Insurance advice wanted

Slammin'SAM

Never a flatbelly
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This could really go in the Rant thread.

Last Wednesday a thunderstorm popped up like right over our house, and a few minutes into the storm, BOOM - lightning hit in our yard. It hit close enough to fry several things in our house, but funny how random the items fried were. It got our most-watched tv in our front bedroom, but not the computer or modem or router or DVR or phone or printer or monitor or DVD player on the same power strip. It got the landline telephone and the answering machine in our bedroom, and it fried the cable box in our bedroom but not the tv or DVD on that outlet. It tripped one breaker in the fuse box. It also fried a high frequency bug/rodent preventer in our kitchen. But, the worst thing of all was that it burned up the blower fan on the AC system (outside unit unaffected).

So, here is my question: I have a $1000 deductible on my homeowners insurance, and the total to replace/repair the damage (assuming the tree hit doesn't die) is approximately $1600. Would you make that claim, or would you eat the loss?

*It took me several days to find the strike point in a pine in my back yard,but the streak of lightning damage to the tree stops about 1/3 of the way down, so I think it has a decent survival chance.
 
This could really go in the Rant thread.

Last Wednesday a thunderstorm popped up like right over our house, and a few minutes into the storm, BOOM - lightning hit in our yard. It hit close enough to fry several things in our house, but funny how random the items fried were. It got our most-watched tv in our front bedroom, but not the computer or modem or router or DVR or phone or printer or monitor or DVD player on the same power strip. It got the landline telephone and the answering machine in our bedroom, and it fried the cable box in our bedroom but not the tv or DVD on that outlet. It tripped one breaker in the fuse box. It also fried a high frequency bug/rodent preventer in our kitchen. But, the worst thing of all was that it burned up the blower fan on the AC system (outside unit unaffected).

So, here is my question: I have a $1000 deductible on my homeowners insurance, and the total to replace/repair the damage (assuming the tree hit doesn't die) is approximately $1600. Would you make that claim, or would you eat the loss?

*It took me several days to find the strike point in a pine in my back yard,but the streak of lightning damage to the tree stops about 1/3 of the way down, so I think it has a decent survival chance.
I'm probably eating the loss. I found out my insurer will put a 20% premium on my yearly premium for 5 years whenever I make a claim on my homeowner's insurance.... Which would have made the claim much more expensive for me. You can ask what the premium they'll add on to your regular premium if you do file a claim. My agent found out within about half an hour and let me know. Made my decision easy.

Sent from my Pixel XL using Tapatalk
 
I'm probably eating the loss. I found out my insurer will put a 20% premium on my yearly premium for 5 years whenever I make a claim on my homeowner's insurance.... Which would have made the claim much more expensive for me. You can ask what the premium they'll add on to your regular premium if you do file a claim. My agent found out within about half an hour and let me know. Made my decision easy.

Sent from my Pixel XL using Tapatalk

I'd do the same.
 
Yeppers I think you should eat it. Sucks.
 
Yep just take the hit. Unless you just recently bought cutting edge gear your replacement costs may be even less than you're figuring.
 
This could really go in the Rant thread.

Last Wednesday a thunderstorm popped up like right over our house, and a few minutes into the storm, BOOM - lightning hit in our yard. It hit close enough to fry several things in our house, but funny how random the items fried were. It got our most-watched tv in our front bedroom, but not the computer or modem or router or DVR or phone or printer or monitor or DVD player on the same power strip. It got the landline telephone and the answering machine in our bedroom, and it fried the cable box in our bedroom but not the tv or DVD on that outlet. It tripped one breaker in the fuse box. It also fried a high frequency bug/rodent preventer in our kitchen. But, the worst thing of all was that it burned up the blower fan on the AC system (outside unit unaffected).

So, here is my question: I have a $1000 deductible on my homeowners insurance, and the total to replace/repair the damage (assuming the tree hit doesn't die) is approximately $1600. Would you make that claim, or would you eat the loss?

*It took me several days to find the strike point in a pine in my back yard,but the streak of lightning damage to the tree stops about 1/3 of the way down, so I think it has a decent survival chance.

