August 11, 2006
Claiming Dangerously…
Did you know that making a claim against your insurance company can result in you losing your home insurance? Yes, this is preposterous but true.
Columnist for the Kiplinger magazine Kimberly Lankford, says in her book “The Insurance Maze”, that insurers do not have fixed rules for dropping customers. But claims that are water-related do the most damage, she adds.
Chris Heidrick, vice president for personal insurance with Firemen's Fund, suggests that homeowners raise their deductibles so as to save on premiums. These savings can contribute to increasing their coverage which will stop them from claiming for even the most minor damage.
Insurers have a database of all the claims you’ve ever made, even the smallest ones. You can access a report of all your claims from the Comprehensive Loss Underwriting Exchange, once a year at no cost.
--
Did you enjoy this post?
