Home owner's insurance question

I think these are great questions to clarify with your agent. They should know or be able to find out details regarding your specific situation and answer your concerns.

I agree with one of the other posters stating the quality of your rep is an important/critical link in the service chain. I’ve been with the same carrier over 35 years, but did have to request a change in reps one time 15 years ago. Otherwise, smooth sailing.

Best,

Gary

Get an agent and get 3 quotes. Insure yourself adequately! I’ve move from owning back to renting. I still have $75000 personal property coverage, which in the case of a fire (or collapse of ceiling from an earthquake) it still will leave me 10’s of thousands short—the question being do I need those $10,000 of ties replaced!?! Every policy is different and essentially if you spend the money on something else within your home...as the insurance guy above said, know what you are buying First. Personally, I’d make sure I would get paid up front. Most audio mfg’s At least ethical ones, are going to force an insurance company to purchase through a dealer. Either you sell through dealers or you don’t. And scan every invoice and keep a copy of all in the cloud and on a disk or SSD drive separate.

The overriding thought about insurance is to put you back as you were before the loss, nothing less or nothing more. While your home (the structure, otherwise thought of as anything you’d leave behind if you moved), is covered as all risk.  Let’s leave the specifically excluded perils behind for now. Conversely, your personal property (your contents, the things you take with you when you move), is covered by named perils only. Because insurance is designed to put you back as you were, they’ll often pay you a value equal the current value of your property at the time of the loss, but will pay you UP TO the replacement cost if/when you replace it. This answers the question about paying $5K for speakers valued at $15K. In theory, neither number matters. Insurance will pay you the actual cash value at the time of the loss, and if you have replacement cost, they’ll pay you the reasonable cost to replace the damaged speakers. This doesn’t even touch a discussion about specific limits within your policy and the thought that your music could be considered a collection or collectible. 

mr_m1,009 posts

02-07-2019 3:01pm

Is it true most insurances will cover a "Zombie apocalypse?"...:-)

Only if you use the right Ammo.

https://www.laxammo.com/defense/hornady-zombie-max

This has been an incredibly valuable discussion. Makes me think, do I truly have the most monetarily valuable asset in my home truly protected. While I may have some level of protection, has that protection been truly verified and documented?  Have I done a good enough job of cataloging that equipment and accessories?  Have I created a complete recorded trail of the costs of such equipment and accessories? Am I up to date with my insurance rep on how my policy actually works?  My equipment and music collection is by far the most valuable asset in my home (outside of those living and breathing beings).  I now second guess my level of protection and will definitely start working together tightening this up.  Thank you for an important post and getting me to think about this more.