Rich people do not finance the homes they purchase. insurance has its place and trying to "tool it" is a losers bet.

Laguna street is a high rollers area

Supplemental firearm coverage is cheap.

State Farm all the way.

Cost me $90,000. Financed $40,000. Down payment came from sale of previous house. Experts like you advised me to make a lower down payment and invest the remainder. Point I've made on here. One size does not fit all.

I work for/with plenty - they all finance their houses. They put that cash into other things.

Not what I see. Financing starts to stop at about $800,000 - $900,000 with very little financing taking place at $1,000,000 and over. Oh well, it's besides the point. Playing with insurance works very well if nothing happens. People saves dollars at time of premium payment and put tens of thousands, if not more, at risk at the time it is needed most.

Bill's earlier comment is exemplary and indicative of the ignorance among the consuming public. Very little way he'll get all of this dwelling limit and contents limit in the event of a fire which would burn down his home. As in most, he doesn't even know what he is due in the event of a total loss.

Wrong. I have pictures of all my belongings. I would lose that much in hard cover books that my wife accumulated over the years. Keep in mind that you are insured for full replacement value.

You are "on" to it. The dwelling is considered a liquidated demand and the entire dwelling limit is paid out at time of total. Contents coverage is different - it pays up to the amount you can provide proof for. you turn in an inventory and the company takes it over from there. Most contents coverage is set at 60% of the dwelling limit and the higher the dwelling limit, them ore that gets out of whack. My comments on gaming the system remain intact. I have witnessed and heard of too many losers to prove otherwise. All works well when not being used.

You have $186,000 in books? Bet not. Bet you don't have half that. Replacement cost does not apply to collectibles. It assumes a current replacement cost value or demonstrably similar. Lose a set of 1957 baseball cards and you get the value of a 2020 set of cards.

I fought my old company tooth and nail when they sent me a letter stating I was no longer at least 80% covered. They arent going to replant 100 year old oak and pecans, they arent digging another well or replacing my septic if the house burns down. Who cares what the initial value of my loan was, I'm now $120k ahead on my "value" but I have $90k in "uninsurable" value. Dont let this idiots fool you. Over insuring can and will cost you thousands.

no it really isn't.

If on a replacement cost basis, a home should be insured what it would cost to rebuild - nothing more, nothing less. The value of other structures, the land and other site improvements (including trees) should not be included.

Look at the policy on the OP. Also put a price on this.

By some weird twist of my ex's mind, I wound up with the china. 'Sold it in a garage sale. How much is it worth? Answer: Not much.

Easy come, easy go. You can't take it with you. And I'll let you in on a little secret: YOUR KIDS DON'T WANT IT.

Its not real gold and they call it china for a reason
Ill give you fitty cent for it and a case of beer.

Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:
But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal: For where your treasure is, there will your heart be also.
Matthew 6:19-21(KJV)

Just had Granny's estate sale. After the kids took what they wanted there was lots left. Took in $1,100 gross. That pictured stuff is neither worth much nor does it cost much to replace. Just saying.

I forwarded this to my agent asking for a re quote.
W’ll see what they say.

Probably get about $20 at the garage sale

I love it when we get to circled paperwork.

And...wait for it...you're paying way too much.

a. $200 on money, bank notes, bullion, gold other than goldware, silver other than silverware, platinum other than platinumware, scrip, stored value cards, smart cards, negotiable and nonnegotiable coins and medals and collections of all such property. b. $1,500 on securities, accounts, deeds, evidences of debt, letters of credit, notes other than bank notes, manuscripts, personal records, passports, tickets, stamps and stamp collections. This dollar limit applies to these categories regardless of the medium (such as paper or computer software) on which the material exists. This limit includes the cost to research, replace or restore the information from the lost or damaged material. c. $1,500 on watercraft of all types, including their trailers, furnishings, equipment and outboard engines or motors.
Page 4 of 23 Includes copyrighted material of Insurance Services Office, Inc. With Its Permission Copyright, Insurance Services Office, Inc., 1999
HO 00 03 10 00

