WILL MY PREMIUM GO UP BECAUSE OF A CLAIM? WE OWN TWO HOMES,IF WE FILE A CLAIM ON ONE DOES IT MEAN BOTH WILL GO UP?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Sep 29, 2010
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Insurance Question from Copper Canyon, TX
Asked on 09/29/2010
WILL MY PREMIUM GO UP BECAUSE OF A CLAIM? WE OWN TWO HOMES,IF WE FILE A CLAIM ON ONE DOES IT MEAN BOTH WILL GO UP? ALL THE SOFETS ON ONE HOME HAVE ROTTED BECAUSE THE ROOF LINE WAS LEFT TO SHORT OR SOMETHING.ALL MUST BE REPLACED.
Answer given on October 19, 2010
Each insurance company has its own way of rating for claims on home insurance. Each state also has some control on how rates can be affected by a claim. However, if you file a claim on one property, the rates on another location might not be affected, depending upon whether both locations are already insured.
Some insurance companies will not write a new property policy for an insured if they have had a claim at any location in the past 3-5 years. If you are shopping around for insurance, talk to your agent and see if the company you are seeking a quote from has such a restriction. If they do, ask if there is another company that might be willing to write your insurance.
If you have existing insurance and filed a claim on one property, the rates could go up at the renewal, depending upon the type of loss and the companies rate filings. However, the rates on another property should not be affected. Again, clarify with your agent.
IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.