Most Expensive Homeowners Insurance Claims

Watch out!  Filing these home insurance claims will cost you.

While every homeowner understands that filing an insurance claim will cause their premiums to increase, you may be surprised to know that certain types of claims are more expensive than others.  But which costly claims top the list?  Here’s a ranking of the most expensive homeowners insurance claims.

Fire Claim

  • Average Premium Increase in Dollars: $273
  • Average Premium Increase in Percentage: 20%
  • (After 2 Claims)
    • Average Premium Increase in Dollars: $577
    • Average Premium Increase in Percentage: 44%

Liability Claim

  • Average Premium Increase in Dollars: $260
    • Average Premium Increase in Percentage: 19%
  • (After 2 Claims)
    • Average Premium Increase in Dollars: $521
    • Average Premium Increase in Percentage: 39%

Theft Claim

  • Average Premium Increase in Dollars: $253
    • Average Premium Increase in Percentage: 19%
  • (After 2 Claims)
    • Average Premium Increase in Dollars: $502
    • Average Premium Increase in Percentage: 38%

Water Damage Claim

  • Average Premium Increase in Dollars: $228
    • Average Premium Increase in Percentage: 16%
  • (After 2 Claims)
    • Average Premium Increase in Dollars: $433
    • Average Premium Increase in Percentage: 33%

Weather Claim

  • Average Premium Increase in Dollars: $107
    • Average Premium Increase in Percentage: 8%
  • (After 2 Claims)
    • Average Premium Increase in Dollars: $194
    • Average Premium Increase in Percentage: 16%

Personal Injury/Medical Claim

  • Average Premium Increase in Dollars: $76
    • Average Premium Increase in Percentage: 6%
  • (After 2 Claims)
    • Average Premium Increase in Dollars: $146
    • Average Premium Increase in Percentage: 13%

Keeping your home insurance costs down

If you want to avoid premium increases, then you should avoid filing home insurance claims unless you absolutely have to.  But how do you know when you should file a claim?  Well, a good rule of thumb is comparing the cost of the damage to the cost of your home insurance deductible.  If the damage is less than or about equal to your deductible, then it’s better to pay for repairs out of pocket, especially if it isn’t your first claim.  However, if you are facing particularly expensive damage or an issue that could result in a drawn-out legal process, then you should file a claim with your insurer.  While your premiums will increase, this increase will likely be less than what you will have to pay out of pocket to manage the situation.

Watch out for these expensive homeowners insurance claims.  Do you have further questions about your home coverage?  If so, then contact the experts at Pierce Insurance Group.  We are ready to assist you with all your homeowners insurance needs today.

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