One of the most common questions people have after their home has sustained minor damage is: should I file a small homeowners’ insurance claim, or should I pay for the fix myself to avoid a hike in my premium? A new study conducted by InsuranceQuotes.com has found that how much your rate increases can depend a lot upon where you live. For example, although Texas has high premiums to begin with, Texas residents shouldn’t expect to see their rates change significantly even if they file a claim. However, Minnesota residents who see property damage should know that their premium will go up by an average of 21 percent.
Here are the top ten states with the worst insurance hikes after a homeowners’ insurance claim:
- Minnesota: average 21.2 percent increase after a home insurance claim
- Connecticut: average 21.1 percent increase
- Maryland: average 19.3 percent increase
- California: average 18.4 percent increase
- Oregon: average 17.6 percent increase
- Arizona: average 16.7 percent increase
- Alaska: average 16.7 percent increase
- Tennessee: average 15.7 percent increase
- Iowa: average 15.6 percent increase
- Pennsylvania: average 15.4 percent increase
So, what should you do if your home suffers minor damage? You might want to do some math: if the claim isn’t major, it may save you money to fix the issue yourself.
Do you have a question about your homeowners’ insurance claim? Call the Voss Law Firm today to learn more from an experienced Texas insurance claim attorney: 888-614-7730.