Homeowners insurance is likely to go up after a claim, depending on the cost of the damage and your claims history. Losses from water damage (not flooding), fire, lightning and other extreme weather tend to have high-dollar payouts and therefore result in the largest premium increases. Policyholders with a history of one or more claims are considered by the insurer to pose a higher risk and will likely see increases in their rates, especially if the previous losses have occurred within the last three to five years.