How Much Will Your Homeowners Insurance Premium Increase if You File a Claim

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How Much Will Your Homeowners Insurance Premium Increase if You File a Claim

Bankrate have issued the results of an insurance study by insurancequotes.com investigating if and by how much making a homeowners claim increases your premiums. ?.

The survey shows that even making one claim results in an average increase of around 9% on your annual home insurance bill. The study also found that the increases varied widely depending on which state you live in.

Laura Adams one of the senior analysts for Insurance Quotes stated that claims history can be a big factor which effects individual insurance premiums. In Minnesota just one claim can result in a hike of over 20% but in Texas home owners will not pay any increased premium for their insurance even if they make a claim.

“The most interesting finding from this study is how widely the increase for home insurance can vary depending on where you live,” according to Adams.

One of the reasons there is such a variance between states is that insurance policies are regulated by individual state departments and the laws in each state also vary.

So how much will your homeowners insurance premium increase if you file a claim?

According to the National Association of Insurance Commissioners the list below shows the % variance between the increases in homeowner’s insurance premiums state by state after a claim is made.

 

State Average Premium Highest Increases After a Claim:
Connecticut Average premium: $1,052 21 percent
Minnesota Average premium: $981 21 percent
Maryland Average premium: $784 19 percent
California Average premium: $939 18 percent
Oregon Average premium: $535 17 percent

 

State Average Premium Lowest Increases After a Claim:
Texas Average premium: $1,560 0 percent
New York Average premium: $1044 1 percent
Florida Average premium: $1,544 2 percent
Vermont Average premium: $730 2 percent
Massachusetts Average premium: $1,050 2 percent
By | 2017-01-14T14:30:49+00:00 October 6th, 2013|Home Insurance|0 Comments

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