It happened to me 2 years ago! I was rebuilding a 70 Dodge pickup. The frame &
some of the sheetmetal was salvageable, other than that I lost out. I bought it
over 20 years ago, when I was 18. A lot of memories went up in flames. Not to
mention a lot of work. It was in my brother's garage. It was an electrical
fire.
Nobody was hurt, so I can't really complain. I lost at least $10,000. My brother
lost more, not to mention the garage.
The insurance companies don't seem to mention all the plans & limits they have
unless you ask. They usually just mention the one they make money at. There were
a lot of limits in the insurance he had. Caps like $250 for property belonging
to others (me), $2000 for buisiness property (he is self employed). They also
played games with replacement costs and re-imbursements.
If you had 4 shovels from a yardsale worth $10 each, they might re-imburse you
$5
for each of them ($20 total). If you replace them with $11 shovels, they will
re-imburse you the extra $5 (as long as you show them a receipt). They won't
just
give you a check for $40. If you only buy 1 shovel at $40, they will only
re-imburse you for that one shovel $5 not the $40.
Brian
john nolon wrote:
> I just got my homeowners policy premium notice and it got me wondering... is
> my '53 F-100 project truck covered ??? a call to my agent confirmed my worst
> fears.. Homeowners does not cover my "project" since it's a vehicle.. and
> you can't get a vehicle policy on a non operational stack of parts... it's
> got me a little antsie... I've got about $13k invested so far and a fire
> would wipe it out completely... I know a lot of you are
> building/restoring/fixing some type of vehicle and some must be in non
> operational condition..... what are you guys doing for insurance on a
> uncompleted truck/car/tractor/racecar/.... project ???
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