Homeowners' Insurance?

[olivs260]

It came to my attention today that my homeowners' insurance has limits on what it covers, unless certain objects are scheduled. For instance... by default, I'm only covered for firearms up to $1500 total. Not each.

Just thought I'd throw this out there for anyone who might not know- check your policy, and communicate with your agent to do what you need to do to make sure you're fully covered. All I need to do is submit description/values of all my guns, and I'm fully covered. I couldn't imagine coming back from a Cat-4 and finding out I have to replace all my guns on $1500!

 

[LACamper]

Go back and re-read. Most better policies have a limit on THEFT only. Otherwise its up to your policy limit for contents (excluding flooding and other things). Often you can buy this up to 1500 per item, 2500 total for $50 a year or so. Better choice is to get a personal articles policy and itemize the guns. Downside is you have to disclose info on your guns, upside is you can have first dollar coverage without a deductible so if only a pistol is stolen from the car its covered. Also, and probably more importantly, you're not filing a homeowners claim. Its not cheap but its great coverage. It even covers you for flooding in most cases. Ask your agent or PM me.

 

[RyanW]

Who is your insurance company?

 

[yamarider450]

I have usaa and have a personal property policy for about 8 bucks a month. It covers my guns individually.

 

[JadeRaven]

Yeah if you got extra property then you should get an extra policy.

 

[RyanW]

I have USAA as well, but never considered checking into such specific aspects of the policy like that.

 

[stormrider54]

After I paid my house off I was faced with a decision, insure or not? Let's face it the insurance companies are gambling that nothing will happen to my house but I am gambling something will, if I carry insurance. I decided to take their side for a while. What would you do?

I did pick up a policy the year of Katrina as it had been five years without one and was getting nervous. Paid the monthly notes, had slight roof damage, called insurance co., after appraisal and deductable they wrote me a check for a whopping $600.00 for repairs.

I told the legal thieves to give me my money and then I dropped them again........insurance companies are major rip off.

 

[olivs260]

Go back and re-read. Most better policies have a limit on THEFT only. Otherwise its up to your policy limit for contents (excluding flooding and other things). Often you can buy this up to 1500 per item, 2500 total for $50 a year or so. Better choice is to get a personal articles policy and itemize the guns. Downside is you have to disclose info on your guns, upside is you can have first dollar coverage without a deductible so if only a pistol is stolen from the car its covered. Also, and probably more importantly, you're not filing a homeowners claim. Its not cheap but its great coverage. It even covers you for flooding in most cases. Ask your agent or PM me.

Thanks for the info from an "insider". I may look into separate insurance, but from what my agent was saying, if I send them the info on each gun, I should be covered. I guess it's to keep someone from just saying "yeah, when they broke into the house they took all 20 of my $1500 rifles!" I don't love the idea of an inventory being out there, and on an electronic system at that, but I like the idea of being out $thousands even less...

 

[olivs260]

Who is your insurance company?

Not gonna drop names, but they're a pretty big company. My agent works in a small office. My frustration was over the fact that nobody bothered to explain to the 23-yr-old kid buying the policy how it actually works. My wife's engagement ring was lost recently (i.e.- down the drain.. yes, all the way down. It is not recoverable ), but apparently, since it wasn't listed along with an appraisal, the company won't cover it. My understanding is that they would have covered it if the house was burglarized, but since it wasn't scheduled with them, not just for being lost.

On that note, anybody wanna buy a wife? She's half Italian so she cooks pretty good

 

[f350drvr]

Thanks for the info from an "insider". I may look into separate insurance, but from what my agent was saying, if I send them the info on each gun, I should be covered. I guess it's to keep someone from just saying "yeah, when they broke into the house they took all 20 of my $1500 rifles!" I don't love the idea of an inventory being out there, and on an electronic system at that, but I like the idea of being out $thousands even less...

Get it in writing, I have been burned in the past for what the agents interpretation of my policy was.

