My son's mountain bike was stolen about 5 years ago. Only a $500 bike and some accessories and upgrades to make it if I remember around $600. My homeowners paid all but the $100 down payment I had at time.

Problem is, this insurance company raised rates at the next insurance period. Enough so, that they would have gotten their money back after about 18 months. Then wanted to continue the higher rates stating I had now lived in a high theft area.

Quickly switched insurance companies. But with a higher deductible now.