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Splitcoast Dirty Dozen Alumni Creative Crew SU Design Team Alumni
Join Date: Aug 2008
Location: Chicagoland
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Renters/homeowners Insurance
Can I put my stamp collection under my renters (hopefully one day soon homeowners...probably won't happen unless I give up stamping, hahaha) insurance? I have a LOT of money invested and think it would be a good idea (as well as my Hallmark Ornament collection).
Anyone else do this? Did it cost extra money, did you have to put a rider clause in or what? I'm assuming I'll have to make a list of what I have and what I paid. Maybe take picture?
I didn't have any special riders on my homeowners policy when my neighbors caught my house on fire in July. You do need to be sure you have replacement cost on your personal property and the amount of coverage is adequate to cover all your household items... which really can add up.
When my adjuster came and looked at my personal property the main things she wanted to know were the price and date purchased on everything. She did not ask for pictures.
Last edited by Cinnistew; 10-31-2008 at 05:45 PM..
Splitcoast Dirty Dozen Alumni Creative Crew SU Design Team Alumni
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Quote:
Originally Posted by Cinnistew
I didn't have any special riders on my homeowners policy when my neighbors caught my house on fire in July. You do need to be sure you have replacement cost on your personal property and the amount of coverage is adequate to cover all your household items... which really can add up.
OMG! Your neighbors caught your house on fire!!!!???? That's TERRIBLE!!!! And also sounds a bit like a Desperate Housewives episode, hehe. Seriously though that is awful. Hope everyone was ok!!!!! I'm hoping to buy a house, I WON"T be looking next door to them!!!!
My stuff is all covered under the main policy with no additional rider needed, our agent said most people have at least one hobby and so it's normal to have a certain amount invested. He also suggested we photograph all of our stuff...only about a 50 photos...not each item! He said this would settle any dispute if later the claim looked to be extravagant.
So...we did this, and store the photos online as well as copies of them and any reciepts for major purchases in a fireproof box.
__________________ Cher No longer stamping...on to bigger things.
One thing you want to be sure of.... Be sure to take pictures of your stash of stamps and supplies and send the photos (digital or otherwise - I do it on a video then put it on a cd)... but send it to ANOTHER RESIDENCE (your sister, brother, aunt, uncle, friend)... it does not help to have the pictures to have them burn with the rest of your stuff. If you have a fireproof box, be sure the rating is high enough for real fires. With some of the cheaper fireboxes out there, the rating is not very high (good for 1 hour burntime). Depending on where the firebox is, house fires can really get intense. Offsite is the best bet....and most people (friends or relatives) are happy to stuff the CD into a corner for you.
Also, do updates annually at least (or more frequently if you are an active collector - sound like anyone you know?)...
One thing you want to be sure of.... Be sure to take pictures of your stash of stamps and supplies and send the photos (digital or otherwise - I do it on a video then put it on a cd)... but send it to ANOTHER RESIDENCE (your sister, brother, aunt, uncle, friend)... it does not help to have the pictures to have them burn with the rest of your stuff. If you have a fireproof box, be sure the rating is high enough for real fires. With some of the cheaper fireboxes out there, the rating is not very high (good for 1 hour burntime). Depending on where the firebox is, house fires can really get intense. Offsite is the best bet....and most people (friends or relatives) are happy to stuff the CD into a corner for you.
Also, do updates annually at least (or more frequently if you are an active collector - sound like anyone you know?)...
I did the same thing, this is excellent advice. I used our video camera instead of still pictures and walked our entire house showing the contents---including name brands and labels of objects and details, details, details. We have USAA insurance and they suggested this to us.
Nancy
I have considered adding this to my policy since I have a lot of supplies and (I cringe to think about it) have spent thousands of dollars on them. But I figure that my current policy allows for $25,000 in replacement cost for my furniture and it's not even worth $25 (see where my priorities lie ) So if, God forbid, something did ever happen, I could cover my stamping/crafting supplies cost with what I get for my furniture replacement.
I just asked my agent about this last week. He said that riders are more for items that may be sought after and stolen like real silver ware and jewelry. He told me a photo inventory would be sufficient for replacement purposes.
Renters/homeowners Insurance
