Will submitting a minor claim increase a home owners insurance premium?
Answers:
When it comes to premium increases due to claims, most insurance companies do not factor in dollar amounts. So your rate will go up the same regardless if its a $20,000, or a $2 claim.
Some companies will "forgive" your first claim. Ask your agent if you qualify for something like that. Otherwise, it will be somewhere in the ballpark of a 30% increase for the next few yrs.
If you believe that your neighbor is at fault and you can find sufficent evidence, than you may want to sue for the damage or have your neighbor file an insurance claim.
It depends on the insurance you are allowed three claims in three years, try www.smartandcook.co.uk
I seriously doubt you're going to be able to hold the NEIGHBOR accountable for YOUR plumbing problem.
Yes, this claim will eliminate your loss free credit, and if you live in a state where they can cancel you for 2 claims, this will be one of them.
It may cause an increase. If you have never filed a claim before you may lose your Claims-Free Discount, which can range from 5-20%. It would take a few years of being Claims-Free before you can regain this discount. If you already have no Claims-Free discount and/or it is a small discount then this might not be a consideration.
If you have made one or two small claims or even one large claim in the 3-5 years, you might not be renewed by your current insurer. Being non-renewed because of loss history might mean you may be excluded from most of the good markets, and may have to rely on the non-standard markets to place your homeowner's insurance with, and that is going to be expensive. The best option is to discuss your options with your broker/agent who will have a better details of your file and your options.
It doesnt matter what the amount of the claim is, and 3 grand really isnt all that small to be honest. It is still a loss and it is still going to be considered into your premium
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