Home owners insurance coverage - a bit off topic.... but....

[Iron Patch]

A bit off topic but worth it if it wakes one more person up, like it did me.


To be honest being insured against theft is something I never really thought about, and that continued even once the dog scared someone away from coming in the living room window one night at 3am! I very naively thought if you have a fire and lose everything you file a claim and are covered, and if someone steals your stuff, you file a claim and you are covered.... not exactly, and not even close! The current policy I am covered under is great for fire, the house and contents, but I was shocked to hear theft is $1,000 deductible and $1,000 coverage, and that is it! Heck, that would only cover my detecting stuff and would still cost me a grand to get it back. What's worse is buying additional coverage would probably not even be worth it because my ebay stuff wouldn't be covered because what I would document on the appraisal would be different than what I'd have a week later, and extremely different from several months later... and they won't just cover a base dollar amount. So to really feel I am protecting myself now I have to come up with alternative ways because even though I don't expect a break in, I just can't imagine losing a lot and having what in reality is no insurance. Up to this point I would leave anything kicking around the house no matter what it was, or how much it was worth... but that will definitely change. It's pretty sad a person has to think about this for their stuff in their own house, but as they say it's better to be safe than sorry.


So if this makes anyone think twice like I did it will be worth it. Obviously the insurance companies feel fires are easier to prove, and no doubt happen a lot less, and that is why they are covered well... and I've already had the fire experience at 21, so it's not beyond the realm for me thinking even though the odds are against, someone breaking in is definitely a possibility.

 

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[goldman55]

My insurnce covered my stuff stolen from my car. It was my Home owners ins that coverd it, $500 deductable car was parked along side the rd while i was in the field detecting. Doors were unlock ,first time something happen like that to me never seen a thing. course head was looking stright down on the ground. Car was about a football field away,

 

[clovis97]

Everyone needs to also be aware that most insurance companies have strict limits on what they will pay for business assets, business equipment and personal collections.

I think my homeowners covers $2,500 for business assets. $2,500 wouldn't cover much if you had to go out and buy the stuff that I have now. For instance, if I lost my laptop, printer, hand all the trains that I have listed on ebay, I would easily be over the $2,500 threshold in an instant...not to mention all the other stuff I have listed. I'm not bragging; my computer is ancient, but if I had to replace it today at a store, it would cost $500+.

Personal collections are another thing not greatly covered by insurance. It is pretty easy to amass personal collections over time, and the majority of people think that insurance will cover full replacement value on all of it, but in reality, most policies cap what they will pay in case of a loss.

Think about how common it is for a person to accumulate collections of musical instruments, coins, trains, records, toys, glassware, etc. I think my policy covers $7500 in case of a total loss for personal collections.

Speak to your insurance agent if you need additional riders or coverage on your business assets or collections.

Of course, YMMV.

 

[jerseyben]

If you ever read your policy you would be floored at what it actually says.

Same goes for liability insurance for automobiles. Most states have minimum coverage standards. If you actually read what those minimum coverages are, you would almost be better off not having insurance at all.

I keep nearly the highest coverage amounts on my policy for this reason, otherwise you are paying premiums for coverage that is essentially worthless.

 

[Treasure_Hunter]

I have seperate homeowners insurance to cover my contents. You want to be sure you have full replacement value too. IF 55" digital TV is stolen or destroyed by lighting I get full replacement value of new TV, not pro - rated value based on age.

I have $500 deductible on all policies and I also carry a seperate policy for my fine arts/artifacts collection...






American by birth, Patriot by choice.

I would rather die standing on my two feet defending our Constitution than live a lifetime on my knees......

 

[diggummup]

I also carry a seperate policy for my fine arts/artifacts collection...

That is what I do.

 

[jerseyben]

Have any of you considered an umbrella policy? It is supposed to pick up the slack after your normal policy limits run out.

 

[Treasure_Hunter]

Renters Homeowners insurance is cheap for those who do not own home. I have carried homeowners insurance for over 40 years..






American by birth, Patriot by choice.

I would rather die standing on my two feet defending our Constitution than live a lifetime on my knees......

 

[Diggin-N-Dumps]

I bought a house in Feb 25th 2012, and was robbed on April 1st.

It was my first house so I had no idea how insurance worked, and found out it would be 1% of the value of the house (115k) And yea, it sucked knowing that I was automatically losing one of the Big Screens that was stolen right off the bat.

But with all they had to replace, and the fact it happened litterly one month of having the Policy, i really couldnt complain too much.

I also found out that they can only insure 500 dollars worth of Coins/Bullion.

But I do make sure all my coins/valuables are WELL put up....worst thing about it all was whoever kicked in my back door wore a 5-5/2 shoe...which means it was more like a kid

 

[Treasure_Hunter]

I bought a house in Feb 25th 2012, and was robbed on April 1st.

It was my first house so I had no idea how insurance worked, and found out it would be 1% of the value of the house (115k) And yea, it sucked knowing that I was automatically losing one of the Big Screens that was stolen right off the bat.

But with all they had to replace, and the fact it happened litterly one month of having the Policy, i really couldnt complain too much.

I also found out that they can only insure 500 dollars worth of Coins/Bullion.

But I do make sure all my coins/valuables are WELL put up....worst thing about it all was whoever kicked in my back door wore a 5-5/2 shoe...which means it was more like a kid

Digging you can get a seperate policy on that under coin collection like I have for my artifact and fine art collection.... I pay less than $60 a year for it, I have it set up to automatically pay out of my bank account ever 3 months...






American by birth, Patriot by choice.

I would rather die standing on my two feet defending our Constitution than live a lifetime on my knees......

 

[Iron Patch]

worst thing about it all was whoever kicked in my back door wore a 5-5/2 shoe.

I'm not a police officer but do a little bit of detective work on the side. I think you were probably robbed by the cast of

Little People Big World.

Guy on the far left, looks a little shady to me.

​

 

[xrunndonex]

I'm not a police officer but do a little bit of detective work on the side. I think you were probably robbed by the cast of Little People Big World.

Guy on the far left, looks a little shady to me.

No it was the midget mafia! He needs to get a pitbull they will kill if someone will break in. Very protective and loyal dogs

 

[twiasp]

Just go to your agent and have your items listed, generally is probably good enough, train collection and state the value. You can say its 1 million dollars for your trains if you like the agent doesn't care, he will sell you a policy because the more he insures the more he charges. Just be prepared to answer a ton of questions about a theft of your 1 million dollar train collection. Generally the getting extra coverage on items is not a big deal (moneywise), and I view my thrift store hunting and stuff as a hobby, not a business. Some policies will cut you down to no coverage or 500 dollar limit for business stuff. There is special coverages thing in your policy that will tell you the insanely small amounts of things like money, jewelry, guns, etc that will be paid incase of a loss.

Personal story... I have renters insurance (30,000 in replacement cost coverage, for less than 60 bucks a year). Well I did not itemize and I also Coin Roll Hunt. They got 2k in half dollars in boxes from the bank and about 100 silver half dollars, TV, Gun, PS3 and other stuff. Everything was paid for no problem except the money. I received 100 dollars (the limit) they didn't care that the silver halves were worth much more than a half dollar and tried the route of it was bullion but they said since it was in money form it is just money.

P.S. I was an independent insurance adjuster for 10 years, mainly working catastrophes.

 

[clovis97]

Just go to your agent and have your items listed, generally is probably good enough, train collection and state the value. You can say its 1 million dollars for your trains if you like the agent doesn't care, he will sell you a policy because the more he insures the more he charges. Just be prepared to answer a ton of questions about a theft of your 1 million dollar train collection. Generally the getting extra coverage on items is not a big deal (moneywise), and I view my thrift store hunting and stuff as a hobby, not a business. Some policies will cut you down to no coverage or 500 dollar limit for business stuff. There is special coverages thing in your policy that will tell you the insanely small amounts of things like money, jewelry, guns, etc that will be paid incase of a loss.

I only mentioned that business assets are often limited by insurance coverage because many people work this as a part time income, and in my case, I am full time and derive all of my income from reselling.

The part timer in this business should know about their limited coverage. For a person that flips musical instruments and finds 5 Martin guitars and a pre-war Gibson banjo for $1,000 each with the hope of selling them for $2,500 each, (and the banjo for $25,000+)...they are at risk for loss.

I don't really care if someone else is covered. Its none of my business what they do. But when I was young, and had started a new business, I was very surprised to learn that all my business assets that were kept in my home was capped at $2,500 in coverage.

 

[Uncle Jeff]

but I was shocked to hear theft is $1,000 deductible and $1,000 coverage,

That is zero coverage... you need to improve or drop that part of your coverage.. so If you were to lose 1,001 due to a theft, your deductible is $1000.. you pay that.. your insurance company they send the max pay out of $1000 they will now raise your rate and you are still out the dollar

 

[twiasp]

Rates shouldn't raise after a loss, only when you are at fault. Now if you make claim after claim, sure expect a hike or a cancellation notice

 

[Treasure_Hunter]

I have made claims in past on mine and rates did not increase..






American by birth, Patriot by choice.

I would rather die standing on my two feet defending our Constitution than live a lifetime on my knees......

 

[Iron Patch]

That is zero coverage... you need to improve or drop that part of your coverage.. so If you were to lose 1,001 due to a theft, your deductible is $1000.. you pay that.. your insurance company they send the max pay out of $1000 they will now raise your rate and you are still out the dollar

oh I totally agree, the only way it matters at all is if it's a fairly specific loss. A huge loss and who cares about 1k coverage, and as you said a small loss I get nothing. It's a joke, but definitely a wake up call and I've already made changes with more to come.

 

[billn1956]

if you shop around you will find one that will give good coverage.I meen moving house and all over to the new insurance company.but before you sign with the new one that gave you the coverage have anothr talk with the old one about what the new one is giving .there jaw will drop.most people do not move there coverage offten,,they will want to check into what they can do to keep you.

 

[mugsisme]

I have a rider on my policy for my own personal jewelry. I haven't figured out if I need to up now. However, that said, I have to have up to date appraisals for my jewelry. Most of my stuff was bought from the same jewelry store, so they automatically update it every 5 years.

Now I am wondering what to do, since this isn't really a business, just side money. However, if it goes by what I paid for some of this stuff, I would lose so much money. Any suggestions?