How long can you wait to file a claim?
Posted by: info | June 6, 2007
If you find and damage to your home, file a claim right away. Many people don’t know they can file a claim if they didn’t see or know when the damage occurred. There is not a set time frame to file a claim. However, it can be much easier to file a claim a.s.a.p.
Reporting a claim immediately will make it much easier on the insurance company. Also they will be less likely to dispute or challenge the claim.
Claim checks do have a time limit or an expiration date. Some people for whatever reason never get their property fixed. They get a check, put it away and forget about it. These people may just put off getting a contractor or setting a date for repairs and allow their claim check to expire.
Coordinate your claim with your contractor. Don’t allow your check to expire. It will be very hard to convince the insurance company to issue a new check. This is why insurance companies have an expiration date. It will be a lot cheaper on them if you never get the property repaired.
After any major storm, like severe weather, you should look over your property and check for damage. High winds, hail, water and lightning are the most probable reasons for property damage. Remember, if you find any damage, call your agent or insurance company immediately. The longer you wait, the more complicated or difficult filing a claim will be.
Your deductible will need to be paid at time of service. This seems to be another reason many people put off filing a claim. You should still report and file the claim even if you can’t afford your deductible. Most homeowner’s deductibles are at least 1%. Check out tips to help you avoid paying a deductible.
Homeowners insurance deductibles can’t be avoided and will have to be paid in most cases. Insurance companies require a deductible to help lower insurance cost, reduce claims and minimize risk.
Reporting a claim on a home can effect insurance cost. As always, it is important to weigh your options before filing a claim. If your deductible is 1k, and you have damage less than this, filing a claim doesn’t make any sense. Even if the damage is just a couple of hundred dollars more then your deductible, filing a claim may not be worth it.
A claim can make your homeowners insurance go up for a few years. The claim may also make it harder for you to obtain a new policy or allow your insurance company to cancel coverage. Being smart and learning insurance will allow you to maximize your home and auto insurance coverage.
Posted in: Insurance, Mortgages, General |
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