How can one appraise things that are no longer there (like Shaw’s D’s furniture)? 
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Yes it does cover anyone driving our car occasionally. They told me that if she lives at our house for less then 50% she is covered
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My insurance also covers my kids. They have their own I insurance for their cars. But if they drive our cars, they are covered under our insurance.
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My umbrella policy is with a separate company than the one we insure buildings and cars with. It requires us to have certain levels of liability with the auto and homeowners insurance, and it covers liability in excess of that.
It costs us around $3k for $5mil in coverage, plus whatever it costs to raise the limits for the other policies to the required minimums (which I think are $500k). We have a number of properties.
We’ve been sued once, it didn’t reach umbrella levels, but the insurance company refused to settle and litigated it to the bitter end, paying for everything. And we won so I guess it was the right strategy.
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Thanks for all these insights. I will absolutely be checking out an umbrella policy now!
I can add - we learned the hard way w/homeowners insurance that they will pay market value only of lost/damaged home items. Years ago we had power surge and all appliances - stove, micro, computers - completely fried. We have ‘good’ insurance but they offered us next to nothing on our 10 year old applicances.
I then learned from listening to Suze Orman that I can affordably add ‘replacement value’ to my homeowners insurance. I did that - it was less than $200 a year! I double check w/the agents on the phone every year and it will replace items lost/damaged at full current market value of a new item- not the value of, say, a 10 year old GE stove (worth approximately $15 apparently!!).
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When we had a lightening strike, all the company wanted was pictures of what was damaged. We have replacement value coverage…but really…how do you take a picture of a dead well pump. Or a TV that no longer works or computers. They just looked like they were not on.
We listed all of our items, and received compensation for everything. And no rate increase. It’s the only claim we have filed with this company.
We filed one claim for water damage about 25 years ago with a different company, and again…they just wanted pictures which we sent. Full coverage and no rate increase.
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On insurance/USAA - we were happy to get the coverage as we were getting dropped at the conclusion of our policy period from our State Farm on auto, home, and umbrella. We had home and car insurance to get (along with umbrella that was a ‘want’ but not ‘necessity’), and we also did set up USAA minimal amount $100 into a savings account and got the best discounts on the car, home, and umbrella (and having that extra bit of ‘multi discount’ in having a USAA savings account). We had previously called Geico locally (which we had previously had car insurance), and they wouldn’t even quote home owners due to having had a water claim within 3 years (that is the first question they asked before going any further).
First we had to have the USAA small policy in place for DH’s dad - and he was totally on board with that policy. He talked to USAA and got their policy in the mail (that we paid for). Then we got our USAA ID numbers (DH, me, DDs).
It has been a few years ago, but I know I had my prior policies sitting in front of me while I spoke with USAA - and we knew their rates would be fine. After all, we needed the insurance !!, and I have had good claims experience with them in the past – someone with USAA car insurance was at fault in an accident (he rear ended me at a stop sign) - and they were very good to deal with on that claim.
I know an older guy - but not super old (retired military/colonel) that had made two mistakes driving in a year (one was where they eventually changed the entrance for a place for that middle turn lane accident) – totaled two vehicles! I imagine it was air bag went off on the one - it was not a higher speed collision. He was a smart guy (chemistry background). USAA didn’t cancel him; paid the claims. Of course he had USAA for a long time. IDK if any other car insurance company would have not canceled him - or maybe once a third incident happened within a particular period of time.
I just think there are a lot of insurance policies - no matter how long you have with them - that you fall into 3 claims within a period of time and they are ‘done’ (they won’t insure you again) – and that had happened with my sister on her homeowner’s insurance. They had to go to an insurance underwriter to get a homeowner’s policy.
I believe because we had the umbrella policy and State Farm didn’t like the auto claims record (even without ‘pay out’ on two ‘claims’) that is why they also canceled the homeowners for us.
Also a resounding ‘yes’ on replacement value with homeowner’s.
I gained tidbits from the roofing company as I asked about a letter I received about “IBHS Fortified Roof Program” which was info I got in the mail from USAA – our state requires insurance companies to offer this protection. Evidently there have been significantly better roofing materials available, and you can decide if you want to have this endorsement. So I discussed our roof - the materials in place and when roof was done (it was done under hail damage which affected our area some years ago - and that was under State Farm with $1,000 deductible). So they updated our policy after discussion and changes made.
From what I have seen, generally replacing roofs due to claims damage – insurance companies now are going to percent of home value for deductible versus the standard deductible amount. I went over the new roof details (and described the 30 year roofing materials we have on our roof). We also got a lower amount of deductible for wind and hail (it would have been 1% of dwelling protection) but paying an extra $200/year overall on homeowner’s insurance got that deductible to $2,000. All other perils, homeowner deductible remains at $1,000.
On our homeowner’s, we have a lot of credits and discounts (the multi product discount bank is over $50, so my little savings account is absolutely worth it!). I also have many other discounts - roof age, home age, insurance to value, claims free, loyalty, multi-product discount other P & C Umbrella (that one line item is over $50), auto and home combination discount.
So the person on the phone phone could not quote exact amount of bundled discounts - and it is a decision for making a switch as you say, not knowing for sure if you have a better policy/better price in place.
It was time and energy to make the insurance switch - and we had to do it.
The age of our home is ‘established’ - we built the home in 1992. We also had a recent appraisal with Jan 2022 home mortgage. IDK with older homes, if you establish replaced wiring on really old homes - those kind of things.
Many people have homeowner’s and auto coverage with same company for discount. Years ago we changed our auto policy (Geico to State Farm) due to State Farm better bundles rates with car insurance.
