Homeowners Claims

[nyc2phi]

When you are quoting a HO3 policy, how much does your rate tend to jump up when there is a claim ?

I did a quote today with a claim on the home from back in 2010 for $300. It increased my rate by $300.

Does that seem like a little much ?

With any decent size claim, it will double my rate.

 

[djs]

A 50-100% rate increase is somewhat normal. Okay, usually closer to that 50% mark for the first one, but it happens.

Doesn't matter the amount of the claim, usually. Type of claim, yes, amount not normally.

Yes, I usually talk clients out of filing small claims if it will affect their rate. Not all claims do, but most will. I will walk them through the numbers to see if it makes sense for them.

Dan

 

[Guest]

My company won't let us write HO if there was a non-weather related loss in the last 5 years, doesn't matter the amount. I thought all the main companies were like that.

 

[fearsback]

In Florida there isn't a huge difference they just end to stay away from most claims.