Caps on personal property

time2roll wrote:
Anyone with a special situation needs to disclose that when the policy is written.
The most common policy off the shelf is just the low cost minimum coverage.
If you go with the basic you are self insured on many items.

I fully agree, however those with special situations might not realize that they have 'special situations' (i.e.- items requiring a separate rider to be fully covered) until they have it explained to them by a competent agent.

Anyone with a special situation needs to disclose that when the policy is written.
The most common policy off the shelf is just the low cost minimum coverage.
If you go with the basic you are self insured on many items.

I think the real issue is many Today buy online without agent interaction or have agents who don’t fully explain coverage. Then they don’t READ the actual policy when they get it. Homeowners also have these same limits and most , until they have a loss , haven’t a clue they aren’t really covered Have you read your policy? Too hard? Then have a good agent to explain it to you.

The whole insurance situation is very complex and misunderstood, if understood at all, by most.

For example, very few businesses include business interruption coverage in their coverage. Why? Either they're not offered it, or it's not explained well by the agent. Hence, in case of a loss, it can be devastating.

Same thing with individuals who assume certain things are covered, only to find out that they're not. A simple, low-cost rider could have prevented a financial loss, but again, many insurance agents don't even mention them. Hate to say it, but riders are low-commission items, and they can involve a lot of work when it comes to itemizing and valuing.

If you feel an agent has misguided you, or has failed to offer appropriate coverage, please remember that they almost always carry professional liability insurance (much like a doctor, Realtor, etc.), so don't be concerned about going after them. They, like any other professional, should be held accountable.

I had a horrible experience as a full timer. I thought I had insurance appropriate for a full time RVer. I even went to an independent agent who specialized in setting up insurance for full time RVers. He was recommended and worked with my mail service provider in South Dakota.

When we had a major theft we found out the coverage was not sufficient. In most cases, people have homeowners insurance which provides coverage so coverage for RV insurance would be a duplicate service with duplicate costs. Of course, that is not true for RV insurance. After the loss I tried to find appropriate coverage. I eventually found a policy that worked but it took a long time and was very frustrating because most agents just don't understand and most insurance companies just want you to use their services even when they are insufficient.

Sure you might also need a rider for expensive items such as musical instruments or cameras. That is in addition to the issue that most RV insurance policies are very limited in theft or damage coverage for personal property aside from the RV.

If you are a full timer, check the fine print. You are likely to find that your policy provides little or no coverage except for the RV itself.

You asked this last week re your musical instruments. Don't you like the answers you got?

Standard on homeowners policies. There are caps on many things. Electronics, jewelry, art, collectibles, tools and most everything else you could spend a whole bunch of money on.

Homeowners policies have limitations for those type of items also, so it's really nothing particular to a full-timers policy. As other said, you can usually insure them with a rider or separate stated value policy and pay the extra premium required to do so.

Consult with an independent insurance agent.

Should not be an issue to increase the limits for an additional fee.
You may need to declare the items and value that you need covered.