Homeowners Insurance May Not Cover All Discs

[floridaswamprat]

I noticed a clause in my homeowner insurance which is up for renewal. It puts a cap of $500.00 (five-hundred) total loss coverage for any discs (CDs, DVDs, Blu-ray, etc.). For many of us this would not cover a tenth of what our collection is worth. I guess I will need to see what it would cost to up the coverage.

Others may want to just check their policies, too.

[Swift1246]

Gotta get Criterion Coverage brah.

[Bodyslide]

Yeah, I added a $15,000 addition for my home as I have a few collectible toys as well. It was an additional 100.00 per year.

[gkolb]

Originally Posted by floridaswamprat

I noticed a clause in my homeowner insurance which is up for renewal. It puts a cap of $500.00 (five-hundred) total loss coverage for any discs (CDs, DVDs, Blu-ray, etc.). For many of us this would not cover a tenth of what our collection is worth. I guess I will need to see what it would cost to up the coverage.

Others may want to just check their policies, too.

Policy language differs from company to company.
Who is your carrier?

[floridaswamprat]

Originally Posted by gkolb

Policy language differs from company to company.
Who is your carrier?

This plan was with Safeco, but I am switching to Travelers. I have not gotten the policy yet from them so I am unaware of what their coverage on discs will be.

[The Great Owl]

When I purchased my home two and a half years ago, I was told by State Farm that my Blu-ray collection would be protected by standard coverage. My insurance agent is one of my local running friends, and he knows that my collection far exceeds that of most normal people.

My advice when it comes to home insurance and auto insurance is to go with the big boys (State Farm, Allstate, etc.). I've always been a State Farm guy myself. You can get cheaper insurance premiums from one of the smaller companies, but the big companies have more resources and are less of a hassle to deal with in terms of claims. I've never made a home insurance claim, but I've had a couple of auto accidents in my time, and State Farm always handled everything like a champ.

[shinobipopcorn]

500 wouldn't even cover the clothes for my doll collection let alone blu-rays or figures or most of the other stuff I have. What a pittance.

[cynatnite]

We're guaranteed at least $10,000 on our household items. The agent told us they'd cover over that with photographic proof. We have several antiques and other high dollar items including the collection. Took pics of everything.

[Dr. Phibes]

I thought I'd bump this since North Carolina is about to be potentially massacred by a hurricane in a couple of days and I'm a total moron about insurance.

I have a State Farm renter's policy and looking through the policy and I noticed this under the Special Limits of Liability:

"$250 for antennas, tapes, wires, records, disks, or other media that are:
Used with electronic equipment that reproduces, receives or transmits audio, visual or data signals."

Am I misunderstanding this or is that saying they will only pay $250 for movies? I have close to $2,000 worth of Mystery Science Theater DVDs alone, so I might be very screwed if this storm hits.

[shinobipopcorn]

That sounds like recordable media for radio/video transmission to me, like CCTV, not BD/DVD. But just my opinion.

[Dr. Phibes]

Yeah, I'm confused by the wording because would a DVD or Blu-ray count as a disc that reproduces audio or visual signals? I'm going to call the insurance company in the morning, just wanted to see if anyone here knew better what that means.

[Monterey Jack]

Anyone in the path of the hurricane should start securely-wrapping their collections in waterproof plastic bags (or at least the most irreplaceable items). I couldn't imagine how I'd feel if I lost all of my movies, CDs and books.

Keep safe, everyone.

[AZBrowncoat]

Originally Posted by cynatnite

We're guaranteed at least $10,000 on our household items. The agent told us they'd cover over that with photographic proof. We have several antiques and other high dollar items including the collection. Took pics of everything.

"Household items" - take your house and turn it upside down. What falls out is generally what would be covered; however most insurance polices contain limiting clauses that reduce the coverage for specific kinds of items and of course a maximum amount that will be covered minus your deductible for a covered peril (this wording is important).

If you have expensive items please get a second opinion on your policy and coverages.

Take your current policy along with a list of items that you think might need scheduled coverage to an agent/broker that is well respected in your area. Do not assume you are covered, or take your current agent's word for it. Any respectable agent/broker will generally review your existing policies for free.

IS STANDARD PERSONAL PROPERTY INSURANCE ENOUGH?
While a standard homeowners policy typically provides coverage for your personal property, it may set a dollar limit on how much it'll pay for certain categories of valuables like jewelry (sometimes there's even a per-item limit).

For instance, there may be a $1,500 sub-limit on what your insurance will pay for jewelry after a theft — even though your overall personal property limit is likely much higher.

So, if you were to file a claim for the theft of a piece of jewelry worth $500, you'd probably be in good shape. But if the stolen piece of jewelry was valued at $2,500, you would likely only be covered up to the $1,500 sub-limit (assuming, of course, that it's a loss covered by your policy).

HOW SCHEDULED PERSONAL PROPERTY CAN HELP
That's where scheduled personal property coverage comes in. It's an optional add-on to your homeowners insurance policy that provides coverage for a greater number of risks and may increase the coverage limits on specific, high-value items.

Here are some belongings you might want to consider for scheduled personal property coverage:

Jewelry and furs
Art and antiques
Stamp or coin collections
Firearms
Musical instruments
Expensive cameras
To get the items scheduled, you typically need to provide your insurance company with a recent receipt or a professional appraisal, Insurance Information Institute (III) says.

SOURCE - https://www.allstate.com/tr/home-ins...-property.aspx

Originally Posted by Dr. Phibes

Am I misunderstanding this or is that saying they will only pay $250 for movies? I have close to $2,000 worth of Mystery Science Theater DVDs alone, so I might be very screwed if this storm hits.

