PamfromVA wrote:
First off, we paid cash for our camper. Secondly, when sitting at your house, the homeowners policy covers any damage like storm or tree falling on it. When hooked up to your truck moving down the road, your car insurance covers it. The insurance for the camper is for when it is sitting at a campground or perhaps water damage from defective material. This was all discussed with the insurance company this morning. Therefore not needed since it will just be in our yard for the next six months.
You may not fully understand how that part your insurance works.
There is a cap on the total your policy will pay for things other than listed items. This cap is set generally at some percentage of the value of your home so will vary widely from person to person.
You may be okay if something happens only to the trailer, but in the event of a catastrophic incident where everything is damaged or destroyed, your coverage may fall short. The trailer is still covered, but it comes out of the same, limited pot of money that covers all the rest of your personal possessions. Jewelry, appliances, furniture, clothes, lawn equipment, electronics, etc.. That’s the reason you list expensive items on the policy, which essentially bumps up your personal property coverage to make sure there is enough.
If you can handle the risk, then you are saving money by dropping it for now.