Slow fridge leak damaged my floors can I claim on home owner’s insurance?

[Franc B.]

A slow leak has caused $2.5K damage to a rental property of mine. Does anyone know if home owner’s insurance would cover this? Looking for guidance before I submit a claim. Thank you.

[Bill B.]

Your deductible should be at least $5k. I would never make a claim under $5k, probably not under $10k. I assume all your policies are giving you a discount for no claims. That’s means this one claim for under $2k after your deductible could easily cost you $1,000 or more per year for the rest of your life. (Increased rates and loss of discounts on all policies, not just this one.)

You’d be better off raising all your deductibles and using the savings to pay for your floor repair. You’d probably save $100-$200 per year per property doing that.