Claim under house insurance - is it worth it?

BrittPlaugborg

I need some advice/help. I am a first time house owner/house insurer. I have now had a leaking pipe that has been repaired. The total cost for track and access and repair came to just over £400. I have a confirmed excess from the insurance company of £100. They have confirmed they are happy to pay out for the remaining £300 related to the problem. However - is it worth it? I mean - will my renewal policy increase by the same or more next year? Will I already have lost my NCD given I have reported (but not yet claimed) under the insurance? What would you recommend in my situation? 

Ganga

Might as well claim as the insurance will have logged this claim and your insurance next year will not go up £300 .

MalMonroe

Hi, as Ganga says, the insurance company will have logged this now and will be waiting for the details of your claim. May as well go ahead, otherwise this year you'll be paying the whole £400 repair bill plus your regular annual insurance payments and even if your insurance does go up next year it won't be by £300. Next year you could shop around and see if you can get a better price, anyway. You don't have to stick with the same insurers, even if they do send you a renewal. If it were me, I'd go ahead.

PRAISETHESUN

That's kinda of the point of insurance - to cover you for unexpected losses. Your premium is already going to go up because of the declared incident, but nowhere near as much as it'll cost you to cover the costs out of your own pocket.

PinkPanther3

Home insurance prices are affected by claim type and value, in the scheme of buildings insurance a £300 claim is next to nothing I wouldn't worry about renewal personally. 

If you didn't claim any money from them it would be recorded as an incident, however Depending on your company this may not affect your price. This is how it would work at the company I work for, can't confirm the rest of the market however as all underwriters rate differently.