Home & Garden

Home Insurance - Should I Make Theft Claim?

  • Last Updated:
  • Sep 7th, 2021 12:10 am
[OP]
Newbie
Aug 10, 2021
2 posts
1 upvote

Home Insurance - Should I Make Theft Claim?

Hi RFD,

Our home was broken into and many of our personal items were stolen. These items were all purchased within the last 6 months, so are in basically new condition. The cost to purchase these items new is approximately $6-7k. Is it worth it to put in a claim? We have a 1k deductible but our credit card will cover the deductible. We are concerned about our premiums rising in perpetuity.

Thanks!
8 replies
Deal Fanatic
User avatar
Jun 21, 2003
5746 posts
3090 upvotes
Stoney Creek, ON
2 years ago we had a major claim on our home insurance and it made me realize I may have misunderstood how insurance worked. I had always assumed as soon as you use your insurance you were screwed and inevitably they'd make sure to get their money back from you via rate increases at next renewal. Admittedly I had been paying car insurance for almost 20 years at that point and renters/home for the around 6-8 years. I had never claimed a single penny in my life against any type of insurance before our $52k claim for a complete loss of our detached garage. The experience itself was awful because our adjuster was very unpleasant and gave us conflicting information almost daily for the 1.5 years our claim took to resolve. Fortunately her incompetence coupled with a complaint from our broker resulted in her supervisor agreeing to cover any overages over our coverage (overages accounted for approximately $20k of our bill). Our claim was finally resolved in mid-2019 but after our renewal notice had come in for the year so we were lucky our rates did not change. 2020 comes around and again our rates did not change, thanks COVID! This year I was prepared mentally to bend over when our renewal notice came but was pleasantly surprised to find out our rates actually went down $1-$2 per month. I realize this isn't a theft claim but it is a claim on home insurance and just a story about how it went for me.

If it was me, I would proceed with the claim. Why put yourself out $5-6k for no reason? You have the insurance and pay for it so I would say use it. As everyone around me said "this is why you have insurance."
Deal Fanatic
Nov 21, 2013
8044 posts
9020 upvotes
Montréal
brindy123 wrote: Hi RFD,

Our home was broken into and many of our personal items were stolen. These items were all purchased within the last 6 months, so are in basically new condition. The cost to purchase these items new is approximately $6-7k. Is it worth it to put in a claim? We have a 1k deductible but our credit card will cover the deductible. We are concerned about our premiums rising in perpetuity.

Thanks!
If you have another $6K - $7 K to pay again for what you paid 6 months ago, don't claim. I would personally claim, isn't the reason we all pay insurance for? In case of a sinister (theft in your case) ? You pay a monthly premium, and don't wan't to claim? You will claim $6 - $7K, your deductible is $1K (and covered by your CC) so the math is pretty simple IMHO
Jr. Member
Apr 8, 2013
180 posts
82 upvotes
Toronto
Sorry about your loss.

As a rule, home owners claims should only stay on your record for six years. I've never heard of a claim staying on someone's record in perpetuity unless it's a fraudulent claim.

Check to see if you have claims forgiveness on your home owners policy - if you do, then it shouldn't impact your premiums assuming that you stay with the same insurer.

If you have a broker, reach out to them and ask for their opinion.

My experience is that insurance companies will use every excuse in the book to raise your premiums or to reduce coverage. Much of it will depend, however, on the insurance company that you're dealing with.
[OP]
Newbie
Aug 10, 2021
2 posts
1 upvote
Thanks everyone for the replies. It seems as though the consensus is leaning towards putting in a claim. Really don’t want to be out of pocket for the items if I don’t have to be.

Thanks again!
Deal Addict
Oct 28, 2015
1916 posts
1081 upvotes
Vaughan, ON
Curious what items have you got stolen? Most of my stuff, including computers are pretty much beaters and won't sell for too much values on kijiji....
Deal Fanatic
User avatar
Jun 21, 2003
5746 posts
3090 upvotes
Stoney Creek, ON
fuzzy2k3 wrote: Mine didn't cover jewelry over $5k
I can’t speak to your insurance of course but on ours we had a threshold ($3K maybe?) for jewelry where we just had to specifically give them the details and then it was covered.
Deal Guru
Jan 25, 2007
11965 posts
7129 upvotes
Paris
ChicoQuente wrote: I can’t speak to your insurance of course but on ours we had a threshold ($3K maybe?) for jewelry where we just had to specifically give them the details and then it was covered.
Same with jewelry, and I did it once for my (expensive at the time) computer. Had a rider for my stereo in my truck when I was young and dumb too.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)