The Public Insurance Adjusters at Grove Public Adjusting have been representing homeowners throughout the State Of Florida for many years and even through we are not insurance agents we are often asked about the potential effect filing a claim can have on the insureds premium.
Unlike auto insurance where the premiums are determined based on the car that is driven, the drivers record and age etc. Homeowners insurance is more likely to be affected by you location ie. close proximity to the coast for hurricanes and the age of the home etc. Whereas one claim is not likely to make your premium go up, multiple claims in a small time period might.
For the most part insurance companies raise premiums every year anyway. Our public adjusters typically recommend speaking with your agent about a month before renewal to get quotes in case there are new companies willing to insure the home, or rates have changed. It can’t hurt.
Insurance premiums are underwritten based on risk. The higher risk you are the more you pay, if you have a old home with cast iron pipes you are more of a risk then a newer home with a better plumbing system. Lately insurance carries have been trying to slip in coverage limits such as a cap on water damage. This means that if you have a leak in your kitchen or bathroom you could be capped at a certain amount and may have to pay out of pocket for the rest of the repairs.
Will My Insurance Carrier Drop Me If I Make A Claim For Damage To My Home
While it is uncommon for an insurance carrier to drop someone for filing one claim it does happen. Insurance companies throughout Florida are always changing and sometimes they change areas they cover, or agents they allow to write policies on their behalf.
Anything is possible but if you have a legitimate claim, you shouldn’t stress about this possibility too much as Florida has a government run property insurance company called Citizens that is a failsafe for anyone who can’t get insurance on the regular market.
In Florida insurance carriers offer special credits to homeowners that qualify such as the shape of the roof or the presence of special hurricane clips. A licensed Home Inspector can help you perform a wind mitigation and or a 4 point inspection in order to determine if you qualify for these credits.
If You Do Make A Claim You Must Do The Repairs
After your claim is settled you should do the repairs as soon as possible or else you can be dropped, even by Florida’s insurer of last resort. The reason for this is because homeowners insurance provides more than just property insurance coverage. Homeowners insurance also provides liability coverage in case anyone is hurt on your property. If there’s damage to the property that is unrepaired, the likelihood of it causing injury is increased, and because of this, you can be dropped even during the policy period before the expiration.
Additionally, the insurance company will only pay for something once, if you make a claim on your roof that gets paid out but you don’t replace the roof you cant make another claim on it if you sustain more damage
The Public Adjusters at Grove Public Adjusting have dealt with many kinds of insurance claims and have helped clients all over the State Of Florida including Miami, West Palm Beach, Tampa, and Pensacola. Our motto is: We will treat your home as if it is our own