Reviewing my homeowners policy.....

Colleen

Colleen

Senior Member
Location
Pennsylvania
I just received the renewal declaration from my homeowners insurance policy. Are the following items necessary or are they something I can eliminate from my policy?

COVERAGE FOR LOSS CAUSED BY WATER WHICH BACKS UP THROUGH SEWERS OR DRAINS (we had in a new sump pump installed in October)

INCLUDES:pERSONAL CYBER EVENT COVERAGE

OFF PREMISES COVERAGE FOR SERVICE VEHICLES AND OTHER STRUCTURES

COMPUTER DEDUCTIBLE INