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Homeowner’s insurance claims can really cost you

Homeowner’s insurance claims can really cost you

Homeowner’s insurance claims can really cost you
News from CBS News:

Even filing just one claim could boost your homeowner’s insurance by several hundred dollars a year, although it varies widely by state, according a report released on Thursday by insuranceQuotes.com.

The average increase for one claim is 9%. While Texas prohibits a premium hike after the first claim, homeowners in Wyoming face an average increase of 32%, the report found. After Wyoming, the biggest increases were in Connecticut (21%), Arizona (20%), New Mexico (19%) and California (18%). At the other end, after Texas, the lowest increases were reported in New York (2%), Massachusetts (2%), Florida (3%) and Vermont (4%).

“Homeowners need to be really careful when filing claims,” Laura Adams, insuranceQuotes.com’s senior analyst, said. “Even a denied claim can cause your premium to go up. Make sure to know your policy’s specific guidelines and only file a claim when absolutely necessary. Winning a small claim could actually cost you money in the long run.”

A second claim can be particularly costly. The average premium increase is 20%, insuranceQuotes.com said. The highest increase nationally after a second claim, the site said, is Michigan at 71%.

Not all claims are crea…………… continues on CBS News

… Read the full article

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