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Started By
Message
Homeowners insurance - claim?
Posted on 1/23/17 at 5:45 pm
Posted on 1/23/17 at 5:45 pm
A friend of mine got a little roof damage in the latest Hail event in Metairie. Roof is old and already needed to be replaced soon.
Is it worth it to make a claim with the insurance co? The concern is how making a claim will affect future premiums.. Is it similar to auto insurance?
Is it worth it to make a claim with the insurance co? The concern is how making a claim will affect future premiums.. Is it similar to auto insurance?
14
Posted on 1/23/17 at 5:48 pm to MorgusTheMagnificent
We had hail damage a few years ago. Roof was in decent shape but was 10ish years old. Insurance company paid all but the deductible (which I negotiated to $0 with my contractor) for a new roof. Our premiums haven't gone up.
Posted on 1/23/17 at 6:09 pm to MorgusTheMagnificent
quote:
Roof is old and already needed to be replaced soon.
Is it worth it to make a claim with the insurance co?
Hell yes, make the claim. I've been there, my insurance may have gone up a bit but it was nothing compared to the cost of a new roof.
Posted on 1/23/17 at 6:13 pm to MorgusTheMagnificent
As long as you don't have repetitive losses within the next few years you should be good. Hail claims shouldn't impact premium.
Posted on 1/23/17 at 6:14 pm to DCtiger1
hail is considered an act of God claim, so it should not negatively affect your premium. Go ahead and make the claim.
Posted on 1/23/17 at 6:18 pm to MorgusTheMagnificent
Catastrophic/act of god claims do not effect your premium.
File the claim.
Find a good roofer and ask them about insurance savings via new roofs. If they don't know, find another roofer.
File the claim.
Find a good roofer and ask them about insurance savings via new roofs. If they don't know, find another roofer.
Posted on 1/23/17 at 6:19 pm to MorgusTheMagnificent
Weather related claims should not affect premium, your premium may increase next renewal but not because of that
Posted on 1/23/17 at 7:03 pm to MorgusTheMagnificent
Normally hail needs to be about quarter size to bruise shingles
Posted on 1/23/17 at 7:25 pm to MorgusTheMagnificent
Weather claims do not make your rates go up! Make the damn claim.
Posted on 1/23/17 at 7:29 pm to BamaCoaster
quote:
Catastrophic/act of god claims do not effect your premium.
yes and no.
It still will be classified as a claim, in which no claim to an insurance company is taken nicely by them.
They'll pay out, your rates won't go up, but try a couple more of these "Acts of god" claims and you will have to look for another insurance company.
Posted on 1/23/17 at 7:32 pm to BamaCoaster
What do you mean insurance savings?
Posted on 1/23/17 at 7:59 pm to MorgusTheMagnificent
If you get a significant hail event have an immediate inspection done and contact your insurer.
If you don't, you may very well regret that decision in a few years. Maybe less
If you don't, you may very well regret that decision in a few years. Maybe less
Posted on 1/23/17 at 8:48 pm to MorgusTheMagnificent
Depends on the policy. Have an inspection done by a good roofing contractor then contact your insurer.
Posted on 1/23/17 at 9:35 pm to MorgusTheMagnificent
quote:
Is it worth it to make a claim with the insurance co
If there is actual hail damage then absolutely it's worth it. Is it a house or manufactured home? Manufactured home I would say it may depend on how the policy is written and certain endorsements that may or may not be present.
Posted on 1/23/17 at 9:37 pm to BamaCoaster
quote:
Find a good roofer and ask them about insurance savings via new roofs. If they don't know, find another roofer.
What exactly does this mean?
Posted on 1/23/17 at 10:04 pm to MorgusTheMagnificent
Weather related claims cannot be used to surcharge an individual policy. Rates may go up next year, but it would be the insurer taking a general rate change across the board...not on your policy specifically. Non-weather related claims can be surcharged for though on individual policies.
Recommend getting a roofer to look at it first before you file a claim to make sure you actually have hail damage because its hard to tell if you don't know what to look for.
Recommend getting a roofer to look at it first before you file a claim to make sure you actually have hail damage because its hard to tell if you don't know what to look for.
Posted on 1/24/17 at 8:49 am to MorgusTheMagnificent
quote:
roof damage in the latest Hail event
quote:
Roof is old and already needed to be replaced soon.
quote:
Is it worth it to make a claim with the insurance co?
Yes! Especially due to the location. Make the claim before the next hurricane season because if a named storm (hurricane) comes thru, insurance will argue that the damage was due to that storm and the deductible is much higher.
Posted on 1/24/17 at 8:52 am to Tiger Prawn
quote:
Weather related claims cannot be used to surcharge an individual policy. Rates may go up next year, but it would be the insurer taking a general rate change across the board...not on your policy specifically. Non-weather related claims can be surcharged for though on individual policies.
Could also not renew the policy as well.
But these are all possibilities and can just as easily have nothing happen as well
Posted on 1/24/17 at 8:52 am to MorgusTheMagnificent
quote:
Is it worth it to make a claim with the insurance co?
Why do you have insurance? To make claims
quote:
The concern is how making a claim will affect future premiums.. Is it similar to auto insurance?
It shouldn't
Posted on 1/24/17 at 9:02 am to MorgusTheMagnificent
quote:
Roof is old and already needed to be replaced soon.
Just FYI thats not how homeowners works. The roof being old actually can work against you.
They will definitely depreciate the price based on how old the roof is. So if its an old roof that needs to be replaced, with actual identifiable hail damage, you will only get a small portion of the actual cost of replacing the roof.
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