Homeowners and renters insurance policies are there to help if something goes wrong and you need to pay for repairs or replacements. But you should take caution not to make too many claims on your policy. If you make too many claims—or even if you make a single claim that you could have handled yourself—you may find that your premium rises a great deal.
A few instances where it’s not wise to file an insurance claim:
Homeowners typically make claims once every nine or ten years. Filing a claim more often is a big red flag to insurance companies, even those who have provided your coverage for a long time. Unless you have a major incident, avoid filing an insurance claim if you’ve already filed one in the past three to five years.
If you have a $1,000 insurance deductible and a baseball comes through your living room window, will it cost more than $1,000 to replace the glass? If not, then pay for it yourself and save yourself the hassle.
These policies aren’t for replacing worn-out computers or roofing shingles that come loose from age. You need to be ready to pay for those upkeep expenses yourself. File a claim for a wear-and-tear issue and you’re likely to get denied.