Insurance: Coverage for your equipment

Golucid

Golucid

Taking a break
Joined
Jan 10, 2015
Messages
1,058
This week I scared my agent - again. My folks have been with State Farm for decades and I too subscribe to State Farm: California and Nevada. Two Agents. I also have agent, my bother In-Law in Texas that handles my life insurance policies. I have a lot of them. Plus I have a ton of policies with New York Life since birth to present.


Anyway, this week I sent receipts for all my audio equipment, art, etc to my agent and he promptly called me!


We bumped my home owners policy and my personal articles policy to a few million higher.


They are sending over a gal to inventory my house with video to make sure every i and t are dotted and crossed. My agent rocks! This is not standard practice but he likes my family so something really nice.


Moral, call your agent, send receipts. Life HAPPENS! Make absolutely certain your home and the contents are properly covered and OMG. Make sure you have proof! Video, receipts and written documentations. Store it off-site.
 
Good advice. Just called him and notified him of increasing my policy. He was a bit shocked how much my speakers were, haha. Got insured and now it's time to take the pics and document all the equipment. Moving to japan.
 
Tell her you are just adjusting the numbers to get a better return than what you really paid.

Fortunately, my standard policy covers that type of loss at a higher rate than the cost of my stereo and HT. Of course, getting them to actually pay will most likely be an exercise. :)
 
BlueFox said:
Tell her you are just adjusting the numbers to get a better return than what you really paid.

Fortunately, my standard policy covers that type of loss at a higher rate than the cost of my stereo and HT. Of course, getting them to actually pay will most likely be an exercise. :)
Click to expand...

Great idea. if you don't hear from me for a year or two, it didn't work.
 
So boy am I frustrated I came across this thread!

I did the math and the retail cost of my system would be about $210K (yikes, I've been busy). So I figured I should make sure I'm covered. I have USAA and called them to see about adding my system. They do not have the ability to just arbitrarily up your personal belongings coverage, it's a function of the value of your home (like max 75%), but you can get what's called "special features coverage" up to $100K, which covers installed systems. If your system has a projector and drop-down screen that's mounted in the ceiling, then you can get that added to your homeowners policy at supposedly no cost.

Here's the kicker: When he accessed my account their system automatically "recalculated my premiums" and increased my homeowners premium $370/year which is totally sketchy. When I asked WTF, he had to get with his supervisor and they determined that in the last year my home has appreciated $110K (which is complete and utter bs and impossible. BTW, it's more like 9 months since they last evaluated my home's value in Dec 2014, but I digress), so I asked to have them send out an estimator to get the real structure costs.

Can you say major fail? Anyone else have this kind of issue? I would have understood if they came up with a legitimate number and said we're adding $200K of coverage for your stereo so it's going to cost you $370, but this is just absurd. They won't even add the whole amount, only $100K. Any recommendations on Homeowner's Insurance Companies?

Bryan
 
My question would be has anyone had or know of a major loss of high end gear that was properly insured that the claim was paid and which insurance company was it. I have a rider on my policy for my audio and one for guns. Stamp collection I should do it as well as it is getting up their at lest it is in a large fire safe.
 
Garth said:
My question would be has anyone had or know of a major loss of high end gear that was properly insured that the claim was paid and which insurance company was it. I have a rider on my policy for my audio and one for guns. Stamp collection I should do it as well as it is getting up their at lest it is in a large fire safe.
Click to expand...

Sounds like crickets on anyone claiming a high-end system in an insurance loss.

Well, as for me, I forced my insurance company to send out an independent firm to give us an estimate of what it would cost to rebuild my house. What do you know, they (USAA) were ~$100K higher than the estimator. Yet oddly, my account renewed automatically at the old rate so now I have to call them and argue again. I'm open to suggestions if anyone has a great homeowners insurance company (only recommend if you've had claim experience with them please).

If Mike is reading these, perhaps he has a suggestion. He's had some seriously high value speakers in his home and if you add up all the toys he now has I'm sure it's a small fortune. -- Mike, what are you doing about insurance coverage of all your toys?
 
Hi Folks,

Perhaps I can help:

On the Building or structure, the best way to value is to get a builder to give you a reconstruction estimate. Do not include the foundation value if your insurance company requires you to rebuild on the same site-include the foundation value if your company does not require you to build on same site-then you need a new foundation. (Chubb is one example of not requiring same site.) Also make sure, if you can get it, something called "guaranteed replacement cost" on the building. When a disaster like hurricane Andrew hit Florida, because so many homes were damaged, the cost of labor and materials skyrocketed (shortage of both) and in some cases cost over twice the normal amount to rebuild. Most insurance companies got killed with unlimited "guaranteed replacement cost" so now have put caps on of 15%-25% above the policy limit. (I didn't mention Katrina, because most insurance companies tried to claim the damage was caused by flood, not wind driven water.) Peril of flood is not covered on homeowners policies.
As far as your contents goes:
A. You can rely on the 50, 60 or 70% of your building value as the insured value. Make sure you have replacement cost on contents, not actual cash value (depreciation)
B. You could schedule your audio-video equipment on a personal articles floater-insurance company may want estimates of cost new.
You may be able to negotiate "stated amount coverage" or "agreed value" for each item if you bought used and don't want to pay for full replacement.

Hope this helps...
 
The best way to guarantee full coverage under your homeowners, condo or renters policy, you need to cover your stereo under an SPP endorsement (Scheduled Personal Property - Electronics Equipment). Cover for the amount you paid for the equipment, not the retail price, otherwise you'll grossly overpay. Then provide receipts and photos to your insurance agent.

Best of luck,
Ken
 
Well my homeowners policy is due and my agent with State Farm suggested a separate rider. When I finally got a replacement invoice from my local dealer my agent sent the info to SF headquarters. They refused it and suggested I contact Lloyds of London :amazing: but adjusted my policy so that personal property is equal to the value of my home.
 
You must log in or register to reply here.
Back
Top