Home insurance is important to help you financially recover from a disaster. Unfortunately, the more claims you file, the more expensive your insurance rates will be. Although all claims will likely raise your home insurance rates, these five will have the greatest impact on your home insurance premium.
- Fire claims occur when your home becomes damaged or destroyed by a fire.
- Liability claims are filed if a person is injured or their personal property is damaged at your residence. Your liability insurance would help pay for damaged property and medical expenses up to your policy limit.
- Theft claims take place when something is stolen from your home. You can choose to install various security equipment, such as cameras or alarm systems, that may lower your insurance rates and aid in preventing any future theft.
- Water damage claims are filed if your home is damaged from an internal water issue. Typically, standard home insurance policies do not cover damage caused by overland floods.
- Weather claims arise if your home is damaged from tornadoes, earthquakes or other natural disasters. Check your policy to determine what kind of weather claims it covers.
Keep in mind that any claims you’ve filed at a previous residence may reflect in your current premium costs. Talk to your broker today for more risk management tips.
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