Will a renters insurance and automobile insurance claim effect homeowners insurance rates?
Question posed by 400hp marauder: Will a renters insurance and automobile insurance claim effect homeowners insurance rates?
Im purchasing a home in 2 months. Meanwhile my apartment was broken into and my second vehicle was stolen via my spare key which was hidden in my apartment. My losses for the apartment are around $ 5,000 and my vehicle carried full coverage and is valued at $ 9,200. If i make an insurance claim to cover my losses, when i buy my home would my homeowners insurance rates suffer from these two big claims?
My chosen answer:
Answer by Casey Y
Despite calling it renters insurance, it is still a package personal property and personal liability policy. This is exactly the same package as a homeowners policy, which only adds the building. Since these are essentially the same coverage, any losses would be applicable to future policies.
Don’t worry, they will figure it out when the run the CLUE (Comprehensive Loss Underwriting Exchange) report. Insurance companies figured out that it was in their best interest to share loss information for personal lines policies to avoid people jumping from one insurer to another and lying about their claims history.
Oh, auto insurance is separate and would not come into play at all here, the vehicle theft won’t be included. You might want to consider either locking your keys or hiding them better, thieves are notorious for getting away with vehicles when the keys are readily accessible.
If you get a central station burglary and fire alarm, you will get a better rate. It might not entirely offset the cost of the alarm system, but you will also get some piece of mind.
Whether you agree or disagree, why not leave your own thoughts below.
