Many Texans have been in their homes for a while and have been fortunate enough to not have a claim of any sorts. We deal with a lot of hail here in Texas, but many of those hail claims are concentrated into a geographic area called Collin County and other areas just south of the Red River. One of our favorite questions from Texas Homeowners from other areas where they haven't had the hail activity is why can't I get a refund or a big discount on my home insurance since I haven't had a claim in years?! The answer is that it doesn't quite work that way, but discounts do happen.
Refunds
Since insurance by definition is the pooling of money from a large population to take care of the claims for a few, there is never a refund unless there are zero claims for the entire population. Your money, along with others, is used to take care of bad things happen to good neighbors. While it can be frustrating on they paying without receiving end, it only takes a split second for your role in that scenario to change.
With that said, insurers are required by the state of Texas to have a minimum amount of claims to make sure that they are not gouging the consumers. This is known as a minimum required loss ratio. So the reality is that if enough people don't have claims, you can actually get a refund. HOWEVER, in the world of home insurance this is highly unlikely. It just doesn't happen. Term Life Insurance does offer an endorsement on their policies that is labeled as Return of Premium, which will offer a refund of all premiums paid back to you at the end of the term period. But that comes at a cost. And it's not currently something that is offered on Burleson Home Insurance.
So What's This About Discounts?
The good news for Colleyville Homeowners that don't have claims on their CLUE report, many of the home insurance companies that we work do in fact have discounts available for you. There is no standard on this front across all companies, but many of them will offer you at least something if you remain claim free as a way to say thanks. What's even better for you is that often times, the big storms that are labeled as major catastrophe events will not count against your claims free discount. The home insurance companies realize that these things are beyond your control and will not adversely penalize you for where you life.
If you aren't sure about what you are and are not paying for on your home insurance, we recommend speaking with a local independent insurance agent like Insurance For Texans. Our highly trained professionals can navigate the complex waters of home insurance to make sure that your properly protected at the best price since we shop across the market place. We work for you, and not some big insurance company.