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Fire & Water - Cleanup & Restoration

An Insurance Claim for Flood Damage May Increase Your Premiums

12/12/2018 (Permalink)

Flooded home in Warwick,RI

Homeowner's Insurance

Everyone likes insurance when they need it. No one likes paying for it, especially when the premium goes up due to a claim. Welcome to the world of homeowner’s insurance.
Your insurance company bases your homeowner’s premium on several factors, including:

  1. The value of what is insured.
  2. The risk factors that affect the likelihood and severity of potential claims in West Warwick,RI.
  3. Your history as a customer, including the number, value and type of claims you have filed.
  4. The deductible or amount for which you are responsible before insurance starts paying.
    Insurance Companies Calculate Premiums

Differently
The best time to learn about how companies handle customers and calculate premiums is while shopping for insurance. Speak to the person who would be your agent. Ask questions. Learn how they process an insurance claim. Should you file small claims with this company or should you file only catastrophic claims? Know ahead of time what you will do if you experience damage from a home flood.

Notify Your Insurance Company Only If You Intend To Submit an Insurance Claim
You would like to think that your insurance company doesn’t care about damage to your home unless they pay for the repairs. That is not necessarily true. For example, if you call your agent about the possibility of submitting a claim and decide not to, that agent may be required to report that information back to the company. This report could cause your experience rating with the insurance company to suffer.

Homeowner’s Insurance Is There When You Need It
Water damage can easily cause an insurance claim of many thousands of dollars. It also needs to be addressed right away. If your insurance company approves the claim, but you delay the cleanup, mold may take over. Your insurance company may not cover mold remediation because your delay invited it. Your best option is to immediately bring in local water damage remediation specialists to eliminate the damage and bring life back to normal.

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