When Does a Homeowners Insurance Policy in Erie, Colorado Increase?

In a town that has a large amount of snowfall during the end of February, according to City Data, Erie, Colorado offers an opportunity to face a variety of situations. The town has many different events throughout the year, like the Christmas Parade and the Concerts in the Park, but it also has the possibility of severe weather conditions. Buying a homeowners insurance policy may help reduce the risk of high-cost bills, but there are situations that can cause the rate to increase after you file a claim.

High-Cost Bills

When you have recently filed a claim on your house, it is likely that your homeowners insurance in Erie, Colorado will increase. You can expect the rates to rise in relation to the situation, so the exact impact on your policy will vary based on several factors.

Generally, high-cost repairs and claims will result in a higher monthly payment. You can help keep the rates low by applying discounts, but some discounts may not apply any longer after you file a claim.

Lack of Payment

Making a payment late on your policy may increase your monthly rate. You should expect the amount to vary based on the situation and in some cases your coverage may be canceled if you do not pay the premium.

A company is able to cancel a coverage plan or charge a higher fee if you make a payment late. Some companies may offer a short period of time that allows you to make a payment without a consequence, but the details can vary.

There are a variety of factors that can contribute to the rates that you are offered in Erie, Colorado. By comparing homeowners insurance plans, you can find affordable options. To learn more about your options, contact us today.