Could This Claim Go Through

[insurance_web]

Hi Everyone,

My apartment was recently burglarized. I am not from the US and did not know about renter's insurance. I lost a lot of valuables which is going to take me forever to replace.
After the robbery, I bought the renter's insurance on the same day. The insurance starts on the same day of the burglary.

Does this mean that I am covered for the day of the burglary even though the policy was bought after the burglary?

 

[arnguy]

Ha, ha, are you serious? That's like calling an insurance company for fire insurance while the fire engines are on the way to your burning house. You can't make the coverage retroactive. I don't do P&C, but this obviously would be perpetrating a fraud on the insurance company if you filed a claim. Just my 2 cents.

 

[joshb]

That is insurance fraud. The only way you could have even bought the policy is if you'd lied on the application.

 

[djs]

The policy was effective the day of the loss, but at a time AFTER the loss. For it to be effective, it would have been effective at a time in the day BEFORE the loss.

So, unfortunately, no, it won't cover it.

Josh - actually, I've sold a LOT of policies right after a loss. It is what motivates a lot of people to buy the policy. You don't have to lie on the application, it doesn't ask if you've been burglarized, but it does ask if you've had a claim. So, if you haven't filed a claim, you can safely so no, even if you had incidents where you would have filed a claim if you could have.

Dan

 

[robb01]

No, that is not how it works.

 

[Insurance-Guy]

Hi Everyone,

My apartment was recently burglarized. I am not from the US and did not know about renter's insurance. I lost a lot of valuables which is going to take me forever to replace.
After the robbery, I bought the renter's insurance on the same day. The insurance starts on the same day of the burglary.

Does this mean that I am covered for the day of the burglary even though the policy was bought after the burglary?

Come on~ you have got to have more common sense than to honestly think that you would have coverage for the claim...

I am glad that you have now purchased renters insurance and now for any future claims you have coverage.

 

[insurance_web]

I am not sure why you guys think I am perpetrating a fraud or something. I understand that yes this does not make sense.

When I bought the policy, it asked me if I have ever have physical property damage or injury (to which I said no, which is completely correct). None of these happened during the burglary.

About fraud, at no point did I claim that I bought the insurance policy before the burglary. I reported the true time of crime. They know the time I bought my policy because its on the policy and is about 12 hours after the burglary.

Why I asked the question is to find out if this was some kind of a loop-hole that may work. Because the policy reads that it starts on xyz date but does not say what time. No where does it have any clause regarding that it is after the time it was bought. Simple one date (xyz).

Sorry to offend you guys. Thats not what I meant to do.

Thanks for your replies. I appreciate the help!

 

[DSInsurance]

Unfortunatly you would have no coverage, and if you did report it you might get dropped at your renewal.. potentially, if there is a loss they would see that the police report states a time of the burglary, and usually most apps have a time on there that says when you met or signed on to the policy. It wouldn't work, insurance policies are built to not have loopholes for the most part.

Same with auto insurance you buy a policy after the accident, but on the same day and put full coverage and the lowest deductibles then file the claim, it won't work.

 

[joshb]

The policy was effective the day of the loss, but at a time AFTER the loss. For it to be effective, it would have been effective at a time in the day BEFORE the loss.

So, unfortunately, no, it won't cover it.

Josh - actually, I've sold a LOT of policies right after a loss. It is what motivates a lot of people to buy the policy. You don't have to lie on the application, it doesn't ask if you've been burglarized, but it does ask if you've had a claim. So, if you haven't filed a claim, you can safely so no, even if you had incidents where you would have filed a claim if you could have.

Dan

most of the applications I review say something on the lines of, "have you had any losses whether or not paid by the insurance company within the last 5 years." If I check the yes box the policy is ineligible. The only way to get around that is to lie.

The same thing goes with auto, if my customer who does not have comp on his policy calls to add comp because a rock hit his windshield that morning and he wants to make sure he has comp so he can file the claim, is still committing insurance fraud in my eyes.

I too have added coverages, and sold policies the day of claims, but not so the insured could file a claim on that policy, only because it made them think about the future claim they may have.

The OP's intent is to defraud the insurance carrier.

let me also add, if your intentions are not to defraud the carrier I apologize, I am used to seeing fraudulent claims almost daily. My area is the insurance fraud capital so we see this quite often. I mean no offense, but insurance fraud is one of those things that gets me angry.

 

[Newby]

Well heck?!! Who wants insurance when they don't even need it yet? I'd call my congressman or maybe even Obama. They need to get these greedy insurance hucksters under control.