You have filed a home insurance claim. Now what? For first-time claim filers, it can be a scary game of “what-if”, wondering how this claim can impact your insurance policy. You have already had to deal with the unfortunate events that have led to this claim filing process, and this unease can make the policyholder even more distressed. This article will help you know what to expect when walking the line of insurance claims.

Will your claim be covered? This is one of the biggest worries at the beginning of the claim process. Lack of faith in big businesses these days can lead to additional stress, wondering if all of the monthly payments you have made to this company will pay off. The criteria for your claim being approved are usually standard among brokers. The major factor determining approval is the coverage you have purchased from your insurance company. The coverage limits you have paid for in your policy will also play a part in your approval status. These two factors are the largest determining information for your claims. Your insurance company will also determine your eligibility for a claim based on what caused the damage or loss to your home and what was damaged. These companies view each claim as exclusive of another based on this information. Many different insurance companies provide assistance with your claims, and give different options to review your policy. This can help you understand what coverage you have and on what you are qualified to file a claim.

Will your claim cause you to have an increased premium? Many insurance brokers provide discounts to their policyholders for no claim filing activity. If you lose this discount, you will experience an increase in your premium. However, if you have a discount with your insurance company for also carrying automobile insurance with them, this discount will usually go untouched. You can also experience claim surcharges if you have had multiple claims filed on your policy. To find out more accurate information for your individual policy, contact your insurance provider.

Will your claim cause your policy to be cancelled? In some instances, if multiple claims have been filed on your policy in a short period of time, your company can choose to cancel your policy or establish a nonrenewal for when your policy expires. This can be prevented by performing routine maintenance on your home and preparing for storms or other environmental catastrophes.

How much should I expect to pay if my claim is approved? Whatever you are responsible to pay is the deductible on your policy. The deductibles vary by company and policy, but it is an amount that you agree to pay before the insurance company will pick up any charges. For example, if you have a $500 deductible, and you have $6000 in charges, you will pay the first $500 and the insurance company will cover the remaining $5500. Policyholders also question whether to file a claim if the amount is less than their deductible. The answer is yes, because if future problems occur from this incident, then you are still protected under the initial claim and you do not run the risk of being turned down.

Knowing what to prepare yourself for in the case of filing a home insurance claim can allow you to experience peace during an otherwise upsetting time.