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How do you figure a claims surcharge on home insurance?
We got hit by lightning and blew out a bunch of things. Since Directtv covered the cost of those replacements (yes, this is a plug - they deserve it), our total cost for replacing everything will be about $500 over our $1,000 deductible. We're trying to determine if we're better off eating the cost.
Our insurance office says we will have a claims surcharge of one point for three years. How do we figure out what that will be in real dollars?
1 Answer
- Anonymous1 decade agoFavorite Answer
A point in mortgage terms is $1,000 on $100,000 of home value. So the total increase will be based on the current value of your home. For only $500 above your deductible I would frankly be amazed if it was cost effective to submit a claim.
Oh and congratulations on getting the info about how your fees would go up. Most insureres won't describe the formula they use to calculate their increases.