The insurance industry has made LTC policies very expensive - so now they are offering some kind of hybrid policy that probably also is too expensive.
DH and I obtained LTC policies very early. We pared down the policy to keep it affordable (original policy had unlimited years payout and had inflation adjustments - so after the no premium increases period ended, 10 years for our policies, they could set new rates within state insurance requirements) - the insurance company offered options, and we took the one to keep our payments for the policies the same.
IMHO if you have some of your savings and/or retirement funds grow to where you can pay out of pocket for any long term care needs. Instead of paying the exorbitant premium, put that money into a fund that grows for this potential need.
Policy limits are sticklers on what you really get for your money if you meet the requirements (and past the initial period, often 90 days before the coverage kicks in). I remember Kiplinger’s had an analysis of LTC insurance a year or two ago - and I was quite shocked at the high premiums and what you get for that if you end up needing the care/meeting the policy requirements. They also talked about the ‘blended policies’.
During working years, important to have the disability insurance to replace income. Disability policies also get tricky with pay out of claims - and wiggle out if they can – I had that experience, and said I guess I need to talk to a lawyer – and the next day they ‘approved’ my claim. Oncologist office processed all the claim info, and they tried to wiggle out. They even sent a former FBI agent to do a ‘home evaluation’ (I had a very good friend at the house with me to be my advocate - and she was retired government). The insurance company’s in house MD wanted to refuse my claim.
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They can use receipts, old photos etc. And most people buy everything on credit cards, so there’s that also.
We had reports for our stolen PC’s that were able to show the computers weren’t normal PC’s.
For our damaged house, the adjuster was also a builder so knew what codes were, what needed to be replaced beyond the paint ( the old wood, the insulation etc ). And in that case, an old house, had to be bought up to code big$$ we would have lost had we “done it ourselves” without an expert.
Sure, that works for objects that can be photographed in their place inside the house. But how would one prove that the pile of charcoal and ashes (to which the moving truck was reduced) was indeed the stuff pictured in the photos? I can totally see why the insurance is pushing back on that claim. Where is the evidence that the stuff was indeed in the burnt to the ground truck?
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Yes, and like most people you took it. Maybe you had a company that didn’t include replacement, maybe you took the first offer( most people do). All I know is, there are experts who do this so people don’t lose out.
Anything less than replacement value for homeowners insurance is not a good deal. You want your home rebuilt to the same standards and your good replaced with things of the same kind and quality. We use Chubb. It costs a fortune but they actually pay a claim.
I think you’re being funny. But if you aren’t, anyone who has had a house burn to the ground knows that unless they hire an adjuster, appraiser and attorney, they are going to lose out.
There’s nothing in any insurance policy that says you need evidence. I’ve had several insurance companies and have read my Dad’s as well. There’s no such thing as having to prove you had something. It’s based on how the policy is written. Same thing goes for the PC stolen out of your car ( that’s often covered under homeowners).
Mine is written to have the house rebuilt at their cost, includes hotel/rent while its being built, and also includes stuff in the house (as a %) and has an additional coverage to include art, antiques and jewelry. Honestly, if my house burned to the ground, I’d be rich. I’d take the money and sell the land.
No, I’m not being funny. Just pointed out that your response that appraisals would have been useful for Shaw’s D needs a caveat.
No, but he can ask if he has a question. You made a presumption that isn’t true. But that’s fine. I thought you were just making a joke as it didn’t make any sense at all.
It makes perfect sense. Unless you have a bill of lading or some evidence demonstrating that the expensive piece of furniture was loaded on that truck (and not sold off before the move and replaced by an ikea piece), an appraisal alone will not be of much help.
Ok, back to retirement discussion. 
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I can’t respond to your statement without breaking TOS.
Maybe best to refer to someone like your insurance agent who has actual knowledge of how these things work. Mine is really helpful and knowledgeable. I’ve been through this process a couple of time, no one asks for evidence.
Honestly I believe there are stipulations to rebuilding. A neighbor had a former house with an electrical problem in a wall between kitchen and exterior which caused a lot of damage. He is EE and found out what had been done that cause the fire. He worked with having the home built back to being ‘desirable’ on the market - and once completed, sold the home, bought a lot and had a home built under his watchful eye.
It just takes one tradesman or helper who cut a corner they should not. Another friend had a home built, and the plumber or plumber’s helper didn’t seal some of the water connections upstairs properly and they had a big water claim with that repair which took place several years after the home was built.
A few streets over, a house was hit by lightening and had to be completely rebuilt.
In our prior house, we had a Chubb replacement value policy. A tree fell through our roof during Hurricane Sandy. They were swamped and I had lined up a contractor to take care of things immediately so that the water damage didn’t get any worse. They originally questioned his estimate, but I assured them that I had worked with the contractor and he didn’t pad estimates. After I broke through the bureaucracy, they quickly sent out someone to go through his estimate and then they paid for everything without question and kept suggesting we move to a hotel (which we probably should have done). Our premium did not increase as a result of the claim. No complaints there.
At our new house, we looked at Chubb as our experience was good, but our insurance agent said that Hanover had an equivalent program called Hanover Prestige but it was significantly less expensive. We switched We had an issue with my car. The electrical systems I can’t remember exactly what the problem was but leaves in the well for the hatchback window were rotting and this somehow created electrical problems (or something like that). Hanover came out and looked it at and explained how to have it all covered by insurance. So no complaints there.
SS COLA is projected to be 10.5% 
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Happy you had a good experience with Chubb. We didn’t.