Page 1 of 2 1 2 LastLast
Results 1 to 15 of 28

Thread: Update your insurance

  1. #1
    Registered User
    Join Date
    Dec 2006
    Posts
    21

    Update your insurance

    Hello All.. Jan 17 at 4.30 am a huge fire broke out in my workshop. I lost 40 years of possesions including my current ride which was a 2009 K1300 gt. all my restored BSA motorcycles for a total of 9 bikes my boat ,hovercraft, a totally self sufficient garage with every conceivable tool. several snowmobiles the list goes on and on. Estimates of well over 300,000 damages. Everything is still under the rubble . Should have an excavator in this week fine print in my insurance willing. The fire being forge hot left nothing but aluminum puddles and twisted steel , no salvage. My point here is not for pity but rather to inform you of the need to keep your policy up to date and reviewed by your lawyer. I unfortunately will take a huge financial hit as most of the above will see no coverage. Being retired for 12 years I cant get it back. If I can save one of you members the anquish I am now experiencing than I concider myself a good MOA member. Please get out your insurance policy asap. Sandford

  2. #2
    rabid reader dbrick's Avatar
    Join Date
    Apr 2003
    Location
    Santa Cruz CA
    Posts
    1,677
    I'm sorry for your loss, Sandford. Thank you for the reminder.
    David Brick
    Santa Cruz CA
    2007 R1200R

  3. #3
    Outlander Omega Man's Avatar
    Join Date
    Jan 2010
    Location
    Mansfield,MA
    Posts
    5,895
    I am also sorry to hear of this. From you post it sounds like you anticipate trouble with an insurance company. However this pans out it sounds like our members could learn from the experience.
    I'm going to move this to the Motorrad section so a larger audience can follow along. Good luck. Gary
    "Well they say.. time loves a hero but only time will tell.. If he's real, he's a legend from heaven If he ain't he was sent here from hell" Lowell George
    2009 F800GS 1994 TW200
    Part of the Forum Threadside Assistance Program

  4. #4
    Registered User
    Join Date
    Aug 2011
    Location
    mashpee, Ma
    Posts
    28
    Really sorry to hear of your misfortune. I've only had one insurance claim in 40 yrs of houses, motorcycles, boats, and vehicles. I really hope #2 never happens, and try to be as prepared as possible. Your comments are a definate reminder to check my policies. Wishing you the best to cut your losses.
    Janda
    2011 R1200R

  5. #5
    look out!!! Visian's Avatar
    Join Date
    Mar 2003
    Location
    ATL/WNC
    Posts
    8,432

    Very sorry to hear this

    Sanford - it's very hard to even imagine what this feels like, I hope you'll recover as much as possible... if not financially at least emotionally.

    Trying very hard not to be nosy, but could you give us a general sense of what happened?

    At $150/hour and up, it could cost you more than the policy itself to get a lawyer to review an explain it to you. And it's pretty clear that the insurance companies don't go overboard in explaining a policy using plain language.

    The homeowners policy we have with Allstate is so weasel-worded that it's nearly impossible to understand what is and isn't covered. I do know that our house in the mountains is covered in the case of a flood, but heaven help me if rain washing down from the mountains erodes our hillside, or if there is an earthquake.

    Sure hope it works out for you as well as possible.

    Ian
    Go soothingly through the grease mud, as there lurks the skid demon.
    ________________________________________________
    '67 Trail 90 || '86 R80 G/SPD+ || '00 1150 GS || '06 HP2e

  6. #6
    Registered User
    Join Date
    Sep 2005
    Location
    Eastern KY
    Posts
    3,104
    LOL & hope you can regain you hobby soon. Reminds me of my folks having a kitchen fire when I was a kid & I remember their their concern when the Ins. Co. started to depreciate there pots & pans,etc.. Seriously, they got so little from that stuff that it took a hard toll on their pocketbook to come up with cooking items-which obviously were purchased mostly new as replacements. Hopefully you had actual cash value on contents. Reminds me that while my shop is covered as a farm building that I need to review contents coverage.
    "If I had my life to live over, I'd dare to make more mistakes next time...I'd relax,I'd limber up... I would take fewer things seriously...take more chances... take more trips...climb more mountains...swim more rivers...eat more ice cream." Jorge Luis Borges at age 85.

  7. #7
    Registered User
    Join Date
    Mar 2004
    Location
    Northern WV
    Posts
    603
    Stanford, very sorry to hear of your loss. Your post has me thinking that I could be a little under-covered, especially if I were to loose both the home and separate garage, since the contents coverage is the same. I assume your garage contents are covered up to the amount of your homeowners contents coverage? I need to check but I think mine is 50%. So if a home is insured for $250,000, the contents of both the home and or a separate garage would be covered up to $125,000. Hopefully you have some photo's to help you recall what all you had.
    14 R1200GSA, 93 R100R. No car is as fun to drive as any motorcycle is to ride.

