If you’re a homeowner, you probably hope that you’ll never need to make a home insurance claim. But if you do, you may not realize that making just one claim could increase your home insurance premium.
A recent insuranceQuotes.com survey found that making one home insurance claim could drive up your rate an average of 9% nationwide.
But depending on where you live, this number could be much higher. Here are the top 5 states where making a home insurance claim will raise your rate the most:
The fifth highest state is California where making one home insurance claim will raise your rate an average of 18 percent.
This isn’t great news for Golden State residents where homes are frequently affected by drought, wildfire and earthquakes
The fourth highest state is New Mexico, the Land of Enchantment, where one home insurance claim will hike your rate 19 percent.
The third highest state is Arizona. If you make one home insurance claim in the Grand Canyon state, your rate may jump 20 percent.
The second highest state is Connecticut.
In 2012, Connecticut was hit by Hurricane Sandy, to the tune of $360 million in damages. This may be part of the reason why making one claim in the Nutmeg State can kick up your rate by 21 percent.
And the most expensive state to make a home insurance claim is Wyoming.If you’re a homeowner in the Cowboy State, you may want to think twice before making a home insurance claim since it can cause your rate to skyrocket an average of 32 percent.
No matter where you live, there are easy ways to cut the cost of your home insurance.
One is to raise your deductible. The higher your deductible, the lower your premium will be.
Another is to consider bundling your home and auto insurance policies. A recent study shows that getting them from the same carrier can cut your cost an average of 15%.
And finally, one of the best ways to save money on insurance is to shop around because rates are always changing.
Visit insurancequotes.com to get free quotes from the nation’s top carriers for auto, home, health, life, and business insurance.
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