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Will My Home Owner Insurance Go Up If I Make A Claim? How Much?

Home & Contents Insurance Discussion

Will My Home Owner Insurance Go Up If I Make A Claim? How Much?

Postby Joziah » Sun Oct 08, 2017 10:00 pm

I live in Massachusetts.

Let's say a homeowner has a flood, and claims a $3000 loss, minus a $500 deductible.
Will they be punished severely with increased rates? What will it cost them?

Will it make a difference if the damage was someone else's fault (e.g. in a condo where a first floor unit could be flooded by a broken water heater on the second floor, or by a fault in the building's plumbing which is owned by the association?) Will the insurance company send their lawyers after the party at fault, and in that case would they not raise the rates on the claimant?

People tell horror stories, usually about car insurance, where the rates go up so much you pay the insurance company back for the whole claim. But I pay all of $220 per year for $30,000 in personal property coverage. If I claimed a loss of a few thousand dollars, how much could they really raise my $220 premium?
Joziah
 
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Will My Home Owner Insurance Go Up If I Make A Claim? How Much?

Postby Hinto » Mon Oct 09, 2017 5:59 am

I should clarify that by "flood" I was not referring those disasters covered by flood insurance (i.e. tsunami, hurricane, heavy rains) but rather the more mundane disasters of water gushing into one's condo unit due to a broken water heater or clogged pipe elsewhere in the building. That kind of 'flooding' also destroys carpets, breeds mold, etc. Sorry for any confusion caused.
Hinto
 
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Will My Home Owner Insurance Go Up If I Make A Claim? How Much?

Postby Bradene » Tue Oct 10, 2017 9:15 am

Flood insurance is administered by the federal government. They don't punish you for filing a claim. You should look up the meaning of FLOOD and contact to agent to ensure you are covered for that, if necessary. It sounds like you DO NOT have home insurance, just renter's or condo unit owner's insurance. The cost to insure a home is several hundred dollars per year and flood insurance is several hundred dollars more.

Talk to a qualified insurance person.
Bradene
 
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Will My Home Owner Insurance Go Up If I Make A Claim? How Much?

Postby favian » Wed Oct 11, 2017 3:32 pm

Try https://tr.im/GWYoQ
favian
 
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