Homeowners insurance is meant to protect your home and assets from most all incidents. Although you can always file a claim when something happens to your home or possessions, there are certain times where it is better not to.
If your home incurred serious damage from a major disaster such as fire, you should always file a claim. You should always file a claim if your losses or damages are much higher than your deductible.
It is up to you when you do not file a homeowners insurance claim. A good rule of thumb is not to file a claim if the damage to your home or possessions is less than the deductible of your policy. If your damages costs slightly over your deductible, it also makes sense not to file a claim and to just pay out of pocket to fix the problem. Too many claims can cause your insurer not to renew our policy in the future.
If you would like more information about your insurance policy or financial planning tips, contact Phocus Companies in Phoenix, Arizona.
