In the wake of one of the worst storms in centuries, many homeowners may be shocked to learn filing a claim on their insurance may actually hurt them over time. Paying for the repairs out of pocket should be weighed against filing a claim. Too many claims in one year will send a red flag to your insurance company causing them concern and possibly canceling your policy.
Every time a claim is made or even inquired about it goes into an industry database called Comprehensive Loss Underwriting Exchange, or CLUE. This information is available to most insurance companies, making it harder for the consumer to obtain insurance from another company after being dropped.
Under federal law, you can get one free copy of your report every 12 months at ChoiceTrust. You can also look at claims made on specific properties. If you are considering purchasing a home, you should check its history. For a fee, you can obtain a“Home Seller’s Disclosure Report” detailing the insurance loss history of the home you are considering. Knowing this information before your purchase can help you decide if you are making an informed decision. Too many claims on a property, can affect the rates of your homeowner’s insurance even if the claims aren’t yours.
A Word about Adjusters
You should receive the same claims adjustment whether you use an independent or the insurance company’s claims adjuster. The adjuster is a licensed professional who is trained to find the source of damage. They report to the insurance company their findings and if the claim is legitimate. If you do not agree, you can dispute your claim with your insurance company.
At Marshall Insurance, we are here to help you with your insurance needs. As a long standing independent insurance agency, we are committed to helping our clients in not only finding the best rates but helping in times of need.
