Homeowners insurance: I filed a claim, but will my rates increase if I choose not to pursue it?
A tree just fell on my garage a couple of hours ago, causing significant damage to three of my vehicles and minor damage to my garage, wooden fence, and patio lights. I called my homeowners insurance, reported the damage, and initiated a claim. After getting my confirmation number, I realized I needed to contact my auto insurance for the vehicle damages.
The damage to my property isn’t extensive, and since I’m fairly handy, I could handle most repairs myself to prevent my premium from increasing. I’m wondering if an adjuster comes out but I decide not to proceed with the homeowners claim, will that impact my rates?
Should I cancel the claim? In hindsight, I may have acted too quickly in filing it, thinking my homeowners policy would cover everything since the tree fell during high winds, resulting in tens of thousands in vehicle damages. Without those, I could likely fix everything for just a thousand or two.
This is my first experience with such a situation, and I’d appreciate any guidance!
It’s understandable to feel uncertain in this situation. Generally, whether or not to proceed with your homeowners insurance claim can depend on a few factors.
Impact on Rates: If you file a claim and then choose to withdraw it before any payout is made, it typically won’t have an impact on your premium. However, it’s best to confirm this directly with your insurance provider, as policies can vary.
Taking Care of Repairs Yourself: If you’re confident in handling the repairs on your own and can keep the costs low, that might be a wise decision. However, be cautious about the extent of the damage and ensure there are no underlying issues that may arise from not having a professional assess it.
Communication with Insurer: If you’re considering canceling the claim, it’s a good idea to contact your insurance provider to discuss your options. They can provide clarity on how this might impact your existing claim and future premiums.
Consider Future Claims: Keep in mind that if you resolve the repairs without going through insurance now, you may have a better claims history if you need to file another claim in the future.
In summary, if you choose not to pursue the claim, be sure to communicate this clearly with your insurer, and it should help keep your premiums stable. Good luck, and I hope everything gets sorted out smoothly!