A single claim could take between a few days and months to settle, depending on the damage type. However, a settled claim can continuously influence your insurance rates down the years, resulting in increased rates and exclusion from certain discounts.
The damage type reported is also significant – all losses don’t affect your insurance equally. “High penalty” claims like water damage, fire, theft, liability, and dog bite claims are more likely to increase your rates; while “Low penalty” claims resulting from extreme but rare weather damages (wind, hurricane, hail, lightning, and freezing) are less likely to impact your premium.
Your insurers may notify you that rates are increasing after you file a claim or you may discover at renewal that your rates have gone up for the next policy term. This is particularly likely if you’ve filed several claims. Multiple filed claims may also make you ineligible for claims-free discounts.