Although filing a home insurance claim is typically simple, is it necessary?
Necessarily not. The reasons why submitting a claim might end up costing you more than you anticipated.
The value of filing smaller claims is greatly influenced by your deductible.
You might have $500 worth of ruined food, yet on the off chance that your deductible is $500, it doesn’t check out to document a case.
Your insurance company won’t be able to give you any money after you pay your deductible.
If you haven’t filed a claim in three to five years, insurers may offer you a discount on your policy. You could save anywhere from $200 to $500 per policy period, but if you file a claim, you risk losing that discount until you’ve been claim-free for the required number of years.
To put it another way, you might end up paying more money in the long run for a smaller claim.
After you file a claim, insurance companies may raise your premium because they believe you will file more claims in the future.
If you had just replaced or fixed the items yourself, you may have to pay more out of pocket in premium increases.
