This is one of those cases where “can I” and “should I” might be two different answers. In light of the fact that former House Speaker Dennis Hastert is having issues based on the size of his structured cash withdraws, we got this question as a hypothetical from an insured yesterday. It’s an interesting question – if you get a check from your Raleigh Renters Insurance for a claim and you deposit it, can you withdraw that money in cash?
Can I Deposit A Check From My Raleigh Renters Insurance And Withdraw The Cash?
Can I deposit an insurance check and get the cash to replace my things? Or will there be Dennis Hastert-level issues? Well, to start with, Dennis Hastert has some issues over his cash transactions because he specifically structured those transactions in order to keep them under the threshold for reporting the cash transaction. It’s not that he took the money out, it’s not even what he did with it. No one actually knows who he paid, or exactly why. The sole reason for the problem is that he is alleged to have intentionally evaded the reporting requirements.
Yes, you can safely deposit a check from your renters insurance in the bank and then use that money to replace the things that you made a claim for. If they ask you to fill out paperwork, fill it out. You have documentation of your claim. You have documentation of the check being deposited into the bank, and of the check being from the insurance company. You have documentation of the purchases you make with the cash. There is no real question as to what you’re doing with the money, where it came from, or why you’re making the withdraw.
Should You Take The Money From A Renters Insurance Claim Out In Cash?
Not because of reporting requirements, not because the Dennis Hastert situation concerns you, but because it’s a bad idea. There are very few situations where, after a loss, you should be carrying around that much cash – for your own safety. Keep in mind that renters insurance doesn’t cover stolen cash over a very small amount. Also keep in mind that, after a major loss, you’re probably staying in a hotel or other situation that’s less secure than your normal home. With that in mind, it’s probably a bad idea to be carrying more than ten grand in cash. Since that is generally the reporting threshold, the entire question is mostly moot.
While we don’t have answers about Mr. Hastert, we’re happy to answer questions about your policy, how cheap renters insurance in Raleigh is, how easy it is to get a policy, or anything else related to your renters insurance. Just call (800)892-4308 or click to get covered - whether you need Raleigh renters insurance quotes online or coverage anywhere else!
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