How to insure appliances?
Mathilda Brown
4 years ago
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dadoes
4 years agoqueenvictorian
4 years agoRelated Discussions
Construction Insurance-Builders Risk Insurance
Comments (2)Builder's risk insurance insures the house-in-progress against wind and fire, and some other possibilities depending on the policy language. Lenders require these policies to protect their investment in the property. Contact an insurance agent to get a policy, it's pretty similar to any other insurance product. While you're talking to an agent, it is important to have a liability policy that covers the house (if some kid walks onto your half-built house and injures himself, you could face liability for his injuries). Builder's risk policies usually do not cover this kind of risk. However, your current homeowner's insurance policy probably does, but you should check. And if you don't currently own a home, then you probably need to obtain additional insurance....See MoreFire Insurance. How do you proove value?
Comments (10)We live in a sever fire zone in the Southern Sierras I have a complete household inventory on zip drives. We update regularly and I do take pictures of every open drawer, cabinet nook and cranny in the house, garage and out buildings. Even with a high deductable I wouldn’t anticipate any problem getting the full value of our content insurance. According to our insurance agent pictures are a great tool along with any documentation. My DD has a copy as does my DGS plus the pictures are on my iPad. A few years ago I made some phone calls and found out I could get copies of purchase history from places like Costco and such, I can go back years on my ordered from Amazon, the same for eBay and I can get copies of back visa bills for I think 5 years. We put everything possible on the Visa card. I keep any important recipes in a safe we have in our grandson’s home out of state along with our personal papers and original trusts I keep copy’s here at home. We have been evacuated several times in the last 30 years we have been very lucky but we know people who last everything and the fireproof safes they had were mostly gone the ones that were intact only has ash inside. I know one person that her insurance company made her list everything with date purchased and cost. I spoke to our State Farm agent and he said some times they will do that and sometimes not. One time a water dropping helicopter came down so close to our house it shook it badly enough to break a water pipe. Our insurance paid for an 11 day stay at the Marriott while everything was fixed the only issue we had was the Marriott was 60 miles down the mountain. All we can do is keep everything cleared around the house, have an evacuation plan and make sure we have everything possible on our insurance policy to cover us. Make sure you have building code upgrades and demolition some policies don’t automatically include them. A safe deposit box in a vault at a bank is great if your bank is not in the fire zone plus anything you have in the box is not insured by the bank and may or may not be covered with your home owners insurance....See MoreDo you purchase protection insurance on appliances etc?
Comments (20)Extended warranties are essentially just a form of gambling. The warranty purchaser is betting that the product will need more repairs than the warranty costs, while the company selling the warranty is betting it won't. Guess who's got the data on their side? That doesn't mean these warranties don't pay off sometimes. So does casino gambling. But the business model of both casinos and extended warranty companies is to be sure to take in plenty more than they pay out. That situation is not in the best interest of the consumer. Also, Kathy's post above illustrates one thing you can do to keep appliance repairs to a minimum: Don't buy appliances with excessive amounts of electronics in them. Touch-screen refrigerators and washing machines, for example. These have a far higher failure rate than simpler appliances that have electro-mechanical controls rather than computer motherboards. Appliances have abundant heat, moisture and vibration. These are the worst enemies of electronics, and it means the $2500 refrigerator in all likelihood won't last as long as the $500 one. Extended Warranty Buying Guide (Consumer Reports)...See MoreAppliance and systems insurance... Is it worth it?
Comments (9)One reason these insurance policies are a poor choice is that they are not a warranty, they are an insurance policy and/or service contract. A warranty is provided by the company that made the product and the product is "warranted" against failure. When a product has a warranty you usually hope you are dealing with a company that wants to continue to sell products, and they are interested in customer goodwill and other factors that affect sales. That is why many manufacturers feel it is worthwhile to make goodwill repairs and have voluntary recalls. With an insurance policy or service contract you are just working against projected repair statistics, and the policy will only cover areas where the statistics predict there will be a profit. It is a simple profit/loss calculation, and all the exemptions and limitations are designed to ensure they continue to make a profit. Bruce...See Moremmilos
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