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whitewolfe | How does homeowner's insurance cover belongings? ? |
Maybe this is a stupid question, but I'm new to this.
So my fiance and I bought our first home pretty recently. Yes, I'm a bad person and did not read through or understand everything in the giant insurance book.
I'm a bit confused as to how homeowner's insurance would cover belongings in the event of a theft, accident or whatever. We chose a low, $500 deductible.
Let's say there was a theft. And I estimate the belongings stolen were worth $2000. What's stopping me from saying they were worth $3000? Or more? Wouldn't they want some kind of proof as to the value? I don't have the receipt for the television I bought 3 years ago, for example.
I know I can ask my agent these things, but she is too overly helpful and chatters on and on and just ends up confusing me with information overload. :-)
Additional Details
LOL, it wasn't really my intent to ask "how do I defraud an insurance company?" My thinking is, if I were robbed of everything, I couldn't really tell you an exact dollar value of what was taken. |
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mbrcatz
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Are both your names listed on the policy?
If one of you steals belongings from the other, in a nasty breakup, or gives them away, THERE IS NO COVERAGE. Just for the record. OR, if one of you vandalizes the other's stuff. NO COVERAGE. That's because, if you're both on the policy, then all the property is COMMON.
That means, if one of you has a loss, then BOTH of you must sign off on the check to deposit it. OR, the check gets made out to the FIRST NAME ONLY. Just make sure you know that.
I see it ALL THE TIME, when non-married people own property together, and there's a breakup, and someone is left holding the bag because there isn't insurance coverage - or the other guy won't sign over the check. BAD BAD BAD idea.
Thefts are reported on a police report. You'll have photos of the TV, even if it's just backround, from the superbowl party.
Yes, your premiums go up due to theft, because if you get robbed once or twice, or six times, you're pretty likely to get robbed AGAIN. AND, once you put in two claims, likely your policy will flat out get cancelled - and you'll have a REALLY REALLY hard time finding replacement coverage.
Homeowners is BEST for the really large claims. Me, I have a $1,000 deductible on my homeowners, because I'm not going to FILE a $500 claim, and the discount for the larger deductible saves me more than $500 over three years. |
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Chris M
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I think I'll get thumbs down for this, but I have a very POOR attitude towards insurance.
Basically, it only is summed up to - Insurance is only good in Disasters of HUGE amounts.
See, if you had a theft worth $2000, and you say $3000 the insurance would say "What was stolen, how big was it?" then they try to get you to come up with photos and credit card receipts. If you have none, then they usually put an average price and decide to sham you and subtract $200 off anyway.
Now, the real kicker, you get an incident on you homeowners insurance now and you must pay a MUCH higher premium next year.
When we were robbed, $2000 was stolen from us. We had a $500 as well. We did not call because our premium would go up $500 more a year for the next 7 years.
You could not really go claim a ton of money because they would want some type of proof for the items. Plus, they'd want the police report and if you lie on that it's a crime.
To me insurance only comes into play for real if half your home burned down or a huge flood or something. All these little tidbit things will only jack up your yearly premium.
In the end insurance wins. What I would do is lower my annual premium on homeowners by jacking up the deductible to the highest level.
In the end Insurance always wins unless its a HUGE claim. They are in the business of making $ not paying out. |
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doginneed
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Most of the time your policy will be based on actual cash value. In other words if a television was stolen your insurance policy would cover it for the amount it cost you to go out and replace it.
If you read over your insurance policy you will see what your contents coverage is...That is the maximum your policy will pay in the event of a loss. |
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Studious
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You will have to have some proof of what you had and what they were worth. Save receipts, get appraisals of High value items (and those items may require a separate rider) and most important take video or stills of all you stuff and keep copies safe, I recommend a higher deductible as these days you may get your policy canceled if you make too (even one in some cases) many claims. So save on your premium and put that money towards small losses in a savings account. Losing the ability to get Homeowners Insurance can jeopardize your mortgage and the ability to sell your home. |
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John S
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The purpose of insurance is to put you back to the position you were in prior to the loss. So you have coverage for stuff like fire, lightning, theft, water damage, falling object, hail, etc. It is wise to keep receipts, photos, manuals of what you have in your home. What you would need to do is to be able to determine the value of your items. Lots of policies have what is considered replacement cost insurance, which is new items of like, kind and quality. Always be prepared to document your loss. A good read for insurance information is http://www.insuranceria.com/homeowners-insurance.html |
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James B
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Objects of specific value will usually be replaced like for like (in terms of worth)... eg. diamond ring worth £2000 will be replaced with, you guessed it, cash to value of diamond ring worth £2000.
The things that stops you lying about the value of the contents are:
1). It would be fraudulent, and should you be caught willfully committing insurance fraud you would land yourself a lengthy period in gaol.
2). The more the items are worth, the higher your monthly/ quarterly/ yearly premium will be.
If your house is broken into (God forbid) you would make a claim for all of the items. You would contact the police and they would give you a crime reference number/report that confirms that you have been robbed, and which items have been taken. Likewise, in the event of a fire the fire bigrade would confirm the damage etc... So if you have taken out a policy that protects you for up to £25000 contents you would have to sit down and list out everything in the house that was taken along with it's replacement cost. For example: tv - £1000 hi-fi - £500 etc....
After doing so the insurance company will check the claim that you have made and and will make an assessment as to the worth of the items stolen and would then contact you with the amount that they feel is appropriate.
James |
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