Increase in premiums following hail storm.

[bible1st]

My Ontario home recently suffered damage as a result of an hail storm. I have been in touch with my insurer and I’m still assessing whether or not I want to make a claim.

My question is weather my premiums are likely to increase as a result of the storm damage, and if they do increase is it relative to the amount claimed. The reason I ask the later part of the question is that I am considering dropping some items from my claim, which were damaged, but which I do not really need to replace, if it can save me increased premiums down the road.

 

[sovereignone]

@bible1st

My question is weather my premiums are likely to increase as a result of the storm damage,

Yes.

and if they do increase is it relative to the amount claimed.

Generally no.

The reason I ask the later part of the question is that I am considering dropping some items from my claim, which were damaged, but which I do not really need to replace, if it can save me increased premiums down the road.

What items? The purpose of insurance is to indemnify you, ie: put you back to where you were prior to the loss. It might cause some issues down the road if you report a loss and then later try to walk back that loss. You also have a duty to mitigate further losses. If the things you're not looking to have repaired right now could become more damaged or lead to further damage if left unrepaired, your insurer might push you to have them repaired/replaced. They'll also typically look for proof of repairs if you opt not to have certain items repaired under this claim, just as they would if they had paid you in cash to have the work done yourself, in order to maintain coverage.

TL;DR - Claims should really be all or nothing. You either have the work done and move on, or don't claim it and pay out of pocket. Once a claim is on your record your rates will generally increase regardless of the payout.

 

[bible1st]

@sovereignone @gregSinatra, thanks for your response. I should’ve perhaps been more specific. We have a garden shed with a small greenhouse attached. It’s homemade and pretty flimsy and not used at all. I’d rather just scrap it than to have my insurer pay to replace the broken panes, especially if it saves me premiums down the road, but from your response that is not likely.