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Yorkie lover | Have you filed a homeowner's insurance claim for theft - did they cancel you? |
I had some jewelry stolen and am afraid if I file a claim the company will cancel my policy, I have car, house and life with them. Not sure what a claim will involve. |
 |
 
Random Guy from Texas
 |
They shouldn't cancel you, but sometimes less reputable companies will.
If they are a good company and value your other business they won't. You would be amazed at how much pull you have with this company since you seem to have 3 or 4 other policies.
If they try to raise your rates, call and ask them why. You might be able to haggle.
If they really give you grief over it, remember that every state has a department of insurance whose job it is to regulate insurance companies that you can call and complain to. This should be your second avenue of approach AFTER you first complain to the company.
--If you do complain to the company because of a problem, be calm, polite and reasonable. If they still treat you like dirt then escalate to the state agency.
BOTTOM LINE:
Don't worry too much. Insurance companies expect losses on occasion.
Be on the lookout for "low-ball" offers though. If the cost to replace your loss is $10,000 and you are offered $1,000, then you should at the very least haggle for more money. |
|
Johnny
 |
No they don't usually cancel a policy for filling a claim.
It must be a legitimate theft (break-in) and you would have a police report.
They might ask you for bills (proof that you owned it) and pictures if you have any.
Most policies have a limit on jewellery ($200 or $300). Unless you chose a specific amount at the time you took out insurance and insured those items separately. You better check your policy |
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larsgirl
|
Most reputable companies will not cancel your coverage for filing a claim.. and it's not true that you have to have signs of a break-in to file a stolen jewelry claim. If you had jewelry scheduled on your policy..... specific pieces appraised and listed on your policy that you paid for under a form of an "inland marine" type of coverage specific to a homeowner's policy.. then you can simply lose them.. or lose a stone from a ring that was listed.. and it would still be covered. Call your claims office or your agent and they will take you through the process. It's painless.
In future.. if you have some expensive pieces that you don't have scheduled.. it's a good idea to have them photographed.. put copies in a safe place.. safe deposit box.... and give a copy to your agent.
But then it's also a good idea to go through your whole house and video each room.. in the event of a fire, or major loss... you would be asked to list everything you owned... It's surprising how quickly your mind goes blank. |
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mbrcatz
|
Well, unless you had the jewelry specifically scheduled - like on a jewelry floater - there is a THEFT limitation on your policy. It varies, but is usually around $1,000 to $1,500. So I don't know what your deductible is, or what the value of the stolen jewelry is, but if it's scheduled, file, they won't cancel you for one claim. If it's not scheduled, you might want to seriously think about not filing. |
|
Yanswersmonitorsarenazis
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You shouldn't risk getting cancelled unless you've had prior claims before, especially for theft of items like jewelry or laptops, claims that could easily be faked, while you're off pawning the items.
I had a laptop stolen from me (quite legitimately, unfortunately). I filed a claim for it, nothing really happened to me. Though the claim made it harder to shop for new insurance later, for 3 years or so. |
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Nate W
|
Multiple claims in a 5yr period, or possible fraud is when insurance companies start to cancel policies. Each company is different in how they do this, but typically a theft claim falls into the same category as vandalism and fire. If you have another claim in 5 yrs. lets say, a pipe burst, then yes, you may receive a cancellation notice after you receive the claim $$$.
Also know that a theft claim will raise your HO policy's rates for the next 5yrs! The Industry average is a 28% increase for theft claims in my state, CO.
So pick your claims carefully or it could cost you more than the jewelry is worth. |
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