WEDNESDAY, JANUARY 13, 2021
Nearly every homeowner wants to avoid home insurance claims when they can. Not only can home insurance claims be stressful, but they can also cause your home insurance rates to go up. But sometimes a home insurance claim is impossible to avoid. So when do you know when the right time is to file a claim? 
When Other People are Involved
Part of home insurance covers liability, which provides compensation for bodily injury and property damage someone else may suffer on your property. The majority of the time, you will need to file a home insurance claim when anyone else is involved in an accident. This is because even a small injury can develop into a serious lawsuit in the future.
The Damages are Significant
When an accident occurs, it is important to have the damage evaluated by an expert. In some cases, it could be more cost effective to pay for repairs to your home out of pocket rather than filing a claim. This is because when you file a claim, you will still have to pay your deductible.
Your home insurance deductible is how much you will have to pay when you file a claim. For example, say a storm sweeps in and causes $600 in damage and your home insurance deductible is $500. In this case, you may simply want to pay the remaining $100 instead of filing a claim and raising your home insurance rates.
In general, you should only file a claim when the damages significantly outweigh the cost of your deductible. For example, say your deductible is $1,000 and a bad storm causes $3,000 in damage to your home. In this case, you may want to file a home insurance claim to receive compensation for the remaining $2,000.
Keep in mind that you will not receive compensation until you meet your deductible. If you cannot meet your deductible, you may not receive compensation for damages.
If you are unsure about whether or not to file a claim on your home insurance policy, be sure to have the damages evaluated and speak with your insurance agent about the accident. If you do need to file a claim, it is important to do so quickly and provide all of the information necessary to make the claims process go smoothly and quickly. Claims may be denied if not filed on time.
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