We just moved into our first home and we discovered a plumbing problem that requires clean up. I was told I could report a claim and get them to pay for the clean up, but would our rates/premium go up?
With car insurance it always does….. but what about for homeowners insurance. I need help quick, please! Thanks.
The house was built 2003, bought in 2005 by people who never lived in it. They went into foreclosure and we bought it 2008. The house was vacant for 5 years, so this may be when the damage occurred… who knows. Anyway, when you buy a foreclosure you get the property as is.The home inspector did not notice anything — probably because no one had used water in it for years, leaving no signs of the problem.
With car insurance it always does….. but what about for homeowners insurance. I need help quick, please! Thanks.
The house was built 2003, bought in 2005 by people who never lived in it. They went into foreclosure and we bought it 2008. The house was vacant for 5 years, so this may be when the damage occurred… who knows. Anyway, when you buy a foreclosure you get the property as is.The home inspector did not notice anything — probably because no one had used water in it for years, leaving no signs of the problem.
Home | Insurance | Blog article: If you report a claim for homeowners insurance do your rates go up (like car insurance)?
PICKLE2728 11:04 am on February 2, 2010
I would consult your agent before filing a claim. Call him/her and give them a "what if" scenario you are having and make sure they understand you are not filing a claim. Your agent should be able to give you a good answer and he/she should even visit with Underwriting to give you a more solid answer.
The quality of insurance company (i.e. USAA/State Farm vs Allstate) will depend on if your rates go up as well.
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Get an estimate for repairs before filing a claim too. Call out a reputable general contractor that will provide a FREE estimate to you and would battle the insurance company for you too. If the repairs are not going to be that costly, then it does not make sense to file a claim if you have a high deductible. Do not tell the agent/adjuster that the problem was "maybe" going on before you bought the home. Otherwise it may be denied right away.
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Lots if information…hope it helps. Email me if I can help. Good luck.
egg_sammash 11:04 am on February 2, 2010
Yep, I’m afraid it does.
pete0518jr 11:04 am on February 2, 2010
Oh Yeah! They get you. More than 3 claims they’ll drop you!
bailey 11:04 am on February 2, 2010
yes, unfortunately… the previous owners more than likely knew about this problem. did you have anyone inspect the home before you bought it? they should’ve realized there was a problem before you moved in. it’s a shame how unethical some people can be. i’m really sorry!
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