Homeowners Insurance Claims Water Damage

Most homeowners know that insurance premiums often climb after filing insurance claims. After all, the more you cost the insurance company in claims, the higher a risk you become. Homeowners insurance often covers water damage, but which water damage policy can give you better returns in future and which will not support you at all? How can you identify which water damage claim to file and which one to pay out of pocket?

First of all, let’s think about one of the reasons for water damage claims raise red flags with insurance companies: the potential for future mold claims. It is an obvious thing that after the water has been cleaned up and all the bills have been cleared up, a mold claim will be next. It is also conceivable that following a claim, the insurance company may expect these future expenses and raise your premiums in anticipation - or worse yet cancel your policy.