Household insurance claim & deductible

[Anonymous]

A branch damaged a skylight in our house and it will cost $2,000 to replace. We currently pay $2,089 premium per year for household insurance with a $1,000 deductible. Is it worth making a claim? A friend advised against it as our premium would increase. I don't really understand whether a premium increase for a relatively small claim does actually happen and would appreciate advice. TIA.

[Anonymous]

Not worth it.

Home insurance is for major damage.

[Anonymous]

Not worth it

[Anonymous]

Not worth it.

[Anonymous]

OP here. Thanks for quick responses. Just to clarify, not worth it because of the increase in future premiums?

[Anonymous]

Anonymous wrote:OP here. Thanks for quick responses. Just to clarify, not worth it because of the increase in future premiums?

Partly due to the increase in premiums but also because if you have more than a certain number of claims they will drop you and it will be very difficult and very expensive to get coverage. Better to save claims for catastrophic incidents.

[Anonymous]

This is why I have a 2,500 deductible. I never claim the small stuff and it actually is a big savings over 1k. Plus it’s quicker and easier to pay yourself, time has some value here also.

[Anonymous]

This is a small dollar amount that you don't want to claim for all the reasons already mentioned.

[Anonymous]

We carry a $5k deductible. Years ago we had a tree fall on the house. Damage was more than $45k. When we bought a new house two years ago we had trouble getting i sira ce because of the claim.

[Anonymous]

I know many claim whole roof replacement after hail storms, actually the roofing contracters come to our neigborhoood after hail storm to solicit business and offered help with insurance claims. Sound like a bad idea then?

[Anonymous]

Anonymous wrote:I know many claim whole roof replacement after hail storms, actually the roofing contracters come to our neigborhoood after hail storm to solicit business and offered help with insurance claims. Sound like a bad idea then?

A lot of my neighbors got their roofs replaced through a guy who came knocking and said he’d do it through their insurance. We were leery of this. We plan to move soon and don’t want to risk trouble with getting a policy for our next house.

[Anonymous]

Anonymous wrote:A branch damaged a skylight in our house and it will cost $2,000 to replace. We currently pay $2,089 premium per year for household insurance with a $1,000 deductible. Is it worth making a claim? A friend advised against it as our premium would increase. I don't really understand whether a premium increase for a relatively small claim does actually happen and would appreciate advice. TIA.

Pay out of pocket. Home insurance is for catastrophes. This isn’t one.

The risk isn’t higher premiums. It’s being dropped entirely.