Home Owners Heads Up

[ktscontender]

I've owned my home for 23 years and have had the same insurance company for the whole time.
Never paid alot of attention to my policy, just made sure the premiums were paid each year and forgot about it.

Long story short. I recieved my billing statement the other day and chanced a look at my policy, it still had my 1st wifes name on it, been split up for 14 years now!

Called to correct this and got into a discussion with my agent on the diffrent options available that were being offered to new clients, being an OLD client I just slipped thru the cracks and was never notified of new options.

The subject of personal property came up and I inquired about my firearms and was informed that under my current policy coverage I would recieve $500 for my guns!!![]

YOW!! Needless to say we did some restucturing of my policy, my premiums went up about $50 but now I have coverage up to $65K
For my guns and 'stuff' and my original $35K house is now covered at $93K

So if your like I was and take this stuff for granted, take a few minutes today and check your policies, don't assume your covered. From now on I'm going to stay "up to date"

Wes

[soarkrebel]

I always have had a rider to my homeowners for my guns. i think my basic policy would only cover $5000 dollars worth. that wouldn't even get close to there value.
glad you caught it before anything could have happened.

[wesleykey]

Thanks, I had a similar experience where I overpaid $1500 in premiums. It is best to check every detail of your policy...

[Derek down under]

True story! Had a simlar experence a couple of weeks ago.Not the wife bit , but the policy story and are updating now as the wife has a large colection of old glass wear

Derek

[dog1]

Just want to add a note here (I sold insurance for a couple of years). You need to question your agent about the guns,jewelry, etc. As some have said, you can add a rider(with some companies) to your policy for a face amount on the above. But, and this is a big one, some companies require you to have each item, gun, jewelry,etc., appraised. Most often the appraisal can not be over 30 days old. If you just get a figure added on to your policy, say for $5000, and your guns are worth more, they only pay the $5000, you pay the remainder to replace the guns. If you have them appraised, and insure them for the appraised amount, then that's what they'll pay. The appraisal may need to be updated every few years.

Another thing to check, if you have a blanket amount like the $5000 and your policy is one that reduces the amount they pay you , based on depreciation, they you may only get, lets' say $4000 after depreciation is figured in.

There's several type insurance policies for homes', such as, HO1,HO2, HO3, Farm Owners, etc.(HO stands for homeowner) Each covers different things and amounts.

Like ktscontender said, best to check it out now. Only takes a phone call and a visit to your insurance agent.

dog1

[eldeguello]

Seems to me that your insurance company isn't too interested in serving their customers! If they were, they would have kept up on such things as your marital status, your insurance needs, etc. If they had served you properly, they would have served themselves also, because they could have been charging you the bigger premiums for a long time! You're lucky you didn't have to find out the hard way about your coverage - by filing a claim that wasn't covered!!

Believe I'd a found me a new insurance company.

[charlie brown]

I know that if you are a member of the NRA, you are covered through their insurance for up to $1000 for firearms. Its not much, but its better than nothing.