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A claim does not end when the insurer pays it. The claim goes on your insurance history, and that history affects your renters premium at renewal and when you shop for a new policy.
Claims are recorded and shared between insurers
Insurers report claims to shared databases that other companies check when you apply. That record follows you from one apartment to the next. It covers claims on policies you held and, in many cases, claims tied to an address. This is why a new insurer may quote you a higher price even though you never filed anything with them.
Some claims weigh more than others
Theft and water damage claims tend to worry insurers because they can repeat. A burst pipe in an old building or repeated break ins on a street suggest the risk is still there. A one off accident, such as a guest tripping in your home, is a different kind of record. Frequency matters as well. Several small claims in a short period usually hurt your price more than a single larger claim.
Should you file a small claim at all?
Compare the loss with your deductible first. If the damage is close to the deductible, you would receive little from the claim and still carry the record. Many tenants pay small losses themselves for this reason. Larger losses are what the policy is for, and skipping a big claim to protect a premium rarely makes sense. Our walkthrough of how to file a renters insurance claim covers the paperwork either way.
What you can do at renewal
Shop around, since insurers weigh claims history differently. Raising your deductible can offset part of an increase, as the renters insurance deductible guide explains. Ask whether a claim free period with the new insurer will bring the price back down over time, and keep documents from the old claim in case a new insurer asks what happened.
Moving home after a claim
A move can help when the claim was tied to the old building, for example repeated plumbing failures. A move does not erase the record, though. Be accurate on new applications. Leaving a claim off an application can lead to a denied claim later, which costs far more than a higher premium. If you are weighing a new policy, check what renters insurance costs per month to set a budget before you compare quotes.