Again, can vary by company, policy and state; however that should encompass DVDs/Blu-rays and if you have more than the $250 worth of disks you may ask your insurance agent about "scheduling" your movie collection.

Auto/Home insurance is regulated on the STATE level and coverages/limits can vary from state to state, carrier to carrier and even policy to policy.

It is important to note that most insurance companies utilize a basic form that is modified by that company and then further modified to meet the needs of a specific client. The standard homeowners form utilized by most companies offers protection designed to meet the needs of the 'average' client. Ask yourself, is your collection 'average'?

Also, generally it is better to have more coverage with a higher deductible rather than less coverage with a lower deductible.

[GeoffOliver]

I’m in VA, and will probably get hit by Florence too. Fortunately my disc and other valuable personal items like my MacBook Pro are all upstairs and not a flood risk. Unless my (parents’) house gets blown away (highly unlikely), I’m not worried. I doubt even a tree falling would actually permanently damage any of my personal belongings (the house is big, but 100 years old and has no upstairs plumming).

[AZBrowncoat]

Originally Posted by GeoffOliver

I’m in VA, and will probably get hit by Florence too. Fortunately my disc and other valuable personal items like my MacBook Pro are all upstairs and not a flood risk. Unless my (parents’) house gets blown away (highly unlikely), I’m not worried. I doubt even a tree falling would actually permanently damage any of my personal belongings (the house is big, but 100 years old and has no upstairs plumming).

I lost 1/3 of my roof to wind damage in a thunderstorm (perils: wind, wind-driven water) and lost part of my contents to rain (peril: rain).

In insurance, water is never just water - "https://www.amwins.com/insights/article/storm-event-when-multiple-water-perils-intersect_4-18"

Also, if the roof goes, where is the water going to hit first? ...just sayin'.

Oh, and depending on your age and if your parents home is or is not your primary residence or if you are a student, their homeowners insurance may or may not cover your belongings. Your belongings may be covered under your homeowners or renters insurance and not your parents homeowners insurance.

Not trying to argue, pick a fight or bust anyone's nuts...just trying to point out that you can't assume your or your belongings are covered.

It's all a risk/benefit analysis and only you can decide what level of risk you are willing to assume.

[Dr. Phibes]

My stuff is on the second floor of my house, which is on a hill, so I'm not worried so much about flooding, but the house has several very large trees surrounding it (probably over 60 ft) so there's some chance of one of those potentially coming down on the house. Of course, movies would be the least of my worries if the house were to be split in half, but I have no control over what happens with the weather, I can at least try to do something about my possessions.

I'm thinking about driving to Virginia to my Mom's house to ride this out - the storm will hit Virginia pretty strong as well, but the house I'd be staying at there is much better for this kind of weather. I've actually considered loading up about 10 boxes worth of my Arrow/Scream/Vinegar Syndrome and rare stuff and taking them on the trip with me. That sounds ridiculous, but I'd rather not lose everything and be given a couple hundred dollars to replace everything.

[AZBrowncoat]

Originally Posted by Dr. Phibes

My stuff is on the second floor of my house, which is on a hill, so I'm not worried so much about flooding, but the house has several very large trees surrounding it (probably over 60 ft) so there's some chance of one of those potentially coming down on the house. Of course, movies would be the least of my worries if the house were to be split in half, but I have no control over what happens with the weather, I can at least try to do something about my possessions.

I'm thinking about driving to Virginia to my Mom's house to ride this out - the storm will hit Virginia pretty strong as well, but the house I'd be staying at there is much better for this kind of weather. I've actually considered loading up about 10 boxes worth of my Arrow/Scream/Vinegar Syndrome and rare stuff and taking them on the trip with me. That sounds ridiculous, but I'd rather not lose everything and be given a couple hundred dollars to replace everything.

Personally, I don't think it is ridiculous at all...

[GeoffOliver]

Originally Posted by AZBrowncoat

I lost 1/3 of my roof to wind damage in a thunderstorm (perils: wind, wind-driven water) and lost part of my contents to rain (peril: rain).

In insurance, water is never just water - "https://www.amwins.com/insights/article/storm-event-when-multiple-water-perils-intersect_4-18"

Also, if the roof goes, where is the water going to hit first? ...just sayin'.

Oh, and depending on your age and if your parents home is or is not your primary residence or if you are a student, their homeowners insurance may or may not cover your belongings. Your belongings may be covered under your homeowners or renters insurance and not your parents homeowners insurance.

Not trying to argue, pick a fight or bust anyone's nuts...just trying to point out that you can't assume your or your belongings are covered.

It's all a risk/benefit analysis and only you can decide what level of risk you are willing to assume.

Oh I know. I’m 24 and simply haven’t moved out yet (finished my degree last year), but I’ll definitely secure my valuable belongings (disc or otherwise) if things are supposed to get extremely bad (second floor of our detached garage should be good). I don’t think I’ll be at work when it first hits. The last thing I want is to loose anything valuable or sentimental.

For the record, it’s not supposed to get that bad where we are right now. At worst, we’ll loose power for a couple weeks (we have a generator and plenty of gas).

[Monterey Jack]

Originally Posted by Dr. Phibes

I've actually considered loading up about 10 boxes worth of my Arrow/Scream/Vinegar Syndrome and rare stuff and taking them on the trip with me. That sounds ridiculous, but I'd rather not lose everything and be given a couple hundred dollars to replace everything.

This is a good idea. If worst comes to worst, at least your most valuable films will be safe, and the stuff you need to replace will be cheap and commonplace.

[GeoffOliver]

My Halloween complete collection would absolutely get the best care. That's irreplaceable unless I want to spend $300. The Twilight Time titles would be next, then my Donnie Darko collector's edition. Pretty sure everything else is still in print.