  8. #8
    Registered User lkchris's Avatar
    Join Date
    Mar 2003
    Location
    Albuquerque, NM
    Posts
    4,601
    It's real good "insurance" as well to continually monitor the condition of the building's electrical system and storage strategies for flammables.
    Kent Christensen
    21482
    '12 R1200RT, '02 R1100S, '84 R80G/S

  9. #9
    RAINEY 187132's Avatar
    Join Date
    Sep 2012
    Location
    Grand Rapids, MI
    Posts
    128
    Sorry to hear of your fire and loss. Thanks for being a great member and bringing the insurance updated to our attention.

    Jason
    Jason
    Grand rapids, MI
    2012 BMW R1200RT

  10. #10
    Minnesota Nice! braddog's Avatar
    Join Date
    Jun 2003
    Location
    Twin Cities - MN
    Posts
    1,905
    Good advice. My homeowner's insurance guy kept bugging me to go in for a review on my properties. I consider the man a friend, and a guy I can trust, so I went in. It was worthwhile. Changes happen to property and to possessions. Sometimes it may not even cost anything to adjust your coverage.

    I know at one point, I think all the stuff in my garage was insured for $20K. So, throw in a newer car, 3 or 4 motorcycles, woodworking tools, some mechnic tools...doesn't take long to exceed $20K.

    Sorry for your loss, Sandford, hope this works out as well as it can.
    -----------------------------------------
    Brad D. - Member #105766
    '77 R100RS - Black Beauty (big pipe, baby!)
    '94 R1100RS - Sylvia

  11. #11
    Registered User argent brick's Avatar
    Join Date
    Aug 2012
    Location
    Wine Country, Northern California
    Posts
    461
    Sorry about your loss. Something like that always seems so remote. You think it will never happen to you or anyone you know.
    Lynn
    MOA #57883
    Current Ride: 1995 K75 Standard
    Past: 1978 Yamaha XS 750, 1976 BMW R60/6

  12. #12
    Registered User
    Join Date
    Jan 2008
    Posts
    37
    Sorry for your life altering event.The hardest for me after my girlfriend losing her house and garage was everytime you went to do something I'd go to get a tool and realize itwasn't in my world anymore.

  13. #13
    Registered User
    Join Date
    Sep 2005
    Location
    Eastern KY
    Posts
    3,104
    BTW, is your first name "Fred"? If so, I see why your junk caught on fire...
    "If I had my life to live over, I'd dare to make more mistakes next time...I'd relax,I'd limber up... I would take fewer things seriously...take more chances... take more trips...climb more mountains...swim more rivers...eat more ice cream." Jorge Luis Borges at age 85.

  14. #14
    Registered User ksrob's Avatar
    Join Date
    Mar 2003
    Location
    kansas
    Posts
    243
    Quote Originally Posted by kantuckid View Post
    LOL & hope you can regain you hobby soon. Reminds me of my folks having a kitchen fire when I was a kid & I remember their their concern when the Ins. Co. started to depreciate there pots & pans,etc.. Seriously, they got so little from that stuff that it took a hard toll on their pocketbook to come up with cooking items-which obviously were purchased mostly new as replacements. Hopefully you had actual cash value on contents. Reminds me that while my shop is covered as a farm building that I need to review contents coverage.
    I think you mean to say " Hopefully you had REPLACEMENT COST coverage on contents". Actual cost value means depreciated value.

    I suggest to every one to fine an insurance agent that you trust to be there when you need them.
    Rob Lessen

    '07 R12RT
    '08 R12GS

  15. #15
    Old man in the mountains osbornk's Avatar
    Join Date
    Feb 2006
    Location
    Marion VA-In the middle of some of the best riding in the country.
    Posts
    3,207

    Be Prepared

    I handled insurance claims for 31+ years. In addition to having adequate coverage, you need assistance in knowing what you had that was lost in the fire and evidence that it was there. I used to suggest that people go through their house and record each room or area with a video tape and keep it in another location. With digital cameras, it is now much easier. You should go through your house and take many photos of the contents, opening closets, drawers and any other places that you have contents. Take hundreds of pictures and save the card or better still, transfer them to a CD or DVD and store them elsewhere (safe deposit box, friend or relative's house, detached garage, camper, etc). You will be amazed at how much stuff you have that you will forget about if you don't have pictures for reference. You can also use the photos as proof of ownership to the insurance company.

    People get upset at insurance companies when they are questioned about undocumented contents and they think their honesty is in question. That can happen but the insurance company is reviewed by the state insurance department and they can be fined and otherwise punished if there is inadequate documentation for a loss that has been paid. The secret to a fair and quick settlement is good documentation.
    'You can say what you want about the South, but I almost never hear of anyone wanting to retire to the North.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •