Do Hail Claims Increase My Insurance Premiums?

Understanding Your Insurance Premiums

 

At PRQ Exteriors, one of the most common objections we receive from clients thinking about filing an insurance claim is that they do not want their insurance premiums to increase because they filed a claim. This fear often causes homeowners to delay necessary repairs on their property, making damage worse and increasing the cost of repairs. 

 

Today, the PRQ Exteriors team wants to help you better understand the factors that will and will not increase your insurance premiums so you can stop delaying crucial repairs

 

Homeowner Protection in Colorado

 

Let’s start by exploring what will not increase your insurance premiums. Clients often think that filing a claim after a hailstorm will cause their premiums to soar. However, in the State of Colorado, homeowners are protected from what the state considers an “Act of God”. An Act of God is anything naturally occurring that is out of your control. This means any damage to your home caused by hail, severe winds, and storms will not cause your premiums to rise.

 

On the other hand damages that are sustained due to human error — such as your home flooding from a pipe burst that occurred because you accidentally turned your heat off while you were out of town — will likely cause premiums to rise. Another factor that might cause your insurance to increase is a bit sneakier. Oftentimes, if there is a high rate of weather related home damage or claims being filed in your neighborhood, your insurer will raise the rates for the entire area. This rate increase will affect your premiums regardless of whether or not you recently filed a claim.

 

Ways to Decrease Your Premiums

 

If your insurance premium has recently increased, the first thing the PRQ Exteriors team recommends you do is call your insurance agent. Ask your insurance agent what caused the rate change and explore ways to decrease your premiums. Insurance companies often provide discounts for things such as:

  • Bundling home and auto insurance
  • Installing a home security system
  • Senior citizen discounts
  • Insuring multiple properties under the same insurer 
  • Paying bi-annually or annually rather than monthly

If you are not currently eligible for any additional discounts, it might be worth exploring other insurance companies to see if they could provide you with lower rates. If you receive lower rates for equal coverage, use those rates as negotiating tool. And if you do consider changing insurers, carefully read through all documentation to understand what coverage with a new carrier would entail.

 

 

Give Us A Call

 

As always, we recommend that you consult your insurance agent with any questions or concerns on your policy. And remember, no matter how the damage to your home was sustained, it is always worth having an expert come out to assess the damage. Call the PRQ Exteriors team today at 303-214-0703 to schedule your free home inspection.