Eyeglasses are personal property and the Renters Policy pays for personal property damaged by covered perils so in that sense, yes, eyeglasses are covered by the Renters Policy. They would also be covered by a Homeowner Policy and a Condo Policy.
However, all those policies come with a deductible. A deductible is money you pay toward a claim. The insurance company pays the excess.
Say, for example, it costs $300 to replace glasses that were damaged by a covered peril, like a fire. If you had a $250 deductible, you would only recover $50. I would suggest, you not submit the claim.
Most insurance companies have a threshold of two claims in three years. After two claims in three years, your policy will not be renewed and because insurance companies share claim information, you will not get a competitive offer from any standard insurance company. You will end up paying much, much more money for the same coverage.
My advice is to raise your deductible as high as you can tolerate and save your insurance for real disasters.
Your question is important and I hope I've answered it to your satisfaction. If not, feel free to call, fax or email me. It’s no problem. I answer questions like this all the time.
Kevin P. Foley, CPA, CPCU
PFT&K Insurance Brokers
T 877-414-2031
F 877-405-3025
E kpfoley[at]kpfoley[dot]com
W www[dot]kpfoley[dot]com
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However, all those policies come with a deductible. A deductible is money you pay toward a claim. The insurance company pays the excess.
Say, for example, it costs $300 to replace glasses that were damaged by a covered peril, like a fire. If you had a $250 deductible, you would only recover $50. I would suggest, you not submit the claim.
Most insurance companies have a threshold of two claims in three years. After two claims in three years, your policy will not be renewed and because insurance companies share claim information, you will not get a competitive offer from any standard insurance company. You will end up paying much, much more money for the same coverage.
My advice is to raise your deductible as high as you can tolerate and save your insurance for real disasters.
Your question is important and I hope I've answered it to your satisfaction. If not, feel free to call, fax or email me. It’s no problem. I answer questions like this all the time.
Kevin P. Foley, CPA, CPCU
PFT&K Insurance Brokers
T 877-414-2031
F 877-405-3025
E kpfoley[at]kpfoley[dot]com
W www[dot]kpfoley[dot]com