How small home claims can hurt your insurance

How small home claims can hurt your insurance

Homes

When to submit home claims?

While having an insurance policy is an extremely important part of homeownership, knowing when to file a claim is also important. On the other hand filing multiple small property claims can hurt you by potentially increasing your premium or resulting in your policy being non-renewed.

We often counsel clients when they call regarding property claims on the impact of these claims. When a homeowner has a $1,000 deductible and has experienced a loss that totals $1,400 we suggest they absorb the additional $400. Of course there are times the $400 is just too much to handle.

All liability claims should be reported to your insurance agent so that we can put your company on notice. What may seem like a simple accident could result in a lawsuit later.

Many times clients will ask us how they can save money. One option is increasing your deductible.  As JoAnne Murray, President of Allan Block Insurance says, “If you are diligent about putting the savings aside should a claim occur, than the increased deductible makes sense. On the other hand, if you won’t be able to handle $5,000 should you have a major loss, then I don’t suggest this”. Together we can review your coverages to find ways to save you premium dollars while maintaining the insurance coverage you need to protect your most important asset, your home.

 

For more information or answers to your insurance questions, contact us at Allan Block Insurance Agency, www.ambins.com, located in Tarrytown, NY in the heart of Westchester County, a key business district near New York City.  We write auto, home, renters, condo, co-op, personal, business, life and group insurance for clients locally and in NYC, CT, NJ, PA, MA and many other states. The Professional Agency with the Personal Touch.