As a homeowner in Miami, you might hesitate to put in for an insurance claim each time you’re faced with damage. If insurance exists for the sole purpose of reimbursement for recovery, then what’s the problem? No one wants their premiums to increase, and that’s typically what happens with each claim filed. It’s not exactly fair, but sending in a claim marks you as a high-risk liability. This guide will help you understand exactly how insurers adjust your premiums and what you can do to manage your coverage.
Need help filing a claim? Altieri Insurance Consultants Miami is the partner property owners rely on! Reach out to our team of public adjusters today to schedule a consultation.
How Insurance Companies Decide Whether To Increase Your Premium
It’s not surprising for an insurance company to raise premium rates, but they also don’t just do so willy-nilly. There’s a list of factors that they go through to determine their final decision. Homeowners in Miami can benefit from knowing what has the potential to increase their premiums.
Here are some of the main details that insurers pick apart from your profile:
- The number of past claims filed for your home
- The frequency of claims filed
- The type of claim being submitted
- The party “at fault” for the damage
- Current state regulations
| Insurance premiums may also be comparatively higher in areas that are marked as “high risk”. Learn more about how insurance companies assess claims in high-risk areas in our comprehensive guide. |
Thinking Like An Insurer. Are These Factors Enough to Increase Your Premium?
Get a closer look at some critical factors that can influence your homeowners’ insurance in Miami:
Risk Assessment
For every policy, the level of “risk” associated with your property is calculated by both past claims and future potential. A history of abundant claims will increase your risk level in the same way that living in a high-risk area like Miami will.
Claim Type
Certain types of property damage will cost more to repair than others. For example, a broken window from flying debris during a hurricane is less likely to increase your homeowners’ insurance compared to water damage caused by a neglected leak after a storm.
Acts of God
Natural disasters are to be expected in Florida, meaning that it’s only a matter of time before your insurer is obligated to reimburse you for the cost of property damage. This is why living in a high-risk area like Miami is often enough to set your premium rates higher than the typical American household.
“How Much Will My Homeowners Insurance Increase?”
Some insurance companies in Miami will increase rates per claim filed. Depending on the factors mentioned above, your premiums can go up by anywhere from 9-20% on average.
”What Happens When I File Too Many Claims?”
With policyholders who are deemed too high a liability, insurance companies hold the right to cancel your policy at will or revoke the option to renew your policy. Keep in mind, not all damage necessitates filing a claim. Sometimes you may be better off just paying for repairs and keeping the claim off your history. A solid public adjuster will give you honest advice on whether it even makes sense to file a claim for damages, or to simply proceed with repairs.
How Can I Lower My Risk of Property Damage?
You want to lower your risk level to maximize your homeowners’ insurance in Miami. How do you do that? Here are some tips that can help you reduce the need to file a claim:
- Keep on top of regular home maintenance
- Opt for repairs immediately (do not delay)
- Reinforce your home with safety upgrades
- Hire a trusted public adjuster for pre-loss services
Protect Your Insurance Coverage. Call the Experts at Altieri Insurance Consultants Miami!
Altieri Insurance Consultants Miami is ready to help you with your homeowners’ insurance coverage. Whether you’re filing a claim or want to look into our pre-loss programs, our team of reliable public adjusters will do everything to help you get your life back. Call us today at (813) 247-4757 to schedule a consultation appointment.
