When to file a claim - AmericaNowNews.com

When to file a claim

Sure you could file a claim on your homeowners's insurance for minor damage, but you may wish you hadn't if you see your premium go up.

Financial expert Nathan Bachrach says before you file, consider a few things.

First, how much would the damage cost you to repair and what is your deductible? If the fix is cheaper, then the answer is a clear no, don't file.

Even if the repair cost is higher than your deductible, you may not want to file a claim, because you could either end up stuck paying more for insurance, or see your policy dropped by your insurer.

Some experts suggest you only file if the damage is triple your deductible and that you not file more than one claim in any 3 year period.

Some claims are more likely to trigger higher rates. Those are dog bites, water damage and a slip and fall injuries on your property. A single claim for one of those things could mean higher premiums.

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