REFLECTOR:Homeowner's Policy

[Dale W. Thomas]

Basically, that is the way it is here.  You just have to make sure that
the value of everything you list does not exceed your content coverage
limits. Any good agent should recognize and advise if you are getting too
near the limit, but I think we all know that not all agents are 'good'. 
And if you ARE near the limit, play it safe and either increase your limit
or get a separate rider to provide the coverage.

Dale



> Down here, all we do is specify the extra items we want noted (artworks,
> jewellery, furniture and furnishing & hobby stuff) with the additional
> values and it simply gets added onto the contents part of my home
> coverage - effectively at the same rate.
>
> Greg in Sydney.
>
> ----- Original Message -----
> From: "Dale W. Thomas" <dthomas@web2e.com>
> To: <reflector@tvbf.org>
> Sent: Thursday, January 22, 2004 7:46 AM
> Subject: Re: REFLECTOR:Homeowner's Policy
>
>
>> 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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