REFLECTOR:Homeowner's Policy

[Dale W. Thomas]

Its been years since I sold insurance, but as I understand it you may be
covered and at the same time not.

Typically, the contents of your house are covered (Coverage B) for an
amount equal to 10% of the dwelling (Coverage A), and that is adequate for
most people.  Putting some numbers on it, if your house is worth and
insured for $200,000, that would give you $20,000 insurance on your
furniture, golf clubs, bowling balls, etc.  For most people, that is more
than enough.  But for those who collect fine art or rare coins, the
$20,000 would probably not be enough to cover the actual value of those
collections.  Thus you could technically be 'covered', but you would not
be able to recover the true value of the loss.

My guess is that the value of that unfinished airplane in your garage
would exceed the value of your Coverage B limits.  In that case, you
should talk to your carrier about buying a separate 'rider' to cover the
value of the plane or coin collection or art or whatever else you may have
of excessive value.  I'm not sure if it is possible to raise your Coverage
B limits without a separate rider, but it might be a question worth
asking.

Dale Thomas


> Larry,
>
> Wow!  You're the first.  We're you able to get them to put that in
> writing.  My agent was honest enough to say that I might get someone to
> say that I was covered, but there would be a very high probability that
> I would get the rejection on the claim.
>
> Andy
>
> -----Original Message-----
> From: reflector-admin@tvbf.org [mailto:reflector-admin@tvbf.org] On
> Behalf Of lawrence epstein
> Sent: Wednesday, January 21, 2004 2:55 PM
> To: reflector@tvbf.org
> Subject: RE: REFLECTOR:Builder's Insurance
>
>
> I am not quite sure why you would need to insure this as an "aircraft"
> before it is signed off.
>
> I have my project in my Garage  (wings out back!).  I am covered by my
> homeowners policy & have verified this a number of times.
>
> Larry Epstein
>
>
>
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