Will My Homeowner’s Insurance Increase If I File a Claim?
“Will my homeowner’s insurance increase if I file a claim?”
We hear this question a lot, and find that many homeowners hesitate to file a much-needed insurance claim because they’re afraid that they’ll be punished for using their policy.
Your homeowner’s insurance will not increase if you file a claim. It can, however, increase for other reasons.
When Do Homeowner’s Insurance Rates Increase?
You probably know that with car insurance, getting in more accidents and filing more claims causes your monthly premium to skyrocket. But homeowner’s insurance is different. Your insurance company can’t punish you for filing a claim by raising your monthly rate.
However, insurance companies will raise the rates for all customers in a certain area after a storm, whether they file a claim or not. Why? Because they have to recover the deficit they lost in the area after a storm. That means that even if you DON’T file a claim for repairs, your rate will still go up.
This is why areas at a greater risk for floods, tornadoes, hail, and severe storms (like the majority of Oklahoma) have higher insurance premiums than other states.
Alternatively, if you have a season or two without a big storm, you and the others in your area are likely to see a rate decrease.
The downside is that you won’t know exactly how much to budget for your monthly premium because insurance rates change based on storms, which are unpredictable.
Main Takeaway
Homeowner’s insurance companies can't raise your rates or penalize you in any way for filing a legitimate claim.
However, they will get their money back by raising rates for all homeowners in an affected area after a storm.
Should I File a Claim?
You won't actually save money by not filing a claim when you need roof repairs. In fact, you could cause more of a problem by ignoring small damage.
If you give a leak time to grow and become significant, it can become a major repair and cause significant damage to your entire roofing system, insulation, and interior ceiling.
If you need roof work done, we recommend that you go ahead and file your claim within one year of the storm. When you file, you should be prepared to pay your insurance deductible. You can get more information on deductibles in our article here.
Roofing Problems?
Is your roof showing signs of damage after a big storm? We’re happy to come out and give you a Free Roof Inspection to assess the damage. Call us at 405-768-2626 or click below to schedule your inspection.