 

[olivs260]

Get it in writing, I have been burned in the past for what the agents interpretation of my policy was.

Good point, thanks.

 

[LACamper]

I have USAA as well, but never considered checking into such specific aspects of the policy like that.

The specifics are what seperates a good policy from a terrible one. You need to learn to read these things, or find an agent you really trust. Everyone shops price. Trust me, you won't ever think about the premium when the adjuster is telling you what isn't covered!
As an agent I would much rather answer coverage questions now rather than explain why something isn't covered later! Please ask your agent now...

A few other tips or points:
Ask if backup of sewer is something you're covered for.
Earthquake coverage is cheap here. You probably won't need it but if your foundation cracks you're screwed.
Increasing your liability from 100K to 300K is again very cheap ($30 a year or so). If your house burns and it spreads you're liable. Is your neighbor's house worth over $100K? How about the ones to either side? Again, the odds are long on this happening, but its cheap. (we won't get into the deceased burglar's family discussion here...)
Jewelry coverage is limited. So is cash. Guns. Silverware. coin collections. Gold bullion.
Business property- your house burns with your police equipment and uniforms, office laptop, company cell phone, etc. How about if you have a personal business? Tools for a mechanic or contractor? Home office away from work? All of these things bring up different coverage issues and limitations.

Flood insurance is another whole issue. Make sure you get into the differences. For example: fine art (anything framed) jewelry, and furs are limited to a grand total of $250 IIRC. Not a piece, total. All contents are depreciated. That's a big deal. No way around that one.
BTW, rating a flood policy in a flood zone can be tricky (FEMA manuals are written by the same people that write tax code!). Make sure your agent did it correctly or you'll be paying too much. Ask occasionally. Make them double check it.

 

[my-rifle]

My Allstate agent told me specifically there is no practical way for them to insure a firearms collection. He said the cost would be astronomical to insure over fifty guns.

I have over fifty guns. Way over.

 

[LACamper]

I don't think I'd go as far as astronomical, but it isn't cheap. However it is great coverage.

 

[my-rifle]

Astronomical was his word, not mine. In fact no one in his office had ever heard of someone with as many firearms as I have They had no idea how to deal with it. When they finally did work up something it was on the order of $4250 per year for the best guns in the collection. The rest would have to take their chances.

 

[dzelenka]

There is a company called Collectibles Insurance. They will insure your collection without having to list them individually. $75K of insurance is around $500 per year.

 

[bs875]

There is a company called Collectibles Insurance. They will insure your collection without having to list them individually. $75K of insurance is around $500 per year.

Read this thread.

http://www.bayoushooter.com/forums/showthread.php?46086

 

[tonyrou]

wow

 

[Ironman26]

Another scam on the homeowner/taxpayer !!!!

 

[Paladin]

I told the legal thieves to give me my money and then I dropped them again........insurance companies are major rip off.

Very ill-informed opionion (though I recognize it is your opinion). Insurance on your home is simply a transfer of risk. Let's walk through this;
1) You own a single family residence
2) The cost to replace it in the event of a complete loss is $100,000
3) You have no mortage, so you have no lender making you buy insurance

Now, let's assume a big wind comes and blows your house away. Nothing left but the foundation. Your wife says..."what now, honey?" You say..."good news dear...all the premiums I would have spent on homeowners insurance have been saved and the total in savings is now almost $5,000. So, we will have the money to make a deposit on an apartment and buy a new couch!"

Personally, that is a conversation I would not want to have. You have an asset worth X. You can self insure and eat the whole thing in the event of a big loss...or for a small annual fee, you can offload the financial risk to someone else. Your choice, but no thievery is involved.

Most companies that have a large book of homeowners insurance are running a combined ratio of more than 100% That means for every $100 that comes in the front door in premiums, more than $100 goes back out in claim payments and loss adjusting expenses. If that is thievery, they are some very stupid thieves.