Re: Personal Property Ins. Coverage?
First off, forget what you read here about coverages and rates unless you live in that state as all are different, even with same companies.
All 50 states have insurance commissioners and departments that set the specific rules for that state, with only authorized types of policies and coverages allowed and they are all different from state to state, even with the same company.
The insurance companies MUST go by the rules set in that state and premium and coverage formulas set by the Insurance Commissioner/Department. that is why you will differences from state to state with the same company.
Normally, firearms and other high value items (defined in the actual policy) are only covered to a very limited amount and you must normally add a specific rider to cover firearms and other "high dollar" items. You must list each item, they may require pictures and appraisals and then you pay a specific premium based on each $1000 of desired coverage.
Also, beware you can get normal "depreciated" value or "full replacement value" coverage. Recommend full replacement value and have the agent to explain specifically how it works and take notes. On the depreciated, they take the normal method is to take either the original cost or replacement value, subtract the depreciation and pay what they feel it is worth today.
On full replacement, they normally with your replacement estimates pay a depreciated value initially UNTIL you actually replace it, send them the receipt and then they pay you the replacement value difference.
IF your agent tells you something that is not written specifically in the policy, the written policy language rules and you can sue the agent under "Errors and Omissions" and not the company.
Guess what I did in a previous life?
BH
