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Attention Renters: When to File a Claim

Attention Renters: When to File a ClaimCarrying the right NY Renters Insurance is for good reason – to protect you from the financial obligations in the event of loss or damage. However, when is the right time to file a claim? In some circumstances, it might be more cost-effective to resolve the issue on your own. In this post, we’ll explore when is the absolute best time to file an insurance claim and reap the benefits of your policy.

When the repair or replacement amount exceeds your deductible.

Every insurance policy has some sort of deductible. Depending on how much it is, you might be better off replacing the damaged or stolen goods without filing a claim. For example, say your laptop was stolen from your apartment, but it was worth approximately $350. If your deductible is set at $500, you’ll pay more than it’s worth for them to replace it.

If you haven’t filed excessive claims.

Filing claims for petty damage or immense repairs frequently can result in your insurance company viewing you as a liability. For this reason, you should evaluate whether or not to file a claim if something comes up. If it’s major, file it. If it’s not, hold off.

If it’s a covered event.

According to Money Under 30, it’s important to realize that homeowners and renters policies don’t cover every threat. Unless an event is specifically listed as a covered threat within your policy, the insurance company can refuse to pay it. Before filing any claim, especially one that is no more than a few thousand dollars, carefully examine your insurance policy to make sure that it’s covered.

If you have sufficient evidence.

Some claims might be hard to prove it was not your fault, such as a robbery. However, if you have sufficient evidence that proves you had the items in question in your possession before they were lost or stolen, it’s easier to get the insurance claim approved and paid out.

About AJ Benet

At AJ Benet, we make sure that your renters insurance includes more than the basics. Our policies are custom-tailored to fit your unique needs at a price you can afford. For more information, call us today at (914) 381-2040.

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