Have you ever filed a homeowners insurance claim?

amother

Tue, Apr 27 2021, 7:39 pm

Hi,

We are first time home buyers, and we are pricing out insurance policies. We have one quote with a $2,500 deductible and one with a $1,000 deductible. I understand what that means, but I'm wondering how valuable the lower deductible is. Obviously this will vary but I'm wondering how often I can realistically anticipate making a claim. Is it the kind of thing where many people never have a reason to file a claim? Or do people end up filing for some repair once every few years?

I know no one ever plans to file a claim, but the lower deductible plan is significantly more expensive so im trying to get a sense of if it's worth it

Fabulous

Tue, Apr 27 2021, 7:42 pm

Bli Ayin Hara we are homeowners for close to 8 years abs we never filed a claim. You should ask around, but if the lower price was enlightened that the $1500 difference was paid off in less than 5 years, I would do the $2500 one

amother

Tue, Apr 27 2021, 8:00 pm

Fabulous wrote:

This was helpful! Ty!

Chayalle

Tue, Apr 27 2021, 8:07 pm

I've been a homeowner for over 20 years. I filed a claim once, many years ago. (frozen pipes from a neighbor whose home was attached to mine burst and flooded my basement. I got over 10K in that claim. Used it to finish my basement.)

amother

Babyblue

Tue, Apr 27 2021, 11:40 pm

We’ve been living in our home for three years and had to file a large claim recently. You need to do the math and see what you’re more comfortable with. I wouldn’t expect to have to file a claim frequently, though, so if the higher deductible policy is significantly cheaper and that’s the only difference between them it might make sense to go with it. Also take into consideration where you live, of course.

Amarante

Wed, Apr 28 2021, 12:02 am

I want to make sure you realize that insurance is not for normal repairs but is for loss from fires, floods etc. as well as theft. Most policies also cover you from being sued for injuries from people who are hurt in your property.

What level of coverage do you feel comfortable with and could you cover the deductible. What is the difference in premiums.

You should also make sure you know exactly what is covered in the event the worst happens. If your entire home is destroyed or even partially will you get replacement or will depreciation be calculated.

Since you are new to it, I would suggest you find a really good broker who can explain all the options so you understand exactly what is covered.

amother

Wed, Apr 28 2021, 7:44 am

Amarante wrote:

Hi,

Yes I understand that insurance is not for normal repairs. I was referring to repairs after a loss (burst pipe, ch'v fire, etc).

I am satisfied with the coverage limits offered on both the actual dwelling coverage and the liability. It says replacement coverage is included on personal property, I should find out if that also includes if we had to rebuild the house.

I wouldn't exactly be thrilled to be on the hook for $2500 but it wouldn't ruin me. The premium for the lower deductible is a few hundred dollars more (I have to check exactly)

amother

Mustard

Wed, Apr 28 2021, 7:54 am

amother [ OP ] wrote:

If I were you I would go for the $2500 deductible, but also save the extra cost of the lower deductible in an emergency fund.
As another poster said in a few yrs you’ll have the deductible.
This way you could also see how much stress paying the higher premium is and you can switch later on.
Again make sure it’s the same coverage

amother

Pearl

Wed, Apr 28 2021, 8:01 am

Yes we just moved into a new renovated home within a few weeks we had major flooding in our basement...
We didn't have the inspector check out the plumbing to the sewer line apparently there were roots in the old sewer lines plus the basement had old cast iron plumbing... the previous owner denied knowledge of it. It was our responsiblity- We used our home owners insurance (bc we had coverage of the sewer lines.)

Go with the lowest deductible and good thorough home inspection;)