house claim

drodn

Hi - due to a burst pipe I had a leak that damaged a wall and part of a ceiling.

In line with this I reached out to my insurance company to start a claim to have a look at having it rectified. I was offered a cash settlement which I am yet to accept or decline as I have been getting quotes. Most quotes come under the settlement offer as most tradesmen say the damage isn't actually as bad as the insurance company believed it to be (following their guy visiting my property)

My question is - can I just "cancel" the claim so that my premium isn't affected for the future or is there no going back, ie. I should just take the cash settlement and get it fixed?

Ta

Quentin

The offer will be the gross amount you would need to deduct from this your excess

Now it's been disclosed it will be down on your record as a loss which must be disclosed to future Insurers you go to for quotes as part of your history of losses even if you decide not to proceed with the claim

You can get an idea of the effect this has on future premiums now by doing dummy quotes online with and without this in your history

Blibble

As you have now notified your insurer of the loss, you are deemed riskier to insure in the future, and as this is now recorded on the relevant database your premium could be affected for up to 5 years.

As you have begun the claim, I would suggest it is in your best interest to continue but that's entirely down to you.