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Chase purchase protection has you covered if an eligible item is damaged or stolen within 120 days of purchase. rawf8/Shutterstock

• Many Chase credit cards offer purchase protection insurance against loss or theft of a new item.
• Depending on the card, you could be eligible for up to $10,000 per item if you submit a claim.
• This benefit saved me nearly $200 when an item I was returning was stolen from my building's lobby.
• Read Insider's guide to the best rewards credit cards.

No one likes to see their property damaged or stolen, but those events can be even more frustrating when the item in question is new and you've barely had a chance to use it. Plus, having to replace something you just bought is a double hit to your bank account.

Luckily, Chase cardholders have an option if they find themselves in that situation. Chase credit cards offer purchase protection, a benefit that's often overlooked but recently saved me almost $200 when a recently purchased item I was returning by mail was stolen from my building's lobby.

Read on for a guide to Chase purchase protection and the steps you'll need to take to file a claim if you ever find yourself in a similar position.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Chase Purchase Protection: Which Credit Cards Qualify?

Purchase protection can repair, replace, or reimburse you for items that are damaged or stolen and were recently purchased with an eligible Chase card or with rewards earned on an eligible Chase card.

Chase Cards That Reimburse up to $500 per Claim

The following cards will reimburse up to $500 per claim and $50,000 per account:

Chase Cards That Reimburse up to $10,000 per Claim

These cards will reimburse up to $10,000 per claim and $50,000 per year:

How Chase Purchase Protection Works

According to Chase, purchase protection "protects against theft of, damage to, or involuntary and accidental parting with new retail purchases within 120 days from the date of purchase." You'll need to make a claim within 90 days of the damage, theft, or involuntary and accidental parting, and you're eligible if "your name is embossed on an eligible card issued in the United States, and you charge all or a portion of the cost of the item to your credit card account and/or rewards programs associated with your account."

"Involuntary and accidental parting," by Chase's definition, means "the unintended separation from an item of personal property when its location is known, but recovery is impractical to complete." Lost items or items that mysteriously disappear are not covered by purchase protection.

Of course, there are conditions, which are listed in full in your credit card's benefits guide. One key condition to note: If you have other coverage — like homeowners insurance, renters insurance, car insurance, or insurance through your employer — you'll have to file a claim first with that insurance company unless the claim amount is below your deductible.

Chase also has a lengthy list of items it won't cover, including live animals and plants, antiques, computer software, and motorized vehicles. Make sure to check your benefits guide for the full list before filing a claim.

How to File a Chase Purchase Protection Claim

Navigate to the Card Benefit Services website

Chase partners with a third-party company, Card Benefit Services, to handle its claims and administer reimbursement, so the first step in filing a claim is heading to the Card Benefit Services website.

You can file a Chase purchase protection claim on the Card Benefit Services website. Chase

Start a new claim

After selecting "New Claim," you'll be asked for your card number to verify that you have the benefit. Enter your number and name, and click "Get Started."

Start your claim by entering your name and card number to verify your eligibility. Chase

Select a claim type

As an example, here's what appears next when using the Chase Freedom Unlimited®. Once you've consented to electronic transactions, payments, and signature, it'll ask you to select a claim type:

Choose between purchase protection/security, trip cancellation/interruption, or collision damage waiver (car rental insurance) as your claim type. Chase

Add claim details

Select "Purchase Protection/Security," click "Next," and then enter your address. From there, you can fill in key details such as the date the item was damaged or stolen, the reason for your claim, the location of the incident, and a description of the item.

Complete your claim details including a description of what happened to the item. Chase Add the item description and amount paid. Chase

Upload documentation and submit claim

The next step is to upload your documentation, which may include any of the following:

• Charge receipt or monthly billing statement
• Itemized store receipt
• Repair estimate or receipt
• Photos of the damages
• Split payment documentation 
• Homeowners insurance declaration page
• Police or loss report
• Settlement documentation

Click the "Add" button next to the type of documentation you're submitting to upload it.

You'll be required to upload documentation to support your claim, like receipts and repair costs. Chase

Once your uploads are complete, press "Submit Claim." And don't worry if you don't have everything collected at the time of submission — you can always come back to add them later or submit documents by email to [email protected].

What Happens Next?

Card Benefit Services will begin reviewing the claim and email you a list of what's still missing, along with instructions on how to add the necessary documentation to your claim.

A few days after submitting your claim (it says five business days, but give or take a few), you'll receive a letter — likely by email and US mail — outlining what additional documents you need to submit, if any.

If your claim is complete, you'll get a notice that it's been approved and at that time, you'll have the option to receive reimbursement by check or direct deposit. The reimbursement should show up within a few days of making that selection.