Home insurance - accident coverage question
#1
Forum Regular
Thread Starter
Joined: Mar 2013
Location: Bay Area CA
Posts: 39
Home insurance - accident coverage question
So recently I took a tumble on my bicycle. Happily I got the opportunity to experience the ER up close and personal and it's pretty much exactly like it is on the TV.
My bike got trashed - I'm trying to understand whether my home policy covers it - in the UK I know it would have but I've read and re-read the terms and I can't really tell...
I'm assuming these things are somewhat standard and hopeful that other people have had similar experiences!
Clearly I should speak to my agent but I'm somewhat nervous about starting the claims process and getting dinged by premium increases in future...
Anyway - any and all experience most welcome!
My bike got trashed - I'm trying to understand whether my home policy covers it - in the UK I know it would have but I've read and re-read the terms and I can't really tell...
I'm assuming these things are somewhat standard and hopeful that other people have had similar experiences!
Clearly I should speak to my agent but I'm somewhat nervous about starting the claims process and getting dinged by premium increases in future...
Anyway - any and all experience most welcome!
#2
Re: Home insurance - accident coverage question
Your deductible will probably be more than the bike was worth, if it was even covered....
#3
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Joined: Mar 2008
Location: Santa Cruz, CA
Posts: 4,913
Re: Home insurance - accident coverage question
Ask your agent if it is covered. Just because you ask doesn't mean that you have to make a claim.
#4
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Joined: Apr 2011
Location: Ohio
Posts: 1,834
Re: Home insurance - accident coverage question
Your deductible should be fairly obvious on the paperwork. Mine is $5k - unless the house burns down, I'm never claiming anything.
#6
Re: Home insurance - accident coverage question
People maintain high deductibles because it isn't worth claiming for smaller losses -- it goes on your record and before you know it you are being dropped or your premiums are soaring. e.g. Currently we have winter storm related losses that we claimed for still on the record, but if we claim again within a certain period of time, we could get dropped, so have upped our deductible to $6,500 (and pay lower premiums, too). You pick the deductible that works for you.
#7
Banned
Joined: Apr 2013
Posts: 5,154
Re: Home insurance - accident coverage question
People maintain high deductibles because it isn't worth claiming for smaller losses -- it goes on your record and before you know it you are being dropped or your premiums are soaring. e.g. Currently we have winter storm related losses that we claimed for still on the record, but if we claim again within a certain period of time, we could get dropped, so have upped our deductible to $6,500 (and pay lower premiums, too). You pick the deductible that works for you.
#10
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Joined: Apr 2011
Location: Ohio
Posts: 1,834
Re: Home insurance - accident coverage question
We have all our insurances - health, car, house - set up so that we'd only ever be claiming for a catastrophic loss, and then have emergency pots for medical/ vehicle/ house expenses that at least equate to the deductible for each.
For info, my house insurance premium was $1,170 this year, on a $600k 4,200 sq ft house. It's going to be very regional, though - in AZ, we're never going to suffer any weather damage worse than the odd roof tile slipping off.
#11
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Joined: Apr 2011
Location: Ohio
Posts: 1,834
Re: Home insurance - accident coverage question
I find that the price of anything here than can be monthly cashflowed rather than paid in a lump is always absurdly high, because the companies are relying on their customers' inability to do maths and feel the consequent shock and pain. I hang around on lots of financial forums as well as here; here is the only one I ever see people talking about the cost of their car insurance as anything other than a budgeted monthly amount.
#12
Re: Home insurance - accident coverage question
Precisely -- it is something of a futile exercise to make comparisons. Sounds as if your insurance would be much more expensive in the northeast. Also, if one has a rider for any artwork, jewelry, etc., that bumps it up.
#14
Banned
Joined: Apr 2013
Posts: 5,154
Re: Home insurance - accident coverage question
I find that the price of anything here than can be monthly cashflowed rather than paid in a lump is always absurdly high, because the companies are relying on their customers' inability to do maths and feel the consequent shock and pain. I hang around on lots of financial forums as well as here; here is the only one I ever see people talking about the cost of their car insurance as anything other than a budgeted monthly amount.
#15
Re: Home insurance - accident coverage question
Even the shit ones are tapping a grand.
Unless we're talking Walmart specials, which are death traps.