Knowing how to file a home insurance claim before you actually need to do can save you a lot of time and hassle when emergency hits. If your home gets damaged by a flood, falling tree, or other random accident, you'll want to know how to file so you can get your funds back fast.
While it depends on your particular policy, typically insurance companies will cover anything over your deductible, says Penny Gusner, a consumer analyst for Insure.com. For example, if your deductible is $2,000, and the damage is going to cost $50,000 to repair, you'll pay the $2,000 and you'll receive the remaining $48,000. Whatever your deductible, you won't be able to file your claim until you've paid that first.
If you file a lot of claims, this might spur your home insurer to raise your rates or cancel your policy once it's up for renewal. "You'll look like a risk," says Gusner. "Depending on how large the claim is and how many you've had, your insurer may 'nonrenew' you for the next period."
However, assuming you've been careful about how often you file claims, your policy shouldn't change drastically. "It's unlikely that your policy would be canceled," says Gusner. When in doubt, ask your agent whether or not it's worth doing in the long run, and how it could affect your future.
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