I have a ring listed on my Home Owners Insurance which I lost.?

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If I file a claim to have it replaced. Will there be any repercussions by filing a claim? Loss of Home Owners Insurance, penalties, etc?

  1. Reply
    June 26, 2011 at 12:59 pm

    Talk to your insurance agent. Does your policy cover “lost” items? That would be good to know. If your policy does cover it, you’ll probably have to pay a deductible. Good luck.

  2. Reply
    June 26, 2011 at 1:02 pm

    No loss of home owners insurance, but there may be penalties. Call your agent. Thats what they are paid for. Worse case you don’t file the claim, but make them do there job and have them look it up for you. They can’t make you file a claim if you call and ask.

  3. Reply
    June 26, 2011 at 1:42 pm

    All companies are different, but one claim usually does not mean any changes to your homeowners policy (as long as there was not any real negligence on your part). If you have been claim free with your company for 3 or more years, you are probably OK. If you are new to the company (one year or less) it is possible they could non-renew or change your tier, I have seen that happen. If you are new to the company but have a history with the agent (Independent agent that just changed your policy), they can normally fight for you to keep the policy as is. Also, if you file a claim, the maximum you can get is the amount listed (even if it costs more to replace the ring) and it is possible that you can be paid less if the company can find a replacement at a lower cost (which they may be able to because they have access to wholesalers that you may not). Hope this helps.

  4. Reply
    Yo' Mama
    June 26, 2011 at 2:26 pm

    Only the underwriting department can answer that question. If you’ve had a number of questionable losses, they might cancel you. Usually, however, making a claim for the loss won’t cancel your insurance. Why else would you insure the ring against loss if you don’t intend to make a claim?

  5. Reply
    June 26, 2011 at 3:18 pm

    Unless this was a scheduled piece of jewelry, its probably not covered. The best option is to call your agent and ask if its covered and what effects a claim will have on your premium.

  6. Reply
    June 26, 2011 at 4:09 pm

    Well, you’ll lose a loss-free discount, if you have any, and depending on the carrier/state, you might be “downrated” to a more expensive tier, but it is more than likely worth it to file the claim.

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