Property damage scenario question

[Cory Scamman]

Have a batting cage at home that got destroyed by multiple days of very high winds, bent the poles etc.
It is covered under my home insurance. To replace just like is around $4500 my deductible is $2000.
This is a no brainer to file a claim right? My agent said i could do that, but then said if could replace with something less expensive and not file a claim and pay outright. This confused me, even if I replaced with something less expensive or didn't want to replace at all, aren't I entitled to the money less the deductible. Why would my agent mention that, he is an old HS friend so him giving me another option not in my favor confused me.

 

[fed up]

Yes, if you file a claim you get a check and you can do as you wish so long as the claim isn't denied. Your homeowners premium will most likely increase because of the claim for the next 3 years and if you look at the increase over the next 36 months it will probably total close to the amount of the claim or more. If the cost to replace isn't going to break the bank, cover it out of pocket.

 

[Cory Scamman]

Yes, if you file a claim you get a check and you can do as you wish so long as the claim isn't denied. Your homeowners premium will most likely increase because of the claim for the next 3 years and if you look at the increase over the next 36 months it will probably total close to the amount of the claim or more. If the cost to replace isn't going to break the bank, cover it out of pocket.

Yes, if you file a claim you get a check and you can do as you wish so long as the claim isn't denied. Your homeowners premium will most likely increase because of the claim for the next 3 years and if you look at the increase over the next 36 months it will probably total close to the amount of the claim or more. If the cost to replace isn't going to break the bank, cover it out of pocket.

i was told by agent my premium shouldnt be affected due to it being a weather realted event

 

[mattt]

If I were in your shoes I'd look to see what it costs to repair before filing a claim. Maybe it can be bent back and reinforced for 1k. If not that I'd see if you can get a replacement part/frame. In my experience weather related claims don't get surcharged too much. Also if you don't rebuy it they will pry cut you a check for acv until you buy a new one. Once you do buy a new one they will cover the rest minus deductible…..if covered.

 

[fed up]

i was told by agent my premium shouldnt be affected due to it being a weather realted event

Will he pay the difference if he is wrong?

 

[fed up]

Usually no increase if the area is declared a CAT loss. How many other neighbors were affected?

 

[adjusterjack]

Why would my agent mention that,

Might be because he doesn't want claims applicable to his business. Insurance companies track agency profitability. An agency that produces a lot of claims won't get the most competitive rates.

Your homeowners premium will most likely increase because of the claim for the next 3 years

That's probably wrong. Wind claims generally don't result in rate increases.

i was told by agent my premium shouldnt be affected due to it being a weather realted event

That is likely correct.

I've had wind claims of my own with no rate increases.

Also if you don't rebuy it they will pry cut you a check for acv until you buy a new one.

Well, that's what the Replacement Cost Contents says. But many companies will pay the full RC on small amounts to avoid using resources to reopen small claims. Before I retired my company's threshold was $2500. I would have paid the claim in full less the deductible.

Cory, maybe your agent can find that out for you.

Bottom line, you paid for the insurance, you're entitled to the money.

 

[Cory Scamman]

Might be because he doesn't want claims applicable to his business. Insurance companies track agency profitability. An agency that produces a lot of claims won't get the most competitive rates.







Well, that's what the Replacement Cost Contents says. But many companies will pay the full RC on small amounts to avoid using resources to reopen small claims. Before I retired my company's threshold was $2500. I would have paid the claim in full less the deductible.

Cory, maybe your agent can find that out for you.

Bottom line, you paid for the insurance, you're entitled to the money.

Might be because he doesn't want claims applicable to his business. Insurance companies track agency profitability. An agency that produces a lot of claims won't get the most competitive rates.






Well, that's what the Replacement Cost Contents says. But many companies will pay the full RC on small amounts to avoid using resources to reopen small claims. Before I retired my company's threshold was $2500. I would have paid the claim in full less the deductible.

Cory, maybe your agent can find that out for you.

Bottom line, you paid for the insurance, you're entitled to the money.

 

[Cory Scamman]

Might be because he doesn't want claims applicable to his business. Insurance companies track agency profitability. An agency that produces a lot of claims won't get the most competitive rates.



That's probably wrong. Wind claims generally don't result in rate increases.



That is likely correct.

I've had wind claims of my own with no rate increases.



Well, that's what the Replacement Cost Contents says. But many companies will pay the full RC on small amounts to avoid using resources to reopen small claims. Before I retired my company's threshold was $2500. I would have paid the claim in full less the deductible.

Cory, maybe your agent can find that out for you.

Bottom line, you paid for the insurance, you're entitled to the money.

AdjusterJack: Thanks for the last information, that is the path my mind was on, I paid for the insurance, something happened so I am owed the money to replace. Thanks

 

[SUNus]

If you're okay with the higher out-of-pocket cost, filing the claim is definitely an option.

I know this is an older post, but I just wanted to chime in because I had a similar experience! If the damage is covered by your home insurance, you're definitely entitled to file a claim and get compensation minus the deductible. The agent might be suggesting the less expensive route to avoid the claim process, but you're still entitled to the payout if you go through with it.