(Closed) Personal Property Insurance – PSA

posted 6 years ago in Home
Post # 3
Member
5296 posts
Bee Keeper
  • Wedding: January 1993

@oracle:  We just got renter’s and they told us to take pics as well, your story makes me think I should really go home and do that!

$1500 is the standard (which is more than enough for us right now), but things like engagement rings can be added as a rider. Which I really need to get done.

Post # 4
Member
46421 posts
Honey Beekeeper
  • Wedding: November 1999

Sorry this happened to you. Too many people don’t read their insurance policy or ask the appropriate questions.

Worse yet, many renters don’t have personal property insurance at all. There are not many of us who could afford to replce everything we own, if we had a fire.

 

Post # 6
Member
2142 posts
Buzzing bee
  • Wedding: August 2010

I’m sorry that really sucks! πŸ™

When we purchased our first home our insurance company told us about taking pictures of all our valuables. We were more concerned about our electronics than jewelry! The only thing I have worth anything crazy are my rings and I have a separate rider for them.

Post # 8
Member
7431 posts
Busy Beekeeper
  • Wedding: October 2009

@oracle:  I’ m an insurance agent, and trust me, MOST people have NO IDEA what their policies cover. Its sad really. I can’t fathom why people would spend so much money on something they need, and know next to nothing about it.

While the supplemental policy is true, some companies have higher options that you can increase for additional premium, but I don’t think any go above $5k

I hope this post opens people’s eyes, and makes them run and check out their policies before its too late!

Post # 11
Member
2142 posts
Buzzing bee
  • Wedding: August 2010

@oracle:  

I’ll have to check my plan but it is proportional to the value of your jewelry. Anddd my rider indicates that I want the exact specifications of my ring replaced if it was ever lost/stolen not just the dollar amount. I think that’s huge because in even 1 years time that same dollar amount won’t get me the same exact ring back.

Post # 12
Member
5883 posts
Bee Keeper
  • Wedding: October 2010

Make sure you pay extra for replacement value. It would suck if you lose everything in a fire and only get actual value for it. So that $700 Tv you bought, 3 years later is only worth $200. That’s all you get. 

My insurance had 2 jewelry riders I could choose from. One covered up to I think $5000 for everything. And only needed minimal documentation. The other allows you to cover a specific piece of jewelry for whatever amount it is. That one you had to have that specific piece appraised and documented. 

Post # 13
Member
5296 posts
Bee Keeper
  • Wedding: January 1993

My renter’s covers $20k….and that seems to be industry standard.

For our jewelry rider, we have to give them an appraisal of the item (in this case, my e-ring & band) and they cover it for that amount. No $5k limit.

Post # 14
Member
484 posts
Helper bee
  • Wedding: July 2010

As someone whose house caught fire a week ago today…I cannot tell you enough how glad I am that we bought rental insurance and personal property insurance. It is amazing when you start adding up everything…we had to toss our mattress because of heavy smoke damage and get all of our clothes washed professionally which adds up. All food items that were open…gone. I cannot even begin to tell you how much stuff I have to claim and replace with new.

As from someone who is currently living out of a suitcase in a hotel…believe me…check your policies NOW before its too late. So grateful we spent the $200 bucks to get this coverage…cannot imagine those that don’t πŸ™

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Post # 15
Member
9483 posts
Buzzing Beekeeper
  • Wedding: October 2012

Ugh.  So sorry this happened to you.  (hugs)

Post # 16
Member
7609 posts
Bumble Beekeeper

Sorry that happened to you, that’s really awful. πŸ™

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