How much does my insurance go up if?

How much do you think my home insurance will go up after this water damage?

• I am ready to spend $10K under policy limits (not out of pocket) through my insurance for water damage and mold (water was dripping under my sink). I'm wondering how much my insurance will go up monthly? I will now have one point on my records, whatever that means. I had two MVA's in two years and my insurance went up from $150/month to about $330/month. Right now my home insurance is $100. I'm guessing it will go up to about $500? Thanks.

• Answer:

  Your premium may or may not go up, it depends on your company and they type of policy you have. Nobody here can tell you whether your insurance will go up other than your agent. That being said, some companies won't change your premium for claims, they will allow a certain number and then cancel your policy. Make sure to get documentation and take lots of pictures if you intend to put in a claim. If you fix everything, you might not be able to prove whether you even had any problems unless you have documentation.