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Probably. Most companies offer personal property coverage as part of their homeowners packages. However, there are several things you must take into consideration when filing a claim.

1) If you are a mechanic or repairman, and the refrigerant could be considered a professional item, then there may be caps on the limits of coverage your policy provides. Check your policy or ask your agent about limits to your personal property under your policy before filing the claim (I will explain why later).

2) Determine if your loss exceeds your deductible on your policy. If the value of the refrigerant is less than your deductible, then it makes no sense to make the claim.

3) Find out how much you will be surcharged on subsequent renewals of your insurance policy if you report the loss to the insurance company. In order to determine if your potential claim has a valid financial basis. Let me give you an example...lets say you pay $800/year for your homeowners policy, have a $500 deductible and have a $1000 loss. Of course, if you report the loss and file the claim, you will be reimbursed $500, but over the course of the next three years you may see a 30% annual premium increase. That means you will pay an additional $720 over the next three years for a $500 reimbursement - just doesn't make sense.

Now for the final caveat. Try to get the information necessary to make your decision without actually 'reporting' the loss to the company. You see, under most personal lines policies you cannot be surcharged for the actual claim, but because it is a statistical fact that someone who suffers a loss has an increased probability of having another loss in the next three years, they can surcharge you for the loss REGARDLESS OF THE VALUE OF THE CLAIM.

In other words, if you report the loss to the company they can legally surcharge you for future renewals even if they have paid out nothing toward the loss (known in the industry as a zero-dollar claim) because of this statistical probability.

I hope this answered your question, and good luck.

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14y ago

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