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05-04-2009, 09:54 AM
| | Junior Member | | Join Date: May 2009
Posts: 1
| |  Renter's Insurance Double Claim
I have personal property insurance with my bank. Some of my possessions which were stored in a storage unit were damaged in a flood. My bank is owning up to it and paying the claim without any problems but I also paid for insurance with the Storage Company. Is it legal for me to file a claim with them as well, essentially making me whole twice over? I paid them both premiums. They were seperate policies. unrelated to each other. They just happened to cover the same property.
What is the name of your state (only U.S. law)? TexasWhat is the name of your state (only U.S. law)? |
05-04-2009, 10:31 AM
| | Senior Member | | Join Date: Jan 2005
Posts: 21,655
| | Quote:
Originally Posted by jmdye  I have personal property insurance with my bank. Some of my possessions which were stored in a storage unit were damaged in a flood. My bank is owning up to it and paying the claim without any problems but I also paid for insurance with the Storage Company. Is it legal for me to file a claim with them as well, essentially making me whole twice over? I paid them both premiums. They were seperate policies. unrelated to each other. They just happened to cover the same property.
What is the name of your state (only U.S. law)? TexasWhat is the name of your state (only U.S. law)? | No, that's fraud.
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05-05-2009, 07:10 AM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
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| | Quote:
Originally Posted by jmdye I have personal property insurance with my bank. Some of my possessions which were stored in a storage unit were damaged in a flood. My bank is owning up to it and paying the claim without any problems but I also paid for insurance with the Storage Company. Is it legal for me to file a claim with them as well, essentially making me whole twice over? I paid them both premiums. They were seperate policies. unrelated to each other. They just happened to cover the same property.
What is the name of your state (only U.S. law)? TexasWhat is the name of your state (only U.S. law)? | You can file both claims but both insurance policies have a written clause pertaining to having other coverage. You will need to let both companies know that you have other coverage. Generally, they will each pay a portion of the claim, so that you are only made whole once.
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05-05-2009, 03:30 PM
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05-12-2009, 11:46 PM
| | Junior Member | | Join Date: Feb 2009
Posts: 4
| | | The purpose of insurance is to be made whole - to be placed back into the same financial situation you were prior to the loss. Filing the claim with both would enhance your situation, making you more than whole and, as another poster stated, constitute fraud. Although I doubt the storage facility's coverage would pay in this situation as typically, Flood is not a covered peril. Take whatever the bank is offering you & be grateful that they're paying the loss without complaint. | |
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