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I hope this is in the correct forum . I want to know how you get a fair replacement amount from your insurance company if you have a fire, I would like to know NOW just what kind of proof I would need if we lost our home to a fire, Would I have to PROVE I have several guns and some old coins and cameras and antiques etc. No one has receipts for much of this kind of stuff and even though I have plenty of coverage I would hate to be forced into a legal battle if I ever did have a fire....What should I do to protect myself thanks
First, ask your insurance agent! If you don't have an insurance agent you can "trust" find one you can.
Secondly, most home insurance policies have limits on antiques, limits on guns (antique or not), limits on fine art, jewelry, and even normal contents.
Third, it is up to you to prove that you had the stuff. Video tape your home, list your contents (just as though you are having a mover move you), photocopy receipts of anything over $500.00, and store the tapes, lists, photocopies in a bank or other safe "off-premises" location.
As far as your house, itself, depending on its age, you may have "proofing" documents on file with your local code enforcement office or similar. If not, add exterior pictures to the above file. Be certain, as best you can, to have seasonal photos.
Now, if you are planning to have some arson, don't have too much or it will look planned. LOL
I know USAA has something called a "Personal Articles Floater" in which you can get extra insurance specifically for high-value items: jewelry, silver, guns, coins, etc. It would require you to get an appraisal done of the items and file a copy of that appraisal with the insurance company. I have one of these for some of my jewelry and pay an extra $75/year or so.
I dont have allot of valuables Guns worth several hundred, old furniture antiques maybe a thousand. The question is how would I even get the several hundred to replace the guns. Its not like trying to claim you had thousands in old coins etc.I have only several hundreds dollars worth of old coins and hate to think that even a claim to replace these modest things would require special documents...I thought they would just pay out a blanket amount on contents without an itemised list etc, If they dont I need to do something now. Insurance companys tell you alot about what you are buying and how much it will cost you but for some reason they dont mention the details about how you can collect in case of a fire...I dont trust any insurance company to help you understand anything except what they want you know. I guess making a tape and showing clearly the things in my home is a good idea but legally the insurance company could say that this wouldnt prove a thing.....What if I had the video "notorized" as being true and accurate..Would that help?
I dont have allot of valuables Guns worth several hundred, old furniture antiques maybe a thousand. The question is how would I even get the several hundred to replace the guns. Its not like trying to claim you had thousands in old coins etc.I have only several hundreds dollars worth of old coins and hate to think that even a claim to replace these modest things would require special documents...I thought they would just pay out a blanket amount on contents without an itemised list etc, If they dont I need to do something now. Insurance companys tell you alot about what you are buying and how much it will cost you but for some reason they dont mention the details about how you can collect in case of a fire...I dont trust any insurance company to help you understand anything except what they want you know. I guess making a tape and showing clearly the things in my home is a good idea but legally the insurance company could say that this wouldnt prove a thing.....What if I had the video "notorized" as being true and accurate..Would that help?
Native, how in the heck do you have courage to be on the internet? There are far more thieves and nutcases here than the rare insurance agent with less than honorable intentions. Insurance companies aren't crooks. They aren't jerks, and they aren't liars. They are people just like you. They are men and women trying to feed, house, and clothe their families.
You (and millions of American's) need to understand that insurance companies do actually want to pay claims. Legitimate claims are a necessary part of profitability. Insurance theory is based on a company paying 65% of every premium dollar back out in claims. If they pay less than 65% they haven't taken enough risk and didn't max-profits. If they pay more than 65% then they have taken too much risk and lose.
I hope this is in the correct forum . I want to know how you get a fair replacement amount from your insurance company if you have a fire, I would like to know NOW just what kind of proof I would need if we lost our home to a fire, Would I have to PROVE I have several guns and some old coins and cameras and antiques etc. No one has receipts for much of this kind of stuff and even though I have plenty of coverage I would hate to be forced into a legal battle if I ever did have a fire....What should I do to protect myself thanks
You are wise to plan ahead.
What you need is a home inventory. There is software that will enable you to do it and make it easy to update periodically. You can buy programs or get freeware off the internet.
Take video (with narration --- describe what you are taping) and still photos. Open closets and drawers and photo the contents. Take pictures of the house itself, inside and out. When you photo furniture, get pictures of the manufacturers' tags. If you have fine china or other expensive items, get pictures of the makers' marks on the back or bottom.