I would have an independent adjuster come out and review. They work for a % of the claim, so it shouldn't cost you anything. You never know what else might be involved.
 
This could really go in the Rant thread.

Last Wednesday a thunderstorm popped up like right over our house, and a few minutes into the storm, BOOM - lightning hit in our yard. It hit close enough to fry several things in our house, but funny how random the items fried were. It got our most-watched tv in our front bedroom, but not the computer or modem or router or DVR or phone or printer or monitor or DVD player on the same power strip. It got the landline telephone and the answering machine in our bedroom, and it fried the cable box in our bedroom but not the tv or DVD on that outlet. It tripped one breaker in the fuse box. It also fried a high frequency bug/rodent preventer in our kitchen. But, the worst thing of all was that it burned up the blower fan on the AC system (outside unit unaffected).

So, here is my question: I have a $1000 deductible on my homeowners insurance, and the total to replace/repair the damage (assuming the tree hit doesn't die) is approximately $1600. Would you make that claim, or would you eat the loss?

*It took me several days to find the strike point in a pine in my back yard,but the streak of lightning damage to the tree stops about 1/3 of the way down, so I think it has a decent survival chance.

As a career insurance professional (commercial not personal lines) I WOULD NOT make the claim. Why have your insurance rates go up for something that is only $600 more than your deductible? If you had a lower deductible or a seperate contents policy I would say to file the claim all day long but if a big storm come through and you end up with hail damage, wind damage, fire damage, you would much rather file that claim as a loss than this one. Now, if the damage exceeds $1600 than you have a different story to think about in my opinion. No sense in increasing your insurance rates for years to come for a silly $600. But to each is own. Your homeowners insurance is for far much greater claims than what you are wanting to cover. Just my 2c
 
I wouldn't report it either. Save it for the major stuff

Also, I had a lightning strike hit near my house a few years back. Lost the garage door opener and the living room TV and a couple other small things. If it's an LED tv, you can probably find the boards that go inside it for $100 or less and get that thing running again. If you're handy you could handle it. Pretty easy fix if you're looking to save a few hundred bucks. Same goes for the AC blower. Should be easy to buy just the new motor and reinstall. Probably be out a couple hundred dollars total

I am a mechanical engineer so I'm quite comfortable with this stuff. Lots of youtube videos to reference if you think you can handle it

Edit to add that my home deductible is $5k so I can keep my premiums down. I know I wouldn't report anything below that anyway
 
I would have an independent adjuster come out and review. They work for a % of the claim, so it shouldn't cost you anything. You never know what else might be involved.

yes true.....but if YOU ARE NOT FILING the claim.....then you pay the adjuster for his time and work.
 
Working in Insurance and particular property insurance, everybody's situation is different, some people can't afford to eat the loss and could use the $600 they would be owed. I'm not on the agency or underwriting side but know each insurance carrier is different when adding premiums for losses. I do know your premium can go up without filing a claim depending on how many claims around you are being filed also if it was determined to be a CAT or not. I would say if your pretty sure on the items that are damaged and cost is only $1600 roughly for replacement, I'd just let it be and replacement the damaged items with whatever you want, maybe it was time to upgrade the TV anyways...
 
Seems pretty much stock answer is to eat the loss,so maybe I should add this.

I had the AC damage repaired within 2 days - no living w/o that in central GA - at $1369. The phone and the answering machine I replaced with one phone that does both, for $20.51. The TV is in a small room, an LG 32", one we liked a lot and fit well; I have found a Sharp 32" smart TV for $149 + tax that would fit just as well and be an upgrade. The cable damage and phone line damage is being fixed by the cable co. at no cost; I am not replacing the rodent preventer, and already replaced the outlet that it was in that was scorched on the outside but fine in the wall - I have a box of outlets in my storage. So my final loss is right at $1550.

In years past this would have been a no-brainer, but my income was cut in half about 6 years back and it's been tight (tho I am up to about 2/3 now), and will be til I start Social Sec. next year. So, $1550 is a tough bite to absorb, and that $550 is some serious help. I have only made 2 claims in over 30 years, both hail damage, and my rates did not change appreciably either time.

Does this change the picture?
 
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