House insurance questions

[98brg2d]

Hi,

Wondering if anybody can tell me:

Does house insurance take a hit like car insurance does if you report/inform your underwriter but do not make a claim?

Does it depend on the circumstances of loss?

Is it policy or underwriter specific?

Long story short:

My wife's garage door opener was used to open the garage and steal my bikes. Even though they are expensive (north of $4000 for two bikes) it may not be worth the cost of taking a hit on my premium if even an inquiry causes an increase.

What is your general "break-over" point for when you would claim?

[silvercivicsir]

If your policy is like mine, Bikes are only covered up to $2000, so after your deductible, it's probably not worth it..

[Kari_310]

Yes most insurance companies cap bikes at $2,000 unless you have purchased additional insurance on the specific item.

Depending on your deductible it may/may not be worth it... for me when my bike was stolen it was a quick 5min phone call and i got the cheque in the mail a couple of days later. I had said it was valued at $1,000 not really knowing and half expecting some follow up questions/requests for receipts but nothing at all, it was the easiest process I've ever had with an insurance claim.

My home insurance premium did not go up at all but I assume it's one of those things where the stats have now increased for your neighbourhood that thief is common and eventually it'll go up for everyone once the stats have increased enough.

And if you don't go through insurance make sure to keep an eye on kijiji 90% of the time it'll be on there in a week.

Edit: one thing the insurance company will most likely ask for is a police report though identifying the stolen bike

[Masked Bandit]

Property insurance works a little differently than auto. You should be able to call your broker and chat freely about a potential claim without it going against you. They should be able to lay out your coverage limits (as mentioned above), deductible, and possible increases in premiums due to go through with a claim. Then you can weigh your options and make an informed decision.