Home insurance is designed to offset the expense of making repairs to your home after damage occurs. But it’s hard to know when you should submit a claim or pay for the repairs yourself.
For most home insurance policies, you must pay a deductible on your policy before your benefits can kick in. If it will cost more to repair the damage done to your home than paying your deductible, it may be a good idea to file a claim. For example, if a storm blows through your area and you need to do major roof repairs, filing a claim may make the most financial sense for getting the repairs done. At the same time, if the repairs will only cost slightly more than your deductible, or less than your deductible, it’s probably better to pay for the repairs yourself.
Another factor you need to take into account is whether your home insurance policy will cover the damage. Most policies are meant to cover unexpected, significant losses, not everyday maintenance or general repair costs. For instance, if a fire damages your house or a broken washer causes significant water damage, these are the types of situations that warrant filing a claim.
Of course, if you ever have any questions about whether something is covered under your existing policy, or if it makes sense to file a claim, our team is always happy to help. Contact us at The Catawba River Insurance Group any time you have questions about home insurance.