To claim or not to claim?
Severe weather, storms and other natural catastrophes are becoming more frequent and more destructive. Losses from natural catastrophes are growing.
It’s certainly stressful when the weather damages your property. Faced with these challenges, you may look to your insurance policies to protect your assets.
As brokers, we urge you to avoid panicking when something happens. For example, if strong winds rip through your neighborhood and your property is damaged, you may be tempted to immediately contact your insurance company to file a claim.
Before filing a claim, consider the severity of the damage and whether it is worth filing a claim.
If your property suffered relatively minor damage like a fence falling over, it may not be necessary to file a claim.
Filing a claim will create impacts on your coverage and premiums down the line, including the loss of your claims free discount.
And if you file another claim in the future, that will be your second claim, which will make it more difficult to qualify for coverage.
Considering the potential impacts to your coverage, sometimes the best course of action after weather damage is to take the appropriate measures to mitigate any further damage and hold off on filing a claim until you have spoken with your broker.
Contact us today to find the best option for your needs.