By G.M. Filisko for Houselogic.com
It’s that age-old conundrum: You pay for homeowners insurance to protect yourself from financial ruin, yet filing a claim when disaster does strike puts you at risk of seeing your annual premiums increase by hundreds of dollars. Worse, either a major claim or too many claims in a given period, no matter how legitimate, could lead to losing your house’s coverage altogether.
While it can be a fine calculation to make, every time there’s damage to your property or an accident on it, you need to consider carefully whether it makes financial sense to file a claim or absorb the losses yourself. The fates of your homeowners insurance and your bank account hang in the balance.
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