Comments on: Adequately covered?

By: Carnival of Financial Planning #8 - Cute Kitten Edition | Financial Learn

Carnival of Financial Planning #8 - Cute Kitten Edition | Financial Learn — Sun, 20 Jul 2008 04:52:57 +0000

[...] presents Adequately covered? posted at [...]

By: LivingAlmostLarge

LivingAlmostLarge — Wed, 16 Jul 2008 01:41:11 +0000

Sadly I’m not sure. Most of our stuff is used and from our graduate student days. Our couch was $1100 last year and the most expensive piece of furniture. Our bedroom furniture was $500, our desks were $10 and $20 respectively. We have two used dressers one for free and $20 for the other.

Our camera new was $100 and free. Our computers were all under $500, two tvs, one is an old panasonic we bought for $350, and newer flat for $1000.

Dining table was $100 bought to sell our condo. Our pots and pans were $300/set and dishes were total $200 maybe. We have a kitchen aid mixer for $200, but that’s about it.

Problem is we have a lot not expensive but valuable memorywise stuff. No paintings, no valuables, no expensive jewelry, I wear my engagement ring, and that’s it.

I feel as though we should have more. And our clothes? We could reclothe ourselves I guess for $2k/each. We don’t have tons or expensive clothes.

Oh our washer and dryer, that was $1100 for the set. And our Wii $250, sound system $100.

When we moved out to East, we asked the company if they would pay us $10k to just dump our stuff and buy new stuff. Instead they spent $35k moving out stuff. Our stuff at that time was really used stuff, we didn’t even have bedroom furniture.

Now, we still don’t have expensive stuff. I have to write a post about that. It’s still not worth moving really.

By: Barb1954

Barb1954 — Wed, 16 Jul 2008 00:37:45 +0000

$36,000 seems too low for personal property, too. Between clothes, kitchen stuff, electronics, cameras, furniture, etc., I bet if you added it all up it would come to more.

By: Livingalmostlarge

Livingalmostlarge — Tue, 15 Jul 2008 22:41:06 +0000

Also our master condo insurance goes up in valueby 10% a year ( $800k, $880k, then $968k, etc) which is more than houses are appreciating but this is to account for inflation of paying for replacement costs.

By: Livingalmostlarge

Livingalmostlarge — Tue, 15 Jul 2008 22:39:50 +0000

$31k is because the house will be rebuilt by the association master condo insurance. We are not responsible for the showers, tile, tub, kitchen, stairs, etc.

We are responsible for the new gas fireplace we put in, furnishings, texture on walls, and fixture upgrades. All the basics are provided in our master condo do. Hence why our master condo is $1m to rebuild the house no insurance on the land. Because we are only responsible in the master deed for the things I mentioned.

I too am very worried about the lowness of the amount. And want to talk more with insurance agents, because maybe we have more stuff of value. But the thing is we would not be able to remodel. It would just be replacement of what we have unfortunately because of the way the townhouse is built. It has to be exactly the same.

By: Jim ~ mydebtblog.com

Jim ~ mydebtblog.com — Tue, 15 Jul 2008 16:12:52 +0000

Your car insurance is fine given their age.

The 36k for property and 31k for dwelling does seem low. I don’t know my exact figure but it is in the six figure range. It would cost quite a bit of money to rebuild/remodel a floor of my townhouse in the event of a fire or something, and then replace the property. I’m sure you’ll find some better stuff out there if you look around.

By: Barb1954

Barb1954 — Tue, 15 Jul 2008 13:24:01 +0000

It doesn’t appear that you have enough coverage on your home. $31,000 probably isn’t enough to rebuild the interior of your condo in case of fire/water damage, tornado, etc.