Mike wrote:
I was told by my Allstate agent that if I want it covered by my homeowners
policy any claims will be paid as depreciated value; not replacement value.
He recommended a separate policy ("rider") at replacement value. Much like
you may do with a expensive gun collection.
I don't recall discussing the issue of ' attached' to dwelling or
'separate'. By a rider, I am sure that is a non-issue.
Mike, K5UO
-0-
Mike, TT: It's a matter of contract language, and not all policies
are the same. Depreciated value vs. replacement value is a costing issue.
You can buy either. If you don't know what you have, re-read the contract,
or ask your agent specifically. See what the difference will cost you.
My Travellers contract was for replacement value. It also covered
cleanup/recovery from storm damage (not flood). Tree falls across
guys, wipes out tower and antennas.... I got a quote for cleanup of
the aluminum mess... $1.2k. Replacement tower $1.2k. Replacement
T8 & 402BA, $1.3k. Destroyed rotor .5k. ASSEMBLY AND RE-ERECTION
OF STRUCTURE...got a quote for 1.4k. Total was $5.6k, which they paid.
What got me cancelled was filing a claim for possible damage when a
90' oak fell and hit the house. I was able to get it cleaned up, and
determine no real damage for under my $1k deductable...and I vacated
the claim. Guess what? Insurance company still counted it against me.
2 claims in a year...no renewal.
Since 2001, when the reinsurance consortium had to pay out for the WTC
loss, all insurance companies have been marshalling their reserves.
They all shared in that loss...and all had to pony up to keep the
reinsurance fund solvent.
Doing it again, I would make sure the antenna met code, and was covered
under the liability component of the policy, as any accessory structure
would be. I wouldn't insure the asset itself.
N2EA
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