Is this a normal practice?

Question

my home is insured with a top of the range home insurance policy, last year I had to make two claims due to storm damage now this years premium has gone up a great deal does this happen on all insurance policies?

Answer 1

yes. any clam you take out has to investigated, in which the company must pay someone to go out. and also because you had to clam twice, you now are seen as more possible to claim gain this year and so being a bigger risk for them to insure you. same goes for cars etc.

Answer 2

Normal. Be glad that didn't kick you to the curb.

Answer 3

Yes it is.  The more claims made, the higher up in the 'risk' category the client becomes.  You're fortunate that the company didn't class these damages as "Acts of God" in which case your claims would have been denied.  If your premiums have jumped substantially perhaps it's time to shop around for a new Insurer.  You'll still be in a higher risk category but you may find better rates than what you are now paying.

Good luck

Answer 4

yes.

Insurance companies are paid to SHARE your risks.  They are not paid to TAKE OVER your risks at 100%

Answer 5

It is very normal... You should have a high deductible and try to only turn in claims that are EXPENSIVE.

Answer 6

they have to recoupe the money somhow to show profits at end of year wrong i know but thats the way it is.

Answer 7

it`s normal but it isn't right.

insurance companies normally do raise your rates after every claim you make. The only way to maintain low insurance premiums is to never make a claim but then what is the purpose of paying for insurance if you can never use it.

and insurance companies wonder why insurance fraud is at epidemic proportions?

Answer 8

i think so. actually ive no idea but watev.....

Answer 9

bend over and take your medicine, you claim and your premium will rise.

Answer 10

LOOK AROUND FOR ANOTHER CO.

Answer 11

Yes.  Before you were getting "No Claim Benefit".

Answer 12

You probably lost a no claims bonus or introductory bonus on the policy - hence the increase in premium.

If the insurance company have sent you a letter saying that they are imposing terms due to the bad experience then you will have to declare it on any other proposal (and I suggest you use a broker in that case). If not then you won't.

If it is a 'top of the range' policy then I assume you had good service from the insurer. If you did then you may wish to continue with them - after all when a claim occurs you won't be worrying about the cost of the policy will you?

Answer 13

yeah really normal

Answer 14

yes, you can shop around for another insurance.

Answer 15

Yes unfortunately so.

Answer 16

This is normal. They gladly take your money for years, but when you make a claim they hoist the premiums up to cover it.

Answer 17

Yes.....if too many claims are made too close together they raise your premiums.  My daughter lost her collision insurance for the same reason and only 1 accident was her fault but the other 2 ppl did not have insurance so hers had to pay.   See if you can find someone else...cheaper

Answer 18

Yes that's why you get " no claims bonus" and it goes down. because you've claimed twice your a higher risk.