Contemplating a second theft claim for my renters insurance
Today, my bicycle valued at $2000 was stolen while it was locked up outside. Before I go ahead and file a claim, I’d like to get your thoughts on whether I might risk getting dropped due to having multiple claims.
Last year, I dealt with another bike theft and received a payout of about $1200. I’m okay with any potential increase in my premium next year, but I’m worried that I could face difficulties securing renters insurance in the future.
A little background: I have renters insurance with Assurant for $5k in personal property, $50k in personal liability, a $500 deductible, and I pay a $90 annual premium. I don’t own many valuable items—just some IKEA furniture, an old laptop, and this bike. I live in Chicago, which unfortunately has a high rate of bike theft, so it’s not the first time I’ve had to deal with this situation.
It’s understandable to be hesitant about filing another claim, especially given your recent experience. Insurance companies often review claims history when determining renewals or new policy approvals, and having multiple theft claims in a short time could raise red flags.
Here are a few things to consider before you decide:
Frequency of Claims: While just two claims may not seem excessive, insurance companies can be sensitive to trends, especially if the claims are for theft. It’s worth checking your policy terms, as they might have specific guidelines regarding how many claims are allowed within a certain timeframe.
Insurance Company Policies: Different insurance companies have different criteria for maintaining coverage. Check Assurant’s policy on claims; some carriers are more lenient than others. It’s possible that they might not drop you for two claims, but it may lead to a higher premium at renewal.
Future Coverage: If you’re concerned about finding coverage in the future, it might be worth discussing your situation directly with Assurant. They can provide insight into how this claim might impact your current policy or future underwriting decisions.
Preventive Measures: Consider enhancing your bike security moving forward, perhaps with a more secure lock or even storage options. This could help prevent future claims.
Ultimately, if you feel comfortable with the trade-off and believe you need to file a claim to recover your loss, it could be worth it. Just weigh your options carefully and perhaps seek a conversation with your insurer before making a final decision.