Is It a Bad Idea to Make Insurance Claim?

[Tariq B.]

Hello Everyone,

To make a long story short, I want to make a claim on my primary residence to replace my roof. Deductible is about 2K roof will easily cost 7K without.It’s not leaking just getting old and everyone in the neighborhood is doing theirs. 

I have more insurance policies then I can count on my hands for other properties. My fear is, If I make a claim will this effect my other policies? 

I have always tried to stay clear of making claims for this fear. Is there truth to it or just rumor? 

Thanks! 

[Todd Rasmussen]

@Tariq B.

There is big truth to that and insurance doesn't cover something that is just at end of life. You should get with your insurance broker or agent and freshen up on what is/isn't covered and what your coverage amounts are. Providing you have a reserve, you will probably find that increasing your deductible, retaining the risk of smaller losses and realizing some premium savings is a best practice of most investors with multiple properties.