I’m contemplating whether to file a claim for a second bike theft in just two years with my renters insurance. Today, my bicycle worth $2,000 was stolen while it was locked up outside. Before I proceed, I’d like to know if anyone thinks I might risk being dropped for having too many claims.
Last year, I had another bike stolen and received approximately $1,200 from my insurance. I’m not too concerned about a potential premium increase next year; my main worry is the possibility of being unable to get renters insurance from any company in the future.
For some context, my current renters insurance with Assurant covers $5,000 in personal property and $50,000 in personal liability, with a $500 deductible and an annual premium of $90. And just to add, I live in Chicago, where bike theft is unfortunately quite common, so please don’t blame me for losing another bike!
It’s understandable to be hesitant about submitting another claim after already having done so for a theft. Insurance companies typically evaluate claims history when determining coverage and premiums, so your concern about potentially being dropped or facing higher premiums is valid.
In your case, it might be helpful to reach out to your insurance provider to discuss your situation. They can give you a clearer idea of how a second claim might affect your policy status and whether they have any specific guidelines regarding multiple claims in a short period of time.
That said, remember that renters insurance is designed to protect you against losses like this. If you filed a claim for your first bicycle and received compensation, it suggests that your insurer is at least somewhat accustomed to handling theft claims. If the thefts were not due to negligence (like leaving your bike unsecured), you might have a strong case.
Ultimately, you should weigh the risk of a potential future insurance issue against the financial loss of your stolen bike. If the loss is significant and you can provide evidence that you took reasonable precautions to protect your property, filing the claim may be worth it. Just be prepared for possible implications for your insurance going forward.