Homeowners insurance: get familiar with your policy now before something bad happens

[LightningCrash]

http://personalfinance.byu.edu/?q=node/552

A little while back we had some hail and I checked my policy, sure enough, it was ACV and not RC. Horse ****. I'm changing that.
But in the process I was able to seriously increase my SPP and ALE to almost double the stock values, and it was seriously a dollar a month. I don't even have that much SPP, but holy hell it was cheap to bump it up.

So get out your policy and take a look at it. Seriously. There are limits on guns, music instruments and jewelry and things that you want to know in your head. You may want to correct those with an additional SPP coverage policy.
Then schedule a time to talk to your agent. Make sure you understand your policy.

When a tornado strikes, the insurance company can't give you something that you didn't pay to cover.

 

[reddog1]

My agent is a crook.

Hubert from Allstate

 

[Apogee]

Good advice, also raise your deductible as high as you can stand it.

Most insurance is jacking up the deductible on roofs anyway, so just be sure you aren't keeping your deductible low for no reason.

 

[LightningCrash]

from Goahed Makemyda:

By the way, if you got hit or ever have an issue in the future, and you have State Farm Insurance, you can go purchase up to $5K in emergency purchases to sustain you, including basic supplies, a place to stay, storage building, rental car, etc. and get instant reimbursement at the agent's office.

 

[turkeyrun]

"No need to go without! They even send in people to recover your property clean it, and take it to storage for you. All you have to do is supervise."

And these vultures will show up almost immediately. You DON'T have to use them. They catch you while you are in shock and think they are there to help. What they charge is astronomical and it is charged against your policy. ie. You have a total loss and coverage is $100k. They charge $15k for their "help". You will then receive $85 for the payoff. You do the sifting through and save what you can or you can SEE it is a total loss while inspecting with your adjuster, you receive the full $100k. It's YOUR choice whether to use the clean-up / salvage crew or NOT. And believe me, I've been through it, they will try every trick in the book to make you believe the insurance company sent them and you HAVE to let them do the job. YOU DO NOT!

 

[LightningCrash]

And these vultures will show up almost immediately. You DON'T have to use them. They catch you while you are in shock and think they are there to help. What they charge is astronomical and it is charged against your policy. ie. You have a total loss and coverage is $100k. They charge $15k for their "help". You will then receive $85 for the payoff. You do the sifting through and save what you can or you can SEE it is a total loss while inspecting with your adjuster, you receive the full $100k. It's YOUR choice whether to use the clean-up / salvage crew or NOT. And believe me, I've been through it, they will try every trick in the book to make you believe the insurance company sent them and you HAVE to let them do the job. YOU DO NOT!

jeez, well thanks for the heads-up, I removed it from Goathead's quote.

 

[LightningCrash]

I just thought about this thread. Early this year, my home caught fire. Had I not done what I had done above, I would have really been up **** creek.

 

[tRidiot]

Reading the OP, I have NO IDEA what all that stuff means.

We have to meet with our agent, we sent him some questions, wanted to add flood insurance, which is pretty high, I think. Going to run upward of $400/yr I believe, even though we are in a "500 year flood plain" according to him... but judging by the water that runs through my back yard during storms, it sure doesn't seem so....

 

[dennishoddy]

That's exactly right.
We have had two roofs totaled out, and a home burglary that was 100% covered by insurance minus the small deductible.
You can save some money up front with a high deductible and lesser coverage, but when the SHTF, you pay for what you get.
Your guns and collectibles REALLY need to be looked at for additional coverage....if you have more than one.

Jason Grant in OKC has a business called Collectibles insurance.
You can contact him at:
Jason Grant/Independent Agent
[email protected]
405-474-0698

Tell him I sent you. We are friends, and shoot together on occasion. He KNOWS guns.

 

[tRidiot]

That's exactly right.
We have had two roofs totaled out, and a home burglary that was 100% covered by insurance minus the small deductible.
You can save some money up front with a high deductible and lesser coverage, but when the SHTF, you pay for what you get.
Your guns and collectibles REALLY need to be looked at for additional coverage....if you have more than one.

Jason Grant in OKC has a business called Collectibles insurance.
You can contact him at:
Jason Grant/Independent Agent
[email protected]
405-474-0698

Tell him I sent you. We are friends, and shoot together on occasion. He KNOWS guns.

I may have emailed with him a couple years ago... if not, I will give him a shout. I have a rider on my homeowners policy, but I think it's maxed at $7,500 - and that ain't gonna cover my firearms by a long shot. lol Only a coupla hundred bucks a year, I think it was... I will look more into this, though.