There are many times when home insurance rates will rise. They can increase due to inflation. They also change when the risks at your home go up. Claims can be a factor, too. What happens when you get a new roof at the home?
Getting a new roof might cause your homeowners insurance rates to rise or fall. It could help lower your rates because it makes the home safer. However, if you need a new rate due to a claim, that may increase your costs in some cases. How do you know what to expect?
Will Home Insurance Cover Your Roof Claim?
Home insurance may cover the repair or replacement of your roof in some cases. This happens if your insurance company determines a covered peril caused the damage. Hail, storm damage, falling objects and fire are some of the most common covered damages.
If you believe the damage to your roof falls in these areas, call your agent. He or she will offer guidance on filing a claim. If approved, the claim will cover some or all of the cost to repair or replace the roof. In doing so, it can impact how much you pay for your home insurance. Yet, this does not always happen.
Is This Your First Claim?
Most of the time, a single claim is not going to raise your home insurance rates. If it does, it may not cost much more. Most insurance companies expect to pay out from time to time for covered losses. That is why you have the policy.
However, if you have a number of claims in a short period of time, that can raise concerns for the insurer. Their job, after all, is to be profitable. They cannot be profitable if you have numerous claims. For that reason, they may raise your costs if you file numerous claims. In some cases, especially when there are numerous claims, they can also elect not to renew your policy.
Worried About Increasing Costs?
If you have worries about your costs rising, the first thing you can do is speak to your agent. Discuss your need to file a claim. Talk about the cost of that claim. Then, ask the agent what implications are possible or likely. The good news is that most agents are happy to give you the insight you need.
Keeping home insurance costs low is always important. The key to doing this is ensuring you have the proper coverage in place, and you are taking care of your home.