I wrote about Home Insurance Gotchas, and in it, I outlined how you need to tell your Insurer (for your home) about anomalies in your coverage like expensive jewelry, art or changes to your home. For long-time readers you will also remember I have written (or paraphrased from Tom Clancy) if it is not written down, how do you know it happened? Let me take these two articles together to make a point when dealing with insurers, if you don’t write it down, and they don’t acknowledge your statement, you may not be covered. It is important to do home insurance follow-up.
This advice is simply, better safe than sorry, regarding thematic premises. As an example, if you have a comic book collection that you think is worth $4500 in terms of replacement cost, you should:
- Get an estimate done by an authoritative appraiser, about the real value of the set, and get their report sent to you.
- Call your insurer, and fax them the appraised value.
- Wait for whether they will insure this and charge you a higher premium for this privilege.
- Pay whatever extra premiums are needed, and get an updated policy from your insurer mentioning your comics and their current value.
- Any time you feel your collection has increased in value, contact your insurer and start at step (1) again
- If you sell your collection, contact your insurer to have it removed from your policy.
If you miss any of these steps (maybe not step (6)), you may not be insured or covered the way you think you are.
Do I Hate Insurers?
Before I get my insurance friends slamming me about how I am anti-Insurance (which at times I have been), this is more a Caveat Emptor statement. If you want the insurance business to work for you, you must abide by their rules (unfortunately).