After a fire, it's easy to remember the couches and chairs and televisions. How about all the kitchen pots and gadgets and the plastic hangers in the closets? Stuff in the bathroom? The stuff in the garage? You may have to replace all of it, and replacing stuff is expensive. Know whether your policy pays cash value (what you might get if you sold it at a garage sale) or replacement value (what it would cost to buy all new stuff). You may find the premium for replacement cost is not much higher than cash value.
The guns and antiques should be appraised, and as another poster told you, may need their own separate policy. Your local gun shop could probably give you a value on the guns. I do not know about your antiques, but someone who appraises estates could probably help you.
Store the inventory and video and photos somewhere besides your home, for obvious reasons. You can use a deposit box at a bank, or give copies to family members to hold.
What about the irreplaceable stuff, like family photos? Consider making copies of those, too.
Although it is difficult to think about, what if something happened to you? Who would you want to get your stuff? Protect your heirs with a will that specifies who gets what, especially things like the guns and antiques.
I have thankfully never had to deal with a fire. I suspect any adjuster would be happy to have an inventory for any fire s/he investigated, though!
Native, how in the heck do you have courage to be on the internet? There are far more thieves and nutcases here than the rare insurance agent with less than honorable intentions. Insurance companies aren't crooks. They aren't jerks, and they aren't liars. They are people just like you. They are men and women trying to feed, house, and clothe their families.
You (and millions of American's) need to understand that insurance companies do actually want to pay claims. Legitimate claims are a necessary part of profitability. Insurance theory is based on a company paying 65% of every premium dollar back out in claims. If they pay less than 65% they haven't taken enough risk and didn't max-profits. If they pay more than 65% then they have taken too much risk and lose.
Sorry but every insurance adjuster I have had to deal with has been an ass hole.son had his car t boned and the offending drivers insurance would not even pay the wrecker bill.....Yea a good example of how honest they are. My house is paid for so I dont have to buy insurance but would be crazy not to. I just want to know how they can screw me if I made a claim.....The policy and booklet didnt explain things very well.wonder why
Native cheif, its a fair question, but it may be the way you wrote it that causes the answers you getting. Ignoring the anti-insurance company inmaterial speech, here's some things to know.
1. you really need someone like a trusted agent who will sit down and explain your policy. There are so many ways insurance policies cover your items that you need to know exactly which one your insurance company is using. Is it replacement value, is it a set amount, is it current value, what? That is the biggest thing you need to know.
2. What are the limitations set out in the policy? That tells you what limits are set on diffrent things. My policy is same replacement. They have to replace everything exactly as it was when the incident happened. If I have a mondo gigantic TV system, they have to replace it with the same type mondo gigantice tv system. But the limitations is capped at $5,000. So if I can prove the system was a $4,900 system, they have to cover it up to the limits regardless of what they normally pay out. If it was $7,500, I;m screwed for anything over the $5,000 limit unless I decalred the excess value and paid the extra premium.
2. Excluusions is another thing you need to know about. My policy does not cover any colectable unless prior appraised and insured as a rider. A antique glass vase worth $3,000 is in their book nothing regardless of appraised value. Artwork is not covered. It don't matter what they were worth and what I can prove, its not covered period.
You need to start at step 1 and work your way up for the answers you are seeking
Sorry but every insurance adjuster I have had to deal with has been an ass hole.son had his car t boned and the offending drivers insurance would not even pay the wrecker bill.....Yea a good example of how honest they are. My house is paid for so I dont have to buy insurance but would be crazy not to. I just want to know how they can screw me if I made a claim.....The policy and booklet didnt explain things very well.wonder why
Native... you speak with pain of experience. I understand much more than you might ever imagine. I had my bad experiences back in the 1980's. So much so, that I became an insurance agent to stop bad actors and poor service. With a marital change of the 1990's I left insurance for real estate. When I met my current love and bride, some of our greatest conversations came from the experiences I had as she is the human resources director of a very large insurance firm.
I can assure you that while I know there are those holes out there, they are a rare exception.
Thanks for the answers....I have already caught my agent in a lie and dont trust him which is part of my concern...I need to shop for another company I guess and then REQUIRE IN WRITING answers to any question I have before I sign up. Hell how can I prove I have 5 pairs of shoes and not just 4 is sorta stupid
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Home inventory
