The winter winds whip around your home, giving it a little shake, but you’re warm and snug inside. The next day you venture out and see an eaves trough dangling at the side of your home. Or perhaps you noticed a few shingles on your front lawn. Perhaps your business sign has been damaged. This is an annoyance but is it worthy enough to make an insurance claim?
As Insurance Brokers, we’re here to help our clients make the best decisions as it relates to their insurance and protection of assets. A question we often hear is “should I claim this." Here are some things to consider:
- How much damage is there? Understanding the amount of damage and the cost to repair is important. There are many reputable restoration companies that will do free estimates on damage in your home or business. Whether the damage to your home or business is to the roofing, plumbing, drywall, mould or any other type getting an expert in to assess it is important. You may want to consider the costs to repair before deciding whether you should make a claim on your home insurance.
- How much is your deductible? One way to keep home insurance, condo insurance or tenant’s insurance costs down is to increase your deductible. The deductible is the amount you will be responsible to pay toward repairing your home in a claim situation. Increasingly, more and more people choose a $1000 deductible. If the repair estimate is less than, or close to, your deductible it’s not worth putting in a claim.
- What is your claim free discount? All insurance companies offer some kind of claim free discount on their property insurance product. This discount can range from 10% to 25% depending on the company. So, even if the damage to your home is greater than your deductible is it greater than your deductible, plus the “cost” of the loss of a claims free discount for 3 to 5 years?
- Claim frequency. Sometimes you have no choice but to make a claim because the damage is so extensive. However, insurance companies look at the frequency of claims over time. Too many claims and you could find yourself having to go to a high risk property insurance company where the insurance rates are far higher.
If in doubt call our licensed personal insurance experts. They can guide you through the process and help you determine what the best course of action to take is, given your situation. They’ll make sure that you have the information you need and will help you make decisions that are in your best interest.
When Making a Claim is Not a Choice, but a Necessity
Sometimes it’s clear a claim needs to be made such as when someone is injured on your property or you’ve suffered significant damage to your home. At Erb and Erb we’ve been here for our clients when they’ve experienced devastating losses – personal injuries, theft of business property or of irreplaceable family items, and homes and businesses burned to the ground. We recognize how stressful a claim can be for a family or business. Our job is to help you navigate each step of the way, protecting your interests and managing your claim.
A great claim experience begins with great coverage. Don’t put your assets and family at risk. Make sure you have the best coverage available to you and that you understand all your options.
Not a client of Erb and Erb Insurance Brokers Ltd? We’d love to give you a second opinion on your property insurance. Contact us today to speak with one of our licensed insurance brokers or visit our business insurance, home insurance, condo insurance or tenant’s insurance page to learn more.
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