, and the number of hurricanes rolling through town is increasing per year, your insurance premium could go up collectively. Insurance companies don’t want to have homes on their hands that are guaranteed to get a little beaten up. Therefore, they raise their premiums to ensure their financial wellbeing. For assistance from a professional Boca Raton public adjuster, reach out to United Claims Specialists today at (855) 321-5677. Don’t let any more time pass you by, take action right away.