"Dropping" Insurance
Aug 11, 2012 21:43:21 #
Bill Emmett wrote:
Living in post Katrina, Louisiana, and knowing how... (show quote)
My policy pays full replacement value with zero deductible. I have my policy through State Farm.
Aug 11, 2012 21:46:12 #
Even though my homeowner's policy covers personal items, to some extent, I was told (by my ins. broker) that I wanted a separate policy for my gear. She said that I should save my homeowners for catastrophic losses.
Aug 11, 2012 22:43:24 #
barbkelly wrote:
Even though my homeowner's policy covers personal items, to some extent, I was told (by my ins. broker) that I wanted a separate policy for my gear. She said that I should save my homeowners for catastrophic losses.
Excellent advice from your agent.
Aug 11, 2012 23:24:24 #
Frapha wrote:
Excellent advice from your agent.
barbkelly wrote:
Even though my homeowner's policy covers personal items, to some extent, I was told (by my ins. broker) that I wanted a separate policy for my gear. She said that I should save my homeowners for catastrophic losses.
Excellent advice from your agent.
It made sense, when she told me about it.
Aug 12, 2012 01:00:16 #
zincgt wrote:
yeah but it wasn't stated as 1%. it was stated as $1/ $1000 of coverage. uhhh... I still think $40.00 would cover $40,000 of coverage.
To me, this still doesn't seem right. Who would cover $40,000 for a mere 40 bucks a year? Think about it - for example, to cover a $100,000 house right now you'd probably pay $600 a year or more.
As Frapha said, usually the cost should run between $10 - $20 per year per $1000. My company (Kemper) charges me $18 / $1000, and I am a long time customer in good standing. At that rate my company would charge me $720 / year just to 'schedule' the 40 grand worth of camera gear.
Aug 12, 2012 01:53:32 #
jeep_daddy wrote:
What?
100% of 40,000=$40,000
10% of 40,000=$4,000
1% of 40,000=$400
1.5% of 40,000=$600
$40 would only be .1% of the 40,000
zincgt wrote:
not too sure of the math there, but $1000 coverage for $1 multiplied by $40 would equal $40,000.00. So the rider would be $40.00 not $400.00
What?
100% of 40,000=$40,000
10% of 40,000=$4,000
1% of 40,000=$400
1.5% of 40,000=$600
$40 would only be .1% of the 40,000
JD,
If $1,000 worth of coverage costs $1 and you have $40,000 worth of equipment, then $40,000/$1000 = 40, so 40 x $1 = $40
PD
Aug 12, 2012 07:53:07 #
Well I think they also consider how it is used too. Most of the time let's say I only have about $5000-$8000 in the truck playing with it when we camp. They are not going to have to pay the whole 40 right? And they do look at your history with them, if you have been with them for any length of time. I have had 4 claims with the cars, none with my business insurance, none with my 2 houses insurance. And I have been with them for 45 years and it has been the same folks the whole time. The kids are now running Dad's business. And the thing that helps is if you can get all the things you insure with the same company. And you have to shop around! They don't always have the best price, but they always meet or beat the quoit I come in with from other companies. Trust me they are making money on me every year!! :)
Erv
Erv
Aug 14, 2012 04:10:08 #
: A few years ago I dropped my Canon DSLR on the beach and some water got in (not much but enough). I claimed on my household insurance,which includes accidental cover, and received a full settlement of approx £700 less the poli cy excess. This insurance was with the company I worked for before retiring. How the American market works I have no idea but it is worth a try.
Aug 20, 2012 13:31:15 #
Aug 20, 2012 13:38:13 #
Artcameraman
Loc: Springfield NH
Coverage is 100,000= $1,000.00 US but this also depends on the deductible.
Aug 20, 2012 14:08:14 #
If insuring under a standard Renters or Homeowners policy, make sure you have a "Replacement Cost coverage" endorsement or a separate rider for your gear. The first one covers depreciation of your gear so that you get what the actual replacement cost is, not an amount depreciated over time from what you originally paid. Most companies have a dollar limit unless you have it listed separately.. The second option is better though, although it will cost a little more. And as said previously, if you make money with your gear, you need a commercial policy (I used to be an Underwriter for Reliance Insurance companies, Personal lines Division, before they went out of business)
Aug 20, 2012 14:15:15 #
Frapha wrote:
Excellent advice from your agent.
barbkelly wrote:
Even though my homeowner's policy covers personal items, to some extent, I was told (by my ins. broker) that I wanted a separate policy for my gear. She said that I should save my homeowners for catastrophic losses.
Excellent advice from your agent.
:thumbup: :thumbup:
Making claims on your Homeowners policy that are not catastrophic will likely lead to your policy not being renewed at renewal time. Good luck getting a replacement policy if that happens !
Aug 21, 2012 02:14:08 #
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