d. $1,500 on trailers or semitrailers not used with watercraft of all types. e. $1,500 for loss by theft of jewelry, watches, furs, precious and semiprecious stones. f. $2,500 for loss by theft of firearms and related equipment. g. $2,500 for loss by theft of silverware, silverplated ware, goldware, gold-plated ware, platinumware, platinum-plated ware and pewterware. This includes flatware, hollowware, tea sets, trays and trophies made of or including silver, gold or pewter. h. $2,500 on property, on the "residence premises", used primarily for "business" purposes. i. $500 on property, away from the "residence premises", used primarily for "business" purposes. However, this limit does not apply to loss to electronic apparatus and other property described in Categories j. and k. below. j. $1,500 on electronic apparatus and accessories, while in or upon a "motor vehicle", but only if the apparatus is equipped to be operated by power from the "motor vehicle's" electrical system while still capable of being operated by other power sources. Accessories include antennas, tapes, wires, records, discs or other media that can be used with any apparatus described in this Category j. k.
$1,500 on electronic apparatus and accessories used primarily for "business" while away from the "residence premises" and not in or upon a "motor vehicle". The apparatus must be equipped to be operated by power from the "motor vehicle's" electrical system while still capable of being operated by other power sources. Accessories include antennas, tapes, wires, records, discs or other media that can be used with any apparatus described in this Category k. l. $10,000 in the aggregate for theft of rugs, including, but not limited to, any handwoven silk or wool rug, carpet, tapestry, wallhanging or other similar article whose principal value is determined by its color, design, quality of wool or silk, quality of weaving, condition or age; subject to a maximum of $5,000 per item. m. $2,500 on trading cards and comic books including any of these that are part of a set



Just FYI Unless scheduled here is the limits in a Standard Form Homeowners Policy. Not all, but probably 90% or so

This is why it is called Unscheduled Personal Property.

If you think you have something special better check if you need it scheduled.

It cost more to rebuild a house than to build new. I write claims for nice homes in Oklahoma well ove 150sqft all the time that are not being torn down to the slab.

Your lot is not insured.

Landscaping is only insured for certain damages: Fire, vehicle, lightning

I work Oklahoma but some counties have wind excluded bleow Houston, this should be factored. Not sure on Fort Bend.

The baseball card example is not true. They would owe for the set damaged, up to sublimits of collectables.

Now your TV from 2004 that was 3500.00 is no longer worth 3500.00. It is no longer made and can be replaced with a like kind tv cheaper with better technology.

I'll share my insurance experience.

My mortgaged house was struck by lightening. Big fire. Large loss claim. Belongings not destroyed were taken away to be "restored" and stored until I moved back in to my house. So, I stayed in a hotel for a month before moving in to a rental. Almost (about?) six months went by and nothing was being done to my house... because insurance filed suit against the manufacturer of the radiant barrier. Nothing could be done - had to wait for fire investigators, from both parties, to do their thing and people to come and "evaluate" the scene. About 1.5 years after the fire I got to move again.

Insurance doesn't pay mortgages. And not all policies include a rental. Point is, depending on your coverage you need to be prepared for a lot of bills. Also, are you ready to buy/rent more furniture for the time you're in the rental? If you don't have the rental coverage I bet you insurance is not covering the furniture (other than in terms of contents replacement but I assure you this is not the time to be furniture shopping if you even have the money to do it, furniture won't be on your mind until you go to sit down and land on the floor). Not all families could swing paying both the mortgage and rent and buying/renting furniture, etc. And then when construction starts and utilities are turned back on you'll pay, not insurance, even though you don't live there. You can ask your utilities for waivers but they don't have to give them.

Then there's contents. Not all policies include full replacement; those that don't use depreciation. Oh, and Oxner, it's good that you have pictures but, at least in my case, they aren't necessary. They are more a benefit to you. And, as Hudbone explained, you aren't simply cut a check for the what your contents are insured for. Item X was destroyed and you want the money for it? Itemize it on your loss sheet and show a receipt that you purchased the replacement otherwise you get nothing for it. Anyway, once your contents are restored they may need/you may want them to be stored. I opted for storage.

I was very fortunate to have appropriate coverage. I didn't have to pay for the hotel, the rental house and furniture, contents restoration and storage. I also got waivers for utilities. And not that it matters in this thread but I also got money from the law suit. My insurance was very easy to work with in regards to contents replacement. Having been through this I believe one can never come out the other side 100% whole but I feel I got about as close as one can get. And, the biggest takeaway: add up all of the premiums I have paid since the fire and what I will pay in the future for as long as I'm in a home with insurance and that's a small price to pay if you have just a single claim like I did. It's not worth skimping.