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 Posted: Mon Aug 04, 2008 5:17 am Post subject: Have a renters, need carpet coverage |
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Hi everyone,
We have renter's insurance with personal property coverage, but I understand this doesn't cover expensive rugs. We have an inherited rug that costs upwards of $400,000. I understand I need an appraisal done and provide that to my carrier...anything else I need to know?
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Albert88
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| Posted: Mon Aug 04, 2008 8:44 am Post subject: |
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Homeowners insurance (including renter's insurance) only offers coverage upto a certain limit for expensive items, hence, you're required to purchase a floater/rider for the antique rug.
The floater provides an extra layer of coverage to the expensive items upto their values. You should contact your insurance agent to know more about the option.
Regards,
Juanita |
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Juanita
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| Posted: Mon Aug 04, 2008 8:56 am Post subject: |
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| The typical homeowner's policy may cover an expensive rug only upto a limit of $5,000 and $10,000 (all the expensive rugs included), and a rug worth more than the policy limit should acquire separate coverage upto its value. |
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jeorge
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| Posted: Mon Aug 04, 2008 9:05 am Post subject: Condo. |
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hi..
...I have heard someone saying... that you may individually list all your valuables with a Condo Insurance. It also meant that each such item could have coverage for different amounts as per their market worth. Why don't you check up with your own home owners insurance first!
May be you could go for a good bit of window shopping & compare, before you pick up the rates of your choice.. 
Regards, Fatman |
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fatman
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| Posted: Mon Aug 04, 2008 11:20 am Post subject: |
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I think you need an Inland Marine policy (not it's nothing about boats)...contact an agent and get this, it's a stated amount policy your agent will tell you what you will need, the premium I believe is based on the amount of coverage (this is how I have my jewelery covered)...they are nearly all risk policys which is what you want on this rug....  Holy Moly that's an expensive rug...does it belong in a museum? do you all actually walk on it? Just wondering...man alive, I've never heard of a run with that high a value...you're very fortunate to have been left such a treasure!
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Lori
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| Posted: Mon Aug 04, 2008 4:35 pm Post subject: |
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Thanks for the responses everyone. The rug is actually not mine directly, just a very close friend. He has renter's insurance through Farmers and they do not support expensive rugs of this value (they cap out at a max of $30,000)...Any recommendations of specific carriers we should look into?
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Albert88
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| Posted: Mon Aug 04, 2008 5:24 pm Post subject: |
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Hi Albert
A $400,000 rug??
If you don't own it you can't insure it. The owner has to insure it as they have the insurable interest.
Get the appraisal ASAP and ask the appraiser if they can recommend an insurer. The owner will need to get a separate policy just for this rug.
Again ....
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OntarioBroker
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| Posted: Mon Aug 04, 2008 5:56 pm Post subject: |
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Hi Ontario,
The carpet isn't owned by me, but by my friend. He has inherited the carpet, and wants to take a policy on it. I don't have anything to do with this, just trying to help him out...I guess I should have said my friend lives in the same household as I, and we both have 1 renter's policy through Farmers. I'm looking at various places where he can get this thing insured, but was wondering if you guys have any recommendations from your experience.
Also, there are carpets that go beyond double the price of his.
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Albert88
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| Posted: Mon Aug 04, 2008 10:00 pm Post subject: |
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State Farm I'm sure sell Inland Marine policys as well....Have him contact his agent...and inquire this would be a separate policy, an Inland Marine will cover the carpet anywhere in the world.
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Lori
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| Posted: Tue Aug 05, 2008 8:44 pm Post subject: |
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Frankly, I don't know of a single carrier that will insure a $400,000 rug with a renter's policy. They would, in my opinion, blanch at the prospect. Any underwriters out there who can respond?
InsTeacher 
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| Posted: Tue Aug 05, 2008 9:37 pm Post subject: |
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ah...ins teacher forgot to sign in..   ..of course not under a renters policy, but don't you think they could get an inland marine on it?
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Lori
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