home insurance claim requests

[stahleyp]

Probably a pretty basic question but I've never claimed anything for home insurance. I don't think it needs replaced but if I file a claim for a roof (hail or wind damage) and the insurance company declines the request, does that normally increase your insurance premium? I figure I would have them look to see if there isn't a charge but I don't want to have them look, say all is good and then increase the premium. Thanks!

[Gregmal]

It wouldn't typically be held against you unless the claim is paid out. Although if you can get the roof put on there, its absolutely worth it. The small premium increase if anything can be looked at as a massively discounted, financed roof. Everyone I know has gotten their roof done through an insurance claim. I just got a new roof and unfortunately became the first person I know who paid out of pocket.

[Cigarbutt]

First, you may want to look at the specific wording in your policy defining the statutory conditions for reporting any significant or relevant damage, whether a claim is filed or not. It is widely recognized in the auto insurance industry that reporting an accident with no claim will have an impact on your premium. It's a bit of a black box for home insurance and may be related to the specific underwriting criteria that your insurer uses. A virgin record for the last 5 to 7 years may completely forgive a new claim.

From personal experience and some industry knowledge, you may be disappointed even if the insurer accepts your claim as they may pay only for the depreciated value of your roof and they may decide who does the repair (we had a bad experience).

FWIW, if I would contribute to the underwriting algorithm, I would try to match a premium increase with questionable claims or with claims aiming to get a massively discounted roof. 

[LC]

Best option here is to work with an established roofing company. They deal with the insurance company daily and know exactly how your insurer functions, probably better than the adjuster. And they are incentivized to get as much money as possible (so they can charge you). We had new roofs put in, probably 30K worth of work. Premium increase was a couple hundred bucks annually, by my estimates it's over a 60 year payback.

[stahleyp]

thanks again guys. I'll see what happens!