Insure or forget?

ALEX · 7th December 2015, 11:03 AM

Just a few comments to what Stu mentioned. Be aware that "Household Goods" category will likely use depreciation clause. so if it comes to a claim, you get a fraction back. Most insurance companies use this for art categories as well. Make sure the coverage amount is stated in the policy as amount to be paid in the event of loss, with no depreciation, and items are covered at a full stated value. Most companies will ask for receipts, but some will not and do not require appraisals at all and will insure at fixed level for each item. as always, make sure to read fine print)

kahnjar1 · 7th December 2015, 06:45 PM

The point that Alex makes about depreciation is well founded as indeed some Insurance Companies DO have this clause.
Some, including the one I use here in NZ, have the option of a "Full replacement" cover, with individual cover required for items over a certain value. This of course costs a little more, but nothing like the additional charge for individual cover of items.
As mentioned above, you would need to talk to your own Insurer/Broker to establish which is the best option for you.
Stu

7th December 2015, 11:03 AM	#1
ALEX Member Join Date: Jan 2006 Posts: 936	Just a few comments to what Stu mentioned. Be aware that "Household Goods" category will likely use depreciation clause. so if it comes to a claim, you get a fraction back. Most insurance companies use this for art categories as well. Make sure the coverage amount is stated in the policy as amount to be paid in the event of loss, with no depreciation, and items are covered at a full stated value. Most companies will ask for receipts, but some will not and do not require appraisals at all and will insure at fixed level for each item. as always, make sure to read fine print)

7th December 2015, 06:45 PM	#2
kahnjar1 Member Join Date: Aug 2007 Location: CHRISTCHURCH NEW ZEALAND Posts: 2,786	The point that Alex makes about depreciation is well founded as indeed some Insurance Companies DO have this clause. Some, including the one I use here in NZ, have the option of a "Full replacement" cover, with individual cover required for items over a certain value. This of course costs a little more, but nothing like the additional charge for individual cover of items. As mentioned above, you would need to talk to your own Insurer/Broker to establish which is the best option for you. Stu