DID YOU KNOW? If a storm causes a water leak in your roof. The damage is extensive, so you call your insurance company. But you are reluctant to make a claim on your homeowners insurance because you’re afraid the company may raise your rates. So you pay for the repairs out of your own pocket. It is a big chunk of change, but in the long run, you figure, it will be worth it. When it comes time to renew your policy, the insurance company has a nasty surprise for you. They are not raising your rates. Even though you never made a claim, the insurance company documented your phone call and treated it as a claim. And all of this after making just a phone call. Making the phone call you have already determined that your insurance company may raise your premiums at the first opportunity. Insurance companies treat the call just as they would a claim—as a black mark on your record that stays on your record for at least seven years. The call may go into the CLUE (Comprehensive Loss Underwriting Exchange) report on your house. I know you may be thinking…..”I never filed a claim”, and beside I used my own money to pay for my damages”. It’s the fear the insurance companies has put in all of us worldwide. “They tell us if we file a claim our premiums will go up and everybody will suffer” nothing more than an intimidation tactic to take your premiums every month and put fear in the policyholder not to file a claim. Keep in mind the only reason we all have insurance is to ameliorate the financial consequences of risk by transferring the risk from an individual to a group and sharing the cost of the risks. Before you file and insurance claim make sure you understand the scope of the loss by contacting a professional that can legally represent your claim and don’t be intimidated by the insurance company.---- GET EDUCATED!!!
Posted on: Fri, 21 Jun 2013 23:14:16 +0000
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