Originally posted by lithedreamer Have you actually tried making claims on your policy yet? As I understand it, the downside of bundling with your household insurance is that if you do need to claim, your rates go up.
That depends on the policy. Mine has one claim per year without affecting the premium and an optional no-claims discount protection. They already cover personal belongings for loss and damage outside the house, I just needed to declare anything more than the value limit to include it.
Either way, when you come to reinsure with another provider they are likely to ask about your claims history though, but that is the same with any insurance. You don't get anything for nothing with insurance of course, hence why insurers are some of the richest companies in the world...but the increase would be unlikely to wipe out the cost of replacing a K-1 out of your own pocket. Household insurance claims tend to be into the tens of thousands, so they are probably not quite so bothered about small claims. I once claimed accidental damage for a Bose system, which is of similar cost to a K-1 kit, and didn't notice any change in cost at all...maybe if I did it every year they would be more bothered though.