If you have submitted an insurance claim with your homeowner’s insurance company, you may have found that shortly after doing so that your insurance premium increased. This is a common practice among all types of insurance companies but that does not mean that there is nothing you can do in order to get your premium lowered again. Make sure you use these tips to help to lower your insurance premium after you have submitted a claim.
- Reach out to the insurance company – Because it is standard practice, an increase for your premium may have been automatically added to your account without the nature of the claim taken into account. If the claim was something that you could not prevent or that was entirely not your fault, then it may be a good idea to reach out to the insurance company to see if they will lower it back to your original rate based on the nature of the claim. It never hurts to ask and if you do not ask, it will not happen.
- Take a look at your policy – You should take a good look at your policy to see if the insurance company is even allowed to increase your premiums after a claim has been filed. They may have added a clause that states this is possible but if you do not have this type of clause in your policy, then you may have a case for argument with the insurance company to lower it back to the original rate.
- Shop around – One of the easiest ways to lower your insurance premium is by shopping around for a new policy. If your current company will not lower the rates back to your original premium, then you can always take your business elsewhere. By shopping around, you may even find a better policy that costs less than your original premiums.
- Increase your deductible – Another way of lowering your premium, whether you stay with that insurance company or not, is by increasing your deductible. This will lower your premium because you will have to cover more of the out-of-pocket costs. Just make sure that you do not increase it to a point that you cannot handle the out-of-pocket costs if they do come up at another time or you will be in financial trouble.
If you feel as though your insurance premium went up without a good reason, it is a good time to contact an insurance claim attorney to help you navigate the process. Be sure to reach out to us here at Silver, Bass & Brams for help with your insurance premium here in Florida.