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Damaged my garage and the estimate was originally $4,000. Called my insurance company and they got the Restoration company to reduce their cost to $3,000.
I have to pay my insurance deductible which is $2,500. Is it better to just go ahead with paying the insurance deductible on a $3,000 damage or cancel the insurance claim and pay $3,000 out-of-pocket?
I'm asking because even if I cancel the claim, isn't it still on record and it's just as bad anyways? Please help
You were told by multiple people to not even file a claim for the initial $4K estimate, certainly don't for them to only pay $500 and raise your rate for yrs.
You were told by multiple people to not even file a claim for the initial $4K estimate, certainly don't for them to only pay $500 and raise your rate for yrs.
I've already said I was sorry. I've learned my lesson.
The larger question is "What perverted economic system and regulatory authority allows such abuse of customers?"
When a fear relationship with a company is based upon their previous history of stating "We will happily take your money for years, but don't expect us to do squat. If you do, we will dump you in a New York second!" that is an abuse of power, not to mention a borderline violation of the commerce clause of the U.S. Constitution.
I recognize most people just shut up and deal with it, but it doesn't make it right, nor should it be allowed. Such actions go beyond the fiduciary responsibility of preventing loss by serial claims and into violations of contractual obligation.
To everyone that says "Don't make that $4,000 claim or you'll end up losing money or being dumped!" - you just showed how you too signed a foolish and abusive contract and you are willing to "forgive" and pay out of your own pocket for services you already are paying for. You judge yourselves.
If a company offered a policy that was straightforward, like they used to be in the past - "We will pay you the worth of your house, up to $X dollars, if it burns down, and NOT pay you under any other circumstance", the cost of such insurance could be minimal. Instead there are enough clauses to confuse a CPA, and enough wiggle room to not respond to make Al Capone look like a piker.
Even if the claim is cancelled, it may still show up as a "zero" dollar claim on your history. Suspect too late to affect that. A lot depends on the nature of the claim (did your action/inaction create the garage damage?), the degree of risk due to local environmental hazards, and how often you've made claims in the past. IME, not all homeowners insurance claims raise your premium. I've made one claim on a homeowner's policy; cleanup due to a oil-fired boiler puffback. No premium increase, no cancellation. If I had damage that wasn't major I'd probably check my deductible and get a couple of repair estimates before deciding whether or not to file a claim.
Last edited by Parnassia; 07-20-2021 at 03:20 PM..
The larger question is "What perverted economic system and regulatory authority allows such abuse of customers?"
When a fear relationship with a company is based upon their previous history of stating "We will happily take your money for years, but don't expect us to do squat. If you do, we will dump you in a New York second!" that is an abuse of power, not to mention a borderline violation of the commerce clause of the U.S. Constitution.
I recognize most people just shut up and deal with it, but it doesn't make it right, nor should it be allowed. Such actions go beyond the fiduciary responsibility of preventing loss by serial claims and into violations of contractual obligation.
To everyone that says "Don't make that $4,000 claim or you'll end up losing money or being dumped!" - you just showed how you too signed a foolish and abusive contract and you are willing to "forgive" and pay out of your own pocket for services you already are paying for. You judge yourselves.
If a company offered a policy that was straightforward, like they used to be in the past - "We will pay you the worth of your house, up to $X dollars, if it burns down, and NOT pay you under any other circumstance", the cost of such insurance could be minimal. Instead there are enough clauses to confuse a CPA, and enough wiggle room to not respond to make Al Capone look like a piker.
You were told by multiple people to not even file a claim for the initial $4K estimate, certainly don't for them to only pay $500 and raise your rate for yrs.
We've never had an increase in our homeowner's insurance due to a claim. Our rates have gone up after hurricanes and such, but those increases apply to everyone. OH, I see Texas doesn't allow rates to increase based on a single claim. That makes a difference, I suppose.
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