by VAN358A3 » Sun Jan 17, 2010 06:20 pm
A burning log rolled out of the fireplace, bounced over the fireproof rug, and burned the wall-to-wall carpeting. Our insurance deductible is $1,000. How does the insurance company decide how much to pay if we make a claim? We have replacement cost coverage, but I do not have the cost of the original carpet or installation available any more. Is it better to forget about the insurance and pay for it out of pocket? Would our premiums increase if we made a claim?
Posted: Mon Jan 18, 2010 04:07 pm Post Subject:
Pay it out of pocket. More than likely it will cost less than your deductibe. And yes......if you file a claim, your rates could go up. This is the reason deductibles are in place.......to keep the "small" claims down.
Posted: Mon Jan 18, 2010 05:14 pm Post Subject:
You have to figure a couple things...and as quickly as you can.
1. What is the size of your room. Measure from the longest distance each way.
2. Is this carpet only in the room with breaks (closing doors) to other rooms.
3. Look on-line to find a ball park figure for carpet installed (materials & labor). Make sure if you figure out the square feet of the room that you calculate the cost at square feet and not square yards.
Then you have to decide how much money over the 1K you can absorb before you would want to make a claim. Couple hundred, another 1K. You can always put an area rug over the spot until you have the money. You can make the claim.
Myself, if I was only going to net a few hundred dollars...it really isn't worth it. As far as your premium, it really depends if it will go up or not.
Posted: Tue Jan 19, 2010 03:13 am Post Subject:
Agree with the above posts, minor claims are rarely worth the effort. even if you could save yourself a little money you'd probably end up with higher premiums which kind of defeats the purpose.
Posted: Fri Jan 22, 2010 11:44 am Post Subject: Minor claims
It is better to pay it out of pocket rather than making such a minor claim, for which deductibles are incorporated. Your premium rates would surely rise if you choose to claim.
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