homeowner insurance claim

[joemuni]

What is the name of your state? new jersey

I would like to make a claim for property damage on our home
owner insurance policy. But I do not want to risk having them
increase my premium payments, or canceling my policy.

How can I know what they will do ? I've never made any claims in the past.
Are there laws that prevent Insurance Co. from increasing premium or canceling policy ?

Thanks for reply.

 

[jcalangian]

this is a risk/reward decision....

they likely will either increase your premiums or cancel insurance for just1 CLAIM....

how much do you think you are going to get from this claim? less deductible, etc.... if its less than, say $5k, I would not think it worth it....

better to save money by upping your deductible to the highest maximum and save significantly every year, and reserve the insurance for total losses

 

[HomeGuru]

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