Home Insurance - Replacement Coverage

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PostPosted: Wed Feb 13, 2008 2:05 pm   Post subject: Home Insurance - Replacement Coverage  

When we buy a home insurance policy, we expect the insurance company to replace all of our furniture, our clothes, our TV, our computer, our jewelry, our digital camera, our refrigerator, our sewing machine, our baseball card collection and everything else inside our home, right?



Well, if we don't know what's inside our home and the approximate value of each item, how does the insurance company know?



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PostPosted: Thu Feb 14, 2008 12:36 am   Post subject:   

They don't know. In the event of a loss...or especially a total loss, you must document the items that you are claiming.



As an example...with baseball cards, there will be a limit on what you can claim unless you have them separately scheduled. Often, that is the case with cameras, coin collections etc... Obviously, there will be a limit on the amount of cash you can claim as well.



Your best bet is to take a video of your entire house...each room...each closet etc...



And of course...DON'T LEAVE THE VIDEO IN YOUR HOUSE!

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PostPosted: Thu Feb 14, 2008 7:25 am   Post subject:   

Quote:
Your best bet is to take a video of your entire house...each room...each closet etc...


Thats the best idea I've ever heard of...

At the same time you may find an alternative in the form of a Condo insurance where in you may get each item enlisted with distinctive costs for each item. Keep sharing..TylerLibido

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PostPosted: Thu Feb 14, 2008 8:57 am   Post subject:   

Hi there!



I don't feel that an insurance underwriter would accept your application without ascertaining a proper worth of what he is gonna cover. The insurance company would always ensure that it gets a fair estimation of what it owes in accumulation for all its policies offered at any given time.



Regards,

Christiespastrynjuices


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PostPosted: Thu Feb 14, 2008 12:10 pm   Post subject:   

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Condo insurance where in you may get each item enlisted with distinctive costs for each item
Not sure where the 'condo' thing come from but this is what Ohio meant when he/she (which are you? Wink ) referred to 'scheduling' you can endorce certain properties thus raising (in effect) the basic policy limit...for that/those items.


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PostPosted: Fri Feb 15, 2008 2:49 am   Post subject:   

He? She? Hmmm. Well...Maybe I'm catdog...you know...that cartoon character that is half dog and half cat.



Actually...I'll let you figure it out. Here's a big hint. I NEVER ask for directions while driving. Sure...it might take me an extra 30 minutes...but I REFUSE to stop and ask for directions!

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PostPosted: Fri Feb 15, 2008 11:06 am   Post subject:   

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I NEVER ask for directions while driving. Sure...it might take me an extra 30 minutes...but I REFUSE to stop and ask for directions!
boy oh boy was that ever an easy clue! THANKS.....Ohio is MALE! Laughing


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PostPosted: Fri Feb 15, 2008 1:55 pm   Post subject:   

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boy oh boy was that ever an easy clue! THANKS.....Ohio is MALE!




Now wait just a minute Lori, I asked for directions once.



What was the topic of this Post? Oh yeah, Home Insurance Replacement Coverage.



When I write a home insurance policy, I ask the question - "If I wrote you a check to replace everything inside your home, how much would the check be?" Usually 100 out of 100 have absolutely no idea.



On the other hand, when a home is totally destroyed and the insurance company issues a check in the amount of $40,000 for contents replacement, the insured ALWAYS says, 'Well, that's not enough, all of our furniture and everything else was worth a lot more than that!"



Suddenly, the insured is more knowledgeable about the value of the home's contents.

It's kind of like when our kids are 6 years old, we parents don't know anything about anything and then suddenly, when the child is 22, we are the smartest people on earth.



People must take on the responsibility of making an "inventory" of the entire contents of their homes. The "video" is an excellent idea, if we have a video camera lying around. Still pictures work just as well or as a compliment to the video.



If we own expensive items like jewelry, a written appraisal by a professional appraiser is mandatory.



If we own items with serial numbers, it is very important to write the serial number on the picture of the item, like a gun.



We must itemize every item (of course we can "gestimate" the clothes).



Someone made the comment about not leaving the "Home Inventory" in the house and that's certainly very important. Put a copy in your safe deposit box, if you have one. Also, leave a copy with a relative you can trust. Don't pass around too many copies of your inventory, it might turn out to be a shopping list.


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PostPosted: Fri Feb 15, 2008 6:09 pm   Post subject:   

Don't the insurance companies have a check list to get a person started? I just wrote in another post about trying to get a checklist. Is it okay to just go room by room and write it all down, keep a running log? If you are talking replacement, would value matter? A stove may be more now then when you first purchased it? just an example. If they are paying replacement, would a list like this be okay?

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PostPosted: Sat Feb 16, 2008 11:24 am   Post subject:   

yes, August that's fine...the trouble is you actually forget about things...now on a total loss, really a no-brainer to a degree, you pay policy limits...I remember a partial (half the house) burn I worked one time, had worked many but this one was different, the owners had taken the time to walk around their homes very slowly videoing every knook and cranny...you'd be surprised the little items you forget were in a room...test yourself...write down (without looking) everything in one room in your home, bed, bath, living, kitchen, just pick one...then go to that room and see how much your forgot...it's an eye opener let me tell you...I within that week of handling that claim did the same at my own home...which reminds me I haven't done it again in ten years or better! Shocked need to do this again myself...and the worse/best room to video...the one you really can't remember? the basement, attic or garage!



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PostPosted: Tue Mar 11, 2008 6:35 am   Post subject:   

Pictures and video work great because they help jog your memory. You'll buy new stuff and throw out old stuff, but having a picture of the rooms, shelving and drawers will help give you a picture to go by as you try and remember everything in your home.



After a total loss, the last thing you want to do is sit down and try and remember everything just off of memory. As creatures of habit, we can pretty much tell what goes where and a picture just helps jog the memory.



Some items have limitations on how much is insured on the basic policy such as jewelry, furs, guns and other items. Make sure you understand what has limitations and increase them if you feel these limits are not enough.

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PostPosted: Thu Mar 13, 2008 1:46 am   Post subject:   

Lori,



Most carriers that I have done work for won't just pay policy limits on a total loss fire. They still required an inventory list with values. It would always amaze me when I would get an inventory list from an insured and rooms would be missing. Like no bathroom items at all. Or they would put a lump sum on one line that said basement boxes - $2K.

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PostPosted: Thu Mar 13, 2008 10:10 am   Post subject:   

I agree...have seen these lines myself...videoing room by room and opening draws, closets etc... IMO is the way to go...as I've said, close your eyes and try to list every single thing in just one room....guarantee you'll miss something.....



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