Power Equipment Forum banner

1 - 5 of 5 Posts

·
Registered
Joined
·
2,022 Posts
Discussion Starter #1 (Edited)
insurance and generators
just a couple of tips for insurance and generators.
make sure you are covered. as well as up to new nec code.
take video, and pictures of your setup.
make photo copies of all receipts with gen serial numbers of your gens.
keep the originals in a fire proof safe!
make sure you agent has these numbers on file.

then if the gens come up missing then you are covered for replacement.
and yes you want exact replacement cost insurance!

just a tip from someone who has been there done that!

and while you are at it a video walk through of the home and garage is a great idea!
keep a copy of the walk through in you bank box in case of major storm damage.
 

·
Registered
Joined
·
63 Posts
Excellent information all. Thanks Paul. Remember, even though you should supply your insurance company with copies of receipts (never originals) at the time of your loss to substantiate that the item is yours, they should pay you NOT from these receipts, but from the receipt of the replacement item. They will first pay you actual cash value of the item, and then the recoverable depreciation after you replace it IF you replace it with the same item, or a similar item of like kind and quality. You are under no duty to replace the item, so if you decide not to then don't. Put the ACV money in your pocket. However, you are not going to get that second check if you don't replace it. Even if you don't want to replace it consider buying it anyway, getting the second check to reimburse you for your full replacement cost, then sell the item. Certainly you would recover more that way than settling for only an ACV sum calculated with depreciation on a used item. Also, no need to supply your agent with your receipts and model serial numbers ahead of time, UNLESS you want enhanced coverage above and beyond that afforded by your homeowner policy, i.e. scheduling personal property, inland marine coverage, contractor's equipment, etc that is not on your current home insurance policy. Do you need enhanced coverage, or different coverage than what you have now? Only you know. READ YOUR POLICY. Then if you think you do need additional coverage get a quote from your agent to consider.
 

·
Registered
Joined
·
2,022 Posts
Discussion Starter #3
Excellent information all. Thanks Paul. Remember, even though you should supply your insurance company with copies of receipts (never originals) at the time of your loss to substantiate that the item is yours, they should pay you NOT from these receipts, but from the receipt of the replacement item. They will first pay you actual cash value of the item, and then the recoverable depreciation after you replace it IF you replace it with the same item, or a similar item of like kind and quality. You are under no duty to replace the item, so if you decide not to then don't. Put the ACV money in your pocket. However, you are not going to get that second check if you don't replace it. Even if you don't want to replace it consider buying it anyway, getting the second check to reimburse you for your full replacement cost, then sell the item. Certainly you would recover more that way than settling for only an ACV sum calculated with depreciation on a used item. Also, no need to supply your agent with your receipts and model serial numbers ahead of time, UNLESS you want enhanced coverage above and beyond that afforded by your homeowner policy, i.e. scheduling personal property, inland marine coverage, contractor's equipment, etc that is not on your current home insurance policy. Do you need enhanced coverage, or different coverage than what you have now? Only you know. READ YOUR POLICY. Then if you think you do need additional coverage get a quote from your agent to consider.
yea you bring up a great idea on the separate coverage!
most of my stuff is covered under the inland marine.

as a person who has had a loss in the last 5 years.
just having insurance does not make them pay out!
make sure you have a great relationship with your agent...
I thought i did... till the stuff hit the fan!

enhanced coverage rocks!! just a few bucks more for great coverage!

oh yea earth quake and other acts of god coverage is out there as well!
flood insurance is a great idea if you have a basement!
 

·
Registered
Joined
·
63 Posts
Paul is correct: Just having insurance does not make them pay out. If you experience a peril that is not included in the policy then the insurance you purchased will not offer claim settlement. How do you know ahead of time? Most important of all, READ your policy. Everything that will take place during your claim is in there. Highlight anything that you have questions on and then email your agent for a written answer. The policy is the entire contract between you and the insurance company. It doesn't cover everything that you think it does. If it did you couldn't afford it and wouldn't buy it. It's better to read the policy now and find what it does not cover now than after you have a claim. If after reading it you have an additional risk you want to insure you should call your agent and get a quote to consider.

Thankfully for all of us this forum is full of people who know their stuff and obviously have done a ton of reading to gather the wealth of power equipment knowledge that they share on here. They know their generators inside and out. That knowledge began by first reading the owner's manual, adding personal experience and voraciously reading anything else generator-related. In a lifetime we spend more money on insurance than we ever will on generators. Yet, nobody reads their insurance policy. Between generators and insurance, which may serve a greater importance in your life? You will have lived a blessed life if your answer to that is generators. People buy an insurance policy and either throw it in a folder or save it to their hard drive, but they never read it. Take a few minutes to read your policy and avoid an inconvenient surprise later that could have been avoided if only you had read your policy. I had to put mine beside my toilet to get it done. The reading...
 

·
Registered
Joined
·
2,022 Posts
Discussion Starter #5
Take a few minutes to read your policy and avoid an inconvenient surprise later that could have been avoided if only you had read your policy. I had to put mine beside my toilet to get it done. The reading...
lol
these covid no tpaper days old policy's can be recycled if you have an old out house!
GRIN!
ty for the kind words!
yea most folks think they are covered....
most of the time they are not for the stuff in this new century...
and insurance co's are changing things by the day now!
so check for updates when you renew!
 
1 - 5 of 5 Posts
Top