Renters

Will the renters insurance renewal premium be increased if a claim is made?

It's possible that your renters insurance renewal premium could be increased if you make a claim. Insurance companies use a variety of factors to determine premium rates, including the likelihood that a policyholder will file a claim in the future. If you file a claim, the insurance company may view you as a higher risk and adjust your premium rate accordingly.

However, not all claims will necessarily result in a premium increase. For example, if you file a claim for a minor incident such as a broken window or a stolen bicycle, your insurance company may not raise your premium. On the other hand, if you file multiple claims in a short period of time or file a claim for a large amount of damages, your premium rate may be increased.

It's important to carefully consider whether or not to file a claim, especially for smaller incidents, as it could impact your future premium rates. Additionally, it's a good idea to review your policy regularly and shop around for the best rates to ensure that you are getting the most competitive price for your coverage.

Disclaimer: The questions and answers above are for educational purposes only. They are meant to provide the public with a general conceptual understanding of insurance and do not constitute advice or analysis. Some answers might be incomplete, outdated, and even not always accurate depending on the particular rules applicable to your state. Importantly, these questions and answers are generic and do not relate to any particular insurance product, including products available on the Waffle platform. If you have any questions about any of your own insurance products, always check the policy first and direct your questions to your insurance agent or the insurance company underwriting your policy.