HO Ins Riders

[korygrandy]

I don't know a lot about HO insurance, and I am learning as I go I guess because I am now looking for Rider advice.

I would assume this is pretty typical since every married couple with a house probably has this policy. I now have something shiny and expensive...well I guess I have had other things too but I thought this was covered under the section that described property loss related to jewelery...

Just typing this out it now makes sense. So it protects whats at home, but the rider will most-likely cover the "traveling" jewelery perhaps?

Some questions are, what else besides a ring should I put on this rider? I have some spendy electronics and some toys with engines but its my understanding those are all covered. I also have nice equipment in all of these toys.

The ring itself is approx. 2.5% of the current value of my home (and hopefully priceless to the lovely little gal I just gave it to), so knowing that is there a specific "amount" of insurance I should be looking at?

 

[Solittle]

Re: HO Ins Riders

Your insurance agent would be the best one to put these questions to. If you don't have one call around.

 

[Brewman61]

Re: HO Ins Riders

Will vary quite a bit from company to company and between different states, as insurance is regulated at the state level. Your HO policy need high enought coverage to replace your dwelling and it's contents should you suffer a total loss like a fire that takes everything to the ground, etc.. Motor vehicles may or may not be covered- check the policy to see. Certain items, like jewelry, art, furs, vintage wines, etc... may have limits so make sure you discuss all of this with your agent. They'll love you for adding riders and extras. And dont foget about things like additional coverage for sewage backups. What is excluded or limited in coverage is as important as what is covered.

 

[bassman284]

Re: HO Ins Riders

Your insurance agent would be the best one to put these questions to. If you don't have one call around.

Double down on this. Need to ask the agent, if you have one.

I've used an independent agent for almost 50 years, and the same IA for most of that time. A few years in there I lived in other states out of his range and he advised me to seek a local IA. Not always the cheapest, but they will have your interest at heart.

 

[TilliamWe]

Re: HO Ins Riders

Your insurance agent would be the best one to put these questions to. If you don't have one call around.

+3 on this advice. Most good agents know the answers to the questions you are asking or will ask, in a heartbeat.

 

[dockwrecker]

Re: HO Ins Riders

And don't forget to tell him about the family dog(s), trampolines, toys, property hazards, etc. A good umbrella policy to cover all types of liablity also is a must mowadays.

 

[Adjuster]

Re: HO Ins Riders

Firearms
Precious metals
Silverware, serviceware such as gold or silver place settings, tea settings and this includes trophies for some odd reason
Fine art
Antiques
Cash
Jewelry
Electronic and recorded information computer software, records, tapes etc
Watercraft including trailers
Trailers such as construction, transport or hauling
Any property used for a business
Any equipment that is operated in or from the power of a motor vehicle

These are just a few that I can think of that have very small limits in the standard homeowners policy. If you have any of these things they need to be insured for their actual value by a rider.



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[korygrandy]

Re: HO Ins Riders

Firearms
Precious metals
Silverware, serviceware such as gold or silver place settings, tea settings and this includes trophies for some odd reason
Fine art
Antiques
Cash
Jewelry
Electronic and recorded information computer software, records, tapes etc
Watercraft including trailers
Trailers such as construction, transport or hauling
Any property used for a business
Any equipment that is operated in or from the power of a motor vehicle

These are just a few that I can think of that have very small limits in the standard homeowners policy. If you have any of these things they need to be insured for their actual value by a rider.



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Awesome...this is kind of the general information I was looking for. Thanks!

 

[DC20]

Re: HO Ins Riders

Ask your Agent about a Personal Articles Policy with worldwide coverage for the jewlery.

 

[drrpm]

Re: HO Ins Riders

Jewelery riders are very expensive for the amount of coverage you get. I initially had a rider for my wife's engagement ring but after a couple of years I realized that the cost of the rider would pay for a new ring in about 10 years. On the other hand, if you have significant assets an umbrella policy is a good idea.

 

[PiratePast40]

Re: HO Ins Riders

Be sure to ask about your deductable and how it's calculated for different scenarios and different property. To give you an example, I had a drain pipe leaking in the wall behind the sink. I wasn't sure about the extent of the damage and was concerned about mold remediation and that exterior siding may have to be removed in order to get to everything. Turns out my deductable was 5% of the value of the house so my approach to fixing the problem changed considerably. I ended up doing the grunt work and just paying the plumber for things required by code.

Doesn't mean that's your case but it's just an example of what to ask.