You pay your homeowner insurance premiums every month to protect your home in the event of a loss occurrence. Many folks assume they should automatically file an insurance claim for any and all damage and property loss. This isn’t always the case. Multiple small claims, more often than not, lead to an increase in your insurance premiums. Worse yet, multiple small claims can result in your policy being cancelled altogether. There are actually many situations in which it is more economical for you to pay for your repairs out of pocket versus filing a homeowner insurance claim.
The property and casualty insurance industry collected homeowner premiums resulting in $589 billion in revenues in 2014, according to the Federal Insurance Office. In order to understand this complex, billion-dollar industry and protect your home and wallet, it’s best to seek the advice of an insurance professional. A public adjuster is not only licensed to represent you in the insurance claims process, they have the experience and knowledge to advise when you should and should not file an insurance claim.
As a rule of thumb, when the following factors apply to you, you should not file an insurance claim:
- Small Claims
If the amount of the insurance claim is relatively small, it may be in your best interest long-term financially to cover the repairs yourself.
- Unaddressed Home Maintenance Claims
If your insurance claim is related to a maintenance issue you were aware of but didn’t address on your own that has led to your current property damage, it may be better for you to handle the repairs on your own.
- Deductible is Greater than Claim Amount
If the repairs or replacement costs of your insurance claim don’t exceed your deductible, you probably shouldn’t file a claim. Doing so may increase your premiums, even if you don’t receive a dime from your insurance company.
- Multiple Claims Filed in a Short Time
If you have filed multiple insurance claims within the course of several years, you may be in jeopardy of losing your coverage altogether by filing an additional claim.
- No Coverage Claims
If your insurance claim is related to an event not covered by your specific policy, you shouldn’t file a claim. Not only will you not get paid to cover your damage, but you could incur a price hike by filing with your insurance provider.
Call a Professional Public Adjuster To Advise You Before You File!
Advocate Claims Public Adjusters are licensed by the Florida Department of Insurance to represent policyholders in the State of Florida in the event of a loss occurrence. We have insurance insider experience and know when you should not file an insurance claim that could lead to further financial losses for you.
Call us first! We can advise you right from the start on your best course of action to secure your home, prevent further damage and whether or not you should file your insurance claim. In the event we determine filing an insurance claim is in your best interest, we will contact your insurance company for you, document and file your insurance claim, and represent you through the entire claims process to ensure you receive a fair settlement.
We are experienced in all types of property damage – fire, water, mold, storms, vandalism and theft. We understand the complex insurance industry, the laws and regulations and the red tape. Our sole purpose is to represent you fairly and help you take the right course of action that benefits you the most financially now, and in the future.
If you experience damage to your home or business and are not sure whether you should file an insurance claim, call Steven Venook at Advocate Claims Public Adjusters at 954-369-2869 or email [email protected]. We’ll provide you with a free consultation and confirm the value of your insurance claim before you file!