- Joined
- Mar 9, 2018
- Messages
- 466
Jeff,That reminds me, I was suppose to call and up our contents coverage. Look at the money you guys have in your shops. Unless you have a supplement to your standard fire insurance you will only receive your content coverage limit if you are lucky.
You settle with your insurance, there is dwelling A, dwelling B, extended living and content coverage. If anybody want s to ask me questions please PM me.
In our case, we had to take $130,000 from our content money to buy the house. (There was such a high demand on houses after the fire, the prices went up 20% plus). That left our content replacement funds short by that amount. We did OK considering all my tools and machines were purchased with what was left in our content coverage.
Is that clear as mud?
I'm glad things seem to be on the up-and-up for you. I really can't imagine what a ride the past (almost) two years have been like for you and the folks up there. I live in Minneapolis these days, but I lived in the Bay Area for about a decade, including during the 2018 fire season.
Recently I've been taking a home inventory to make sure I've got my ducks in a row in case of a catastrophic loss. Specifically, I've been taking a bunch of photos and building a spreadsheet with information and descriptions of my big-ticket items.
Well, I'm working on my shop right now, which has a lot of big-ticket items.
The main reason I'm doing this is for insurance purposes. And I know you're not an insurance agent or anything like that, but you've probably got more experience in this area than just about anyone else on this site (unfortunately).
I've got a pretty standard policy. Other than Dwelling A and B coverage, I've got Personal Property coverage that is supposed to pay out immediately the Actual Cash Value of the lost items, and will eventually pay the Replacement Cost (i.e., new) if you actually purchase a new replacement.
That brings me to things like my Bridgeport (which I know you had). Mine is a 2-axis CNC Bridgeport, which was born about 30 years ago, but is frankly in excellent condition --- ways still show flaking, no peck marks in the table, yadda, yadda, yadda.
So am I to understand that insurance would pay out (say) $5,000 immediately in the event of a catastrophic fire in my shop, and would permit me to buy a brand-spanking-new 2-axis CNC Bridgeport or equivalent at (say) $35,000?
If you don't mind my asking, what was your experience on this front? I notice from your photos that you've got a nice looking (though used) Sharp as a replacement vertical mill, and similar story for your other equipment. Did the topic of buying brand new equipment come up in discussions with your adjuster?
Many of us, myself included, buy our stuff at auctions and estate sales at a hefty discount. Purchasing brand new replacements of the tools, machines, and measurement equipment in my shop would cost a petty penny compared to what I've paid for it all.
Anyway, just curious about your experience if you're up for sharing.