Before you file that homeowners claim…

When you get homeowners insurance, you hope that you will never have to actually use it.  But CNBC says when something does happen, you need to think twice before you file that homeowners claim:

“Don’t make claims on small losses,” said Laura Adams, senior insurance analyst at Insurance Quotes.com. “If it will only cost you several hundred dollars out of pocket, it’s probably better to pay for the repair yourself instead of filing a formal claim with your insurance company.”

The average rate hike for a family filing a homeowner’s claim is about 9 percent, or $150 a year, according to a new study by Insurance Quotes. But In some states, that single claim could result in a price hike significantly higher than the national average.

The whole story is certainly worth a read.  If you need to repair damage to your home, make sure you know if you’re better paying for it yourself or filing a claim with the insurance company.

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