Should I file my first insurance claim?
Hey fellow first-time homebuyers in Canada! 🇨🇦 We purchased an older townhouse two months ago, and this winter is really taking a toll on us. We’ve got a lot of snow and ice buildup on the roof, which is leading to multiple leaks. Our deductible is $1,000, and before we reach out to our insurance, we’re looking for some advice. What do you think the damages might amount to? Do you think it’s worth filing a claim, or could it lead to higher premiums in the future? Are there specific questions we should ask or points we should address when we call? Thanks for your help!
It sounds like you’re dealing with a challenging situation, and I can understand why you’re hesitant to file a claim. Here are a few things to consider:
Assess the Damage: If you haven’t already, try to determine the extent of the damage caused by the leaks. If it’s minor and can be repaired for less than your deductible, it might be better to handle it out-of-pocket. If the damage is extensive (e.g., structural issues, major water damage, etc.), it may warrant filing a claim.
Consult Your Policy: Look over your insurance policy to understand how it covers roof damage and leaks. Some policies might have specific exclusions or conditions that could affect your claim.
Potential Premium Increase: Filing a claim can potentially lead to an increase in your insurance premiums. Insurance companies often take claims history into account when calculating rates, so it might be good to ask your agent about how a claim could impact your future premiums.
Get Estimates: It might be useful to get a few estimates from local contractors for the repair work needed. This way, you’ll have a clearer picture of the costs involved.
Contact Your Insurer: If you decide to file a claim, call your insurance company and explain the situation. They can give you guidance on the claims process and what information they need. Don’t hesitate to ask any questions you have—a good agent should be willing to help.
Document Everything: Take photos and keep records of all communications related to the damage and repairs. This documentation might be helpful if you decide to file a claim.
Ultimately, weigh the costs against potential long-term benefits and impacts on your insurance. Good luck, and I hope your situation improves soon!