Managing My Home owner Insurance Rates
According to the Insurance Information Institute, homeowners and renters insurance premiums increased by 8.1% on average from 2015-2024. With hard economic times putting a squeeze on American homeowners, many are questioning whether or not filing a claim is even worth the risk of further increasing their homeowner insurance rates.
This is an unfair position to put policyholders in. Your insurance company is essentially charging you a “just in case” fee every month, but slapping you on the wrist if the “case” happens and you need to use the insurance you pay for.
Policyholders have especially felt the increase in these 10 states with the highest homeowners’ insurance premiums:
- Florida
- Louisiana
- Oklahoma
- Texas
- Rhode Island
- Colorado
- Mississipi
- Massachussetts
- Nebraska
- Connecticut
Will my monthly premium go up if I file a property insurance claim?
It depends on the type of claim you file, the cause of the damage, and how many claims you file. But in general, property insurance carriers are not allowed to charge you more in premiums as a result of claims for damage from natural causes, including weather, or for appliance-related water damage claims, if the repairs have been inspected and certified.
One caveat: if you have three or more appliance-related water damage claims in three years, your insurance carrier may raise your homeowner insurance rate.
How to Get the Most Out of the Insurance Coverage You Pay For
If you have a legitimate property damage claim, you shouldn’t be afraid to file the claim with your carrier and receive coverage. As a customer who pays their monthly premiums without fail, you are entitled to receive the coverage guaranteed under your policy.
Even with the facts on your side, you face an uphill battle as the claims process can be tedious and stressful. Hiring a consumer advocate called a Public Adjuster can help guide your claim toward a successful settlement.
How a Public Adjuster Maximizes Your Claim
A Public Adjuster is a licensed insurance industry expert who advocates for consumers and policyholders. They help by accurately assessing the full extent of your property loss, documenting the damage, negotiating with your insurance adjuster, and maximizing your payout.
"Many policyholders are surprised to learn that Public Adjusters work exclusively for them, not the insurance companies. Our sole aim is to protect policyholder interests." —Kari Snyder, MFA, Tiger Adjusters®
They get paid a percentage of your claim settlement amount, so they are incentivized to get you the best settlement offer possible. Public Adjusters are paid on contingency, so they only charge if they succeed in getting you settlement money, and you are not expected to pay until you receive your settlement check from the insurance company.