Posted By:
Jeff ObermeyerWell, as an insurance claims professional I'm disappointed but not surprised by the second paragraph in Adam's post. I've read this before from him, and I'm sorry that the experiences that he and his clients have had with their property claims have not been positive. That being said, I'm not taking my superior service awards off the wall, nor will I forget all of the people I've hugged while we stood outside the smoldering ruins of what used to be their homes, people who still send me Christmas cards years after their fires happened. There are good insurance people and bad... good companies and bad. I don't paint all plaintiff attorneys with the same brush Adam, and I would hope to get the same level of respect in return.
Now that I've got that off my chest... the rest of Adam's post is absolutely correct. If you have a loss, especially when it comes to collectibles, you need to be prepared to prove your claim. The more documentation you can provide, the better - scans, photos, inventories, appraisals, auction invoices/receipts, etc. That's what safety deposit boxes are for - to store your documentation. There's nothing an adjuster dreads more than a theft loss involving collectibles where the insured can't provide any support for the claim. Personally, I photograph the entire inside of my house once every year or two and burn the pictures onto a CD that go right into my safety deposit box.
Is it worth it to buy extra insurance? That depends on your policy. Some homeowners/renters policies have maximum limits they will pay out on these kinds of items, usually between $1,000 and $5,000. Other carriers don't have these sub limits - your collectibles are covered just like the rest of your personal property. You need to figure out what your current policy covers, then decide if you need more coverage.
Jeff