Henry Rifle Forums

We have been working thru an update of all the insurance for the farm, vehicles, and personal property. Man, what a chore. You never realize what you have accumulated until you decide you need to insure your property. The agents ask questions like:

Your standard coverage is XXX for the property in the house, do you think that will be enough?
Additional Structures are covered for XXX and contents of each are covered up to XXX. Is that Enough?
Guns and Jewelry are limited to XXX for individual items and a total claim limit of XXX. Will this cover your losses?
Total personal property is covered to XXX, will this do it?
We do have umbrella coverage for Scheduled Items... Specific Lists or Collections. This will cover Guns, Jewelry, Fishing Gear, Golfing Equipment, etc. Will we need to look at that option?

For scheduled items you'll need a detailed inventory: photo, description, serial numbers, etc.
If you want replacement values, you'll need to do some work to estimate replacement value per item for an accurate quote.

I started my inventory in Excel, and added a column for index numbers, and my photos are labeled with matching numbers to the line item. It's work, but the info will be stored in several locations in case of fire or theft. I'll be able to send the information to the insurance company documenting the losses, and I can easily update the lists in excel.

This will be an ongoing project for a bit, but I would hate to have to try and remember WHAT I had in detail after a devastating loss.

We did discover that the years of insuring the collections thru the standard homeowners insurance companies was a mistake. Specialty Insurance Companies with excellent ratings can insure those collections much cheaper, about 50% less than the big name homeowners companies.

Just paid my homeowners yesterday. Owww!

People talk about things that are a bad investment like a car. Drive it off the lot and lose a bunch of money. Thats true but I got a car to show for it. Paying for Insurance you get nothing to show for it except you have made some CEO rich. I hate insurance of any kind. Ya I know we all need it. Wait till you try to use it. Like the the person that lost a 500k house and Allcrap offered them 45000. The mayhem dude is overpaid

BigAl52 wrote: ↑

Fri May 23, 2025 9:35 am

People talk about things that are a bad investment like a car. Drive it off the lot and lose a bunch of money. Thats true but I got a car to show for it. Paying for Insurance you get nothing to show for it except you have made some CEO rich. I hate insurance of any kind. Ya I know we all need it. Wait till you try to use it. Like the the person that lost a 500k house and Allcrap offered them 45000. The mayhem dude is overpaid

Exactly. We paid a major company for Farm Coverage for six years, and every year the coverage went up. Last year there was a Tornado that passed within a half mile of our place, but we escaped the path of the tornado. But... always that But... with tornados come the high winds and the hail. We suffered some damage from the hail and high winds. I called the agent, who was suddenly too busy to call back, so I called the national number for reporting a claim. I told the girl we had "Some" damage but the roof wasn't gone and the house was still standing.

"That's why you have coverage, go ahead and let's get a claim started."
"We have some leakage in the master bath, which we have been abating, but the winds peeled up a roof panel."
"You can have someone do an emergency repair and we'll cover that."

So we did.

Adjuster came out and looked at the roof on the house, and then ALL the outbuildings. He told us there was hail damage to the roof, the gutters, and trim needed replaced. We had a $2500 deductable, but his rough on the spot estimate of the damage, all in, was around $6,000 to $8,000. It will take about two or three weeks with the number of homes damaged, and of course those with missing roofs or whole sections take priority.

When we finally got the results, they said, "$2,300. Since you are under your $2,500 deductable, you won't receive a check. Thank you for using XXXXX."

So we had to start looking for a roofer to do the work out of pocket.
Minimum repair, $6,000
Total roof, $16,000
All the estimates: "I don't know how they could say $2,300; the trim and gutters alone would cost that much to replace."

When the renewal came in it was $600 higher.
"Well, we had all those claims in your area, so naturally all the rates went up."
Started looking for a different agent.

I have been told that due to the disasters in California and the hurricane damage the insurance companies are desperately trying
to regain their financial security by raising rates nationwide.
They lost billions.

cooperhawk wrote: ↑

Fri May 23, 2025 9:52 am

I have been told that due to the disasters in California and the hurricane damage the insurance companies are desperately trying
to regain their financial security by raising rates nationwide.
They lost billions.

Coop they have lost billions? Can you tell me if they have lost billions how the CEO of Allstate made 26 million last year.

BigAl52 wrote: ↑

Sat May 24, 2025 8:08 am

Coop they have lost billions? Can you tell me if they have lost billions how the CEO of Allstate made 26 million last year.

Well Al, you know the answer to that. Of course he didn't light the fires or spawn the hurricanes and he also was making that
prior to their loss, so he won't take the hit. I'm not supporting or defending what these CEOs make.

cooperhawk wrote: ↑

Sat May 24, 2025 8:29 am

BigAl52 wrote: ↑

Sat May 24, 2025 8:08 am

Coop they have lost billions? Can you tell me if they have lost billions how the CEO of Allstate made 26 million last year.

Well Al, you know the answer to that. Of course he didn't light the fires or spawn the hurricanes and he also was making that
prior to their loss, so he won't take the hit. I'm not supporting or defending what these CEOs make.

Understand I knew you werent supporting the CEO merely stating what you have heard. There was a recent hearing that a senator from Missouri did and he ripped them pretty hard over there profits and lack of paying claims that were totally justified.