Yep, you're missing something. You need to ask the agent to
provide you with a "replacement cost" policy for your
personal property. Most home owners insurance policies will
apply depreciation to that 7 year old FT1000D and the rest
of your ham equipment. Replacement cost insurance will
allow you to purchase the newest version of whatever
equipment you have in case of a total loss. You want to
make sure that you tower/antenna structural additional
coverage is also set at replacement cost. Things like the
XYL's fur coat, grandma's silver and all the jewelry you've
bought on those dxpeditions need to be specially
scheduled/listed to receive any but the smallest payment.
Each of us should review our homeowners insurance policy to
make sure that the house is covered by at least 80% of its
value (less the value of he land/basement) so that the
company will pay 100% of the cost of rebuilding. If your
coverage on the rebuilding of your home is less than 80% of
its value, many companies will reduce their payment for the
loss.
I'm not an insurance agent, just a retired lawyer with too
much time on my hands. Maybe I should schedule a second
Dayton seminar besides "Getting It Up & Keeping It Up".
73, Jim O'Connell, W9WU ARRL Volunteer Counsel, Central Div.
>> Subject:
>> Re: [TowerTalk] Grounding and Insurance WD4K
>> From:
>> Jerry Keller <k3bz@arrl.net>
To: <towertalk@contesting.com>
>> Date:
>> Thu, 22 May 2003 16:08:35 -0400
>> To:
>> WD4K <WD4K2@charter.net>, towertalk@contesting.com
>>
>>
>>I called my insurance company today and was told that all
my ham equipment
>>including my antennas are covered as personal property,
same as TV sets,
>>VCRs, and other electronic equipment, against theft,
lightning, windstorm,
>>and all the other perils that personal property is
covered for. The tower is
>>covered as an additional structure. I specifically asked
about special
>>schedules and limits and was very clearly told (by the
underwriter himself)
>>there is no requirement for special schedules for
electronic equipment, and
>>no exclusion for communications equipment, amateur radio,
etc. I also asked
>>about grounding systems, and he said that, for insurance
purposes, my ground
>>system just has to comply with the electrical code. The
limit on personal
>>property is 75% of the overall dwelling coverage... far
more than what I
>>have here... which seems to cover just about everything.
It would appear
>>that, at least here in PA, I wouldn't need any coverage
other than my normal
>>homeowner's policy. Or am I missing something here?
>>Jerry K3BZ
>>
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