What $ Level To File A Claim 1

[Bob]

Hello,

Have the typical Homeowner's Policy, and live in Mass.
Has a $500 deductable.

House assessed at around 450K.

As a general rule of thumb, and realizing that it varies considerably,
where would most folks just absorb any loss (due to a burst water pipe)
and not file a claim ?

Guess there's the possibility of rates being raised due to on next
renewal ? Generally true ?

The Agent says that "don't bother for anything less than 20 K".

Would just like to get opinions on this.

Thanks,
B.

[A Michigan Attorney]

Conventional wisdom is that the number of claims in a given period is
more important than the size of a given claim. I know people who have
filed claims for $5,000 to $10,000 with no adverse effect on their
premiums.

ISTM rather foolish to withhold a $20K claim on a $500 deductible
policy. You might be giving your insurer a large windfall (not though
not necessarily $19,500).

BTW, $500 is a fairly low deductible for that value of house. I would
explore an increase (though your mortgage may mandate a floor).