RV Insurance for Personal Effects

[Ldubs]

Originally Posted by Dav L

If the insurance policy rate is low...that's because claims are low ie: most people don't need the insurance because there typically aren't any issues.
Anytime you buy insurance you are betting against the House. They know the numbers far better than any individual and any forum. They then put significant markup to ensure they make a profit on most all customers. So, just like Las Vegas. Most customers loose.

If you can endure the small possibility that all your stuff gets ripped off without going homeless in the cold, then you might forgoe the insurance (ie: self insured). Put the money in the bank or into lower risk investments for that rainy day.

Same thing goes for Service Contracts for repairs.

I was in this business so understand the numbers well.

Most customers don't lose. For the premium paid, they were protected during the entire policy period. In other words, they paid to transfer the risk. Insurance works by pooling risk with the understanding that most will not have a loss. If you were in the business you would understand that. Also, keep in mind insurance companies by law must maintain reserves to pay claims. That along with an actuarially determined claim cost, expenses, and profit loading goes into your premium.

I personally choose to retain the risk (self insure) for the small amount of personal property I keep in my TT. It has nothing to do with the return of a low risk investment on that extra $15.

[Dav L]

Originally Posted by Ldubs

Most customers don't lose. For the premium paid, they were protected during the entire policy period. In other words, they paid to transfer the risk. Insurance works by pooling risk with the understanding that most will not have a loss. If you were in the business you would understand that. Also, keep in mind insurance companies by law must maintain reserves to pay claims. That along with an actuarially determined claim cost, expenses, and profit loading goes into your premium.

I personally choose to retain the risk (self insure) for the small amount of personal property I keep in my TT. It has nothing to do with the return of a low risk investment on that extra $15.

My definition of Loose is Pay X and get paid less than X over the lifetime of the coverage. And what you said is same as what I said. And yes, I understand.

Yes, there is risk mitigation as a value as well. That's harder to quantify on what benefit that is to each of us.

[wrvond]

I take my telescopes to dark sky sites and camp. The eyepieces alone cost over $15,000.00.

[Gary RVRoamer]

I have always increased my RV Personal Property coverage, even though I have homeowners as well. There are multiple reasons for that.


1.There is a LOT of stuff that vehicle insurance companies adamantly consider to be "personal" rather than part of the vehicle, even if it was factory installed equipment. If it's an accessory affixed to the exterior, odds are it is classed as "personal". Car tow bars and trailer hitches, awnings of all sorts, maybe a power tongue jack, window privacy covers, etc.


2. Even weekend RVers typically have a lot of their goods & equipment permanently in the RV, e.g. cookware, dishes, leveling equipment, trailer wheel chocks, at least some clothing, water hoses, electric cords and adapters, etc. Think about what is in your drawers, cabinets and storage compartments.


3.The standard amount of personal property coverage is often tiny - I've seen policies as low as $500 and $1000 or $2000 is typical. That won't repalce much gear!

[majicchuck]

Originally Posted by Xmcdog

Many years ago I was thinking about insurance coverage. We had a standard household policy etc.

However the Scout Pack I was leader of was sponsored by the local fire department. Thus I was aware on how quickly things could go south.
So I chose one room that happened to be my office and costed out the replacement of everything in it. Wow, I was amazed. The mat, the drapes, trash can, desk, chair, table, filing cabinet, printer, Computer, pictures etc. I even went into the drawers and counted the pens, staples, printer paper etc. I looked around and there was very little there but I reached $5000 very quickly. Today? Closer to $15,000 maybe?

After that shock I moved on to the kitchen. Partway through I quit. Just the spices and dry foods alone added up to a goodly amount.

So the result was a call to the agent. For not much more per year I tripled the contents coverage. Never have claimed on it though.

Almost every month we hear of 2 or 3 house fires where there was no insurance coverage and the family lost everything. Sad.

Thanks Xmcdog! The small items definitely add up fast. Good idea to periodically do an inventory of the coach. It wasn’t untilI recently that I realized contents coverage was minimal on standard RV policies.

[majicchuck]

Originally Posted by Gary RVRoamer

I have always increased my RV Personal Property coverage, even though I have homeowners as well. There are multiple reasons for that.


1.There is a LOT of stuff that vehicle insurance companies adamantly consider to be "personal" rather than part of the vehicle, even if it was factory installed equipment. If it's an accessory affixed to the exterior, odds are it is classed as "personal". Car tow bars and trailer hitches, awnings of all sorts, maybe a power tongue jack, window privacy covers, etc.


2. Even weekend RVers typically have a lot of their goods & equipment permanently in the RV, e.g. cookware, dishes, leveling equipment, trailer wheel chocks, at least some clothing, water hoses, electric cords and adapters, etc. Think about what is in your drawers, cabinets and storage compartments.


3.The standard amount of personal property coverage is often tiny - I've seen policies as low as $500 and $1000 or $2000 is typical. That won't repalce much gear!

All good points Gary! Having gone through the insurance process with an house fire, I’d rather have more coverage than I need. My RV policy only had $1,000 for personal effects[emoji15]. So I will definitely increase that amount after I go I through bins and drawers.