Homeowners insurance claims

[ClonerJams]

I have a situation where I will need new kitchen flooring due to a small leak. The estimate I got to replace was around $3500.00; is it worth filing a claim for this? Deductible is $1000.00; I did have a claim in 2020 from the Derecho. I know filing too many claims can result in your carrier dropping you; I do have the funds to pay for this so I'm unsure of the right call on whether to file a claim on this or hold off in case it dings me down the road and I need a larger claim in the future. What would you do?

 

[1UNI2ISU]

I have a situation where I will need new kitchen flooring due to a small leak. The estimate I got to replace was around $3500.00; is it worth filing a claim for this? Deductible is $1000.00; I did have a claim in 2020 from the Derecho. I know filing too many claims can result in your carrier dropping you; I do have the funds to pay for this so I'm unsure of the right call on whether to file a claim on this or hold off in case it dings me down the road and I need a larger claim in the future. What would you do?

Pay it out of pocket. It sucks but you don't want that claim right now especially if you had a derecho claim.

 

[Nelcyn]

In my one observation and opinion 3500 claim isn't worth is. You need at least 10k plus. Reason being is they will jack you premium when it comes due by 45-60%. Too many claims is also not good especially in a small window let's say 5 years.

 

[mywayorcyway]

This is why I have my deductible set at $7500. Small claims just aren't worth it, they'll screw me either way so I might as well save a few bucks in between.

Insurance makes me feel hulk smash.

 

[Nelcyn]

Allstate home insurance was 3000 a year. Claim issued for 16k to fix floors (1500 deductible). Next premium went to 4800. Then I found out the claim doesn't fall off for 3 to 5 years depending on the insurance company. Crooks I tell you. Crooks! So I may take a higher deductible for 3 years like a 15k or 25k but decided to just take it up the ass. Claim wasn't even my fault I had a brand new dishwasher leak on my wood floors. The dishwasher was fixed under warranty but since the repairman took the broken piece I did not have a case against the dishwasher company, so I had to claim insurance instead of get the money from the KitchenAid. I think the repairmen are in bed with KitchenAid and purposely take the broken part so we can't go back to the them. Kitchen Aid requires the broken part to be tested to confirm it is faulty.

 

[Nelcyn]

I absolutely hate insurance companies. The premiums always go up every year regardless of claims.

 

[Pat]

I absolutely hate insurance companies. The premiums always go up every year regardless of claims.

It’s almost as though homes/autos/salaries/operating expenses/everything is also getting more expensive, but it’s probably just that they are trying to screw you. Ok, maybe a little of both.

 

[1UNI2ISU]

I absolutely hate insurance companies. The premiums always go up every year regardless of claims.

The definition of insurance is the pooling of risk. You're not just paying for your own issues.

Plus, find me anything else on earth that isn't going up right now.

 

[IcSyU]

I absolutely hate insurance companies. The premiums always go up every year regardless of claims.

What doesn't rise in price annually?

You're paying to be part of a pool. If the pool expenses go up the insurance company doesn't just eat it.

 

[Beernuts]

Homeowner policies used to be a bargain (12 years ago when I was in the business) and claims were paid easily. Thus, there was a time when many took advantage of this system and filed unnecessary claims that were actually maintenance issues. Those days are over.

This past year I had an incident that I normally would have turned in to my insurance company ( a covered loss ), but made the decision I would rather pay the loss myself than face higher premiums.

We are quickly approaching the day that insurance is for catastrophic losses only ( fire, hail, etc) and special form coverage is a unaffordable luxury.

 

[NickTheGreat]

I absolutely hate insurance companies. The premiums always go up every year regardless of claims.

That and people are afraid to actually use the insurance, to make their rates go up even more. I'm not mad, I'm just jealous that I didn't think of this business model first.

 

[simply1]

The definition of insurance is the pooling of risk. You're not just paying for your own issues.

Plus, find me anything else on earth that isn't going up right now.

The premium absolutely considers your own personal risk as well.

 

[simply1]

That and people are afraid to actually use the insurance, to make their rates go up even more. I'm not mad, I'm just jealous that I didn't think of this business model first.

Most companies lost billions last year and the year before.

 

[JP4CY]

I feel like the last 5-10 yrs have been hard on the insurance industry.

 

[NickTheGreat]

Most companies lost billions last year and the year before.

And made billions every other year!

 

[ruxCYtable]

I have a situation where I will need new kitchen flooring due to a small leak. The estimate I got to replace was around $3500.00; is it worth filing a claim for this? Deductible is $1000.00; I did have a claim in 2020 from the Derecho. I know filing too many claims can result in your carrier dropping you; I do have the funds to pay for this so I'm unsure of the right call on whether to file a claim on this or hold off in case it dings me down the road and I need a larger claim in the future. What would you do?

My advice is to not file a claim. The market is so tight right now, it may result in you getting cancelled and being unable to find coverage elsewhere.

 

[ruxCYtable]

I feel like the last 5-10 yrs have been hard on the insurance industry.

We just heard 9 of the 10 largest storms in Iowa history, in terms of dollars lost, have occurred since 2020.

 

[Nelcyn]

What doesn't rise in price annually?

You're paying to be part of a pool. If the pool expenses go up the insurance company doesn't just eat it.

Actuaries but they are also not taking those premiums and putting the cash under the mattress. They make good returns on the premiums and also paying CEO and advertising like burning money. Why can't we have a more efficient and fair system?

 

[cyfan21]

I have a situation where I will need new kitchen flooring due to a small leak. The estimate I got to replace was around $3500.00; is it worth filing a claim for this? Deductible is $1000.00; I did have a claim in 2020 from the Derecho. I know filing too many claims can result in your carrier dropping you; I do have the funds to pay for this so I'm unsure of the right call on whether to file a claim on this or hold off in case it dings me down the road and I need a larger claim in the future. What would you do?

Who's your insurance carrier? Mine is Nationwide and my premium went up 40%. I had a pipe burst in January, so that's why they claimed the premium went up. Plus my home value went up, and the cost of labor and materials and inflation went up. It sounds like bs to me.

I've shopped around for other quotes, but the ones I've gotten are from companies life Selective Insurance and there premium would be nearly half what I'm scheduled to pay for next month. I've never heard of Selective so I'll probably just eat the cost and stay with Nationwide.

 

[Nelcyn]

Even if I go up to a 25k deductible my house insurance is still 3800 a year. So basically if my house burns down I am protected but statistically my house is not going to burn down. I just bend over for them. Don't get me started on auto insurance.