Should I Make A $250 Claim On My San Jose, CA Renters Insurance?
San Jose, CA renters insurance is designed to cover large losses that you otherwise wouldn’t be able to cover. That’s why there’s a deductible – usually $500 – on your personal property coverage. That’s also why you don’t normally make claims for small amounts. So when this insured wanted to make a $250 renters insurance claim, our interest was piqued.
We asked some further probing questions, and it turns out he wanted to file a San Jose, CA Renters Insurance claim for liability. Well, that makes slightly more sense, because there’s no deductible on liability coverage. On the other hand, that’s still an amount most people would pay out of pocket.
The “liability” in this case is for damage that he did to the apartment, for which $250 was withheld from his security deposit. If anyone was to make the claim, it should have been the apartment, although that’s unlikely for reasons we’ll touch on in a moment. Renters insurance in California is not designed for you to pay the loss and then to reimburse you.
Damage to rented premises, however, has some special limitations on it. Liability coverage will protect you if you cause a fire, smoke, water damage, and similar types of losses to the building. It can pay defense costs, and even help if other building residents suffer from the loss and sue you as a result. But it’s still designed for claims you couldn’t handle on your own.
Renters insurance will not cover intentional damage or normal wear and tear – that’s precisely what a security deposit is designed to take care of, and the reason his landlord withheld the money from that deposit rather than filing a liability claim.
A $250 claim would result in a small rate increase, but over the course of a few years you’d probably pay as much on the increased premiums as you would have paid for the loss. In addition, you can’t just switch companies if you don’t like the new rate. The new company will pull your claims from a central database that all carriers report to, and they’ll see it and rate you accordingly. If you don’t disclose the claim, you might not get insurance at all because you lied on the application.
If you’re planning on buying a home, that tiny claim on your San Jose, CA renters insurance could impact the price of homeowners insurance for you in the future, as well. There are a wide variety of reasons not to make a $250 claim on your renters insurance. But rest assured that it will be there for you when you need it. CA renters insurance is there to protect you from the large losses and to replace your personal property or protect you from liability at that time.
It’s also the single most affordable way you can protect yourself and your family, starting at around fifteen dollars a month. Just call (800)892-4308 or click to get covered - whether you need San Jose renters insurance quotes online or coverage anywhere else!
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Photo Credit: Raymond Bryson A Wild Question CC BY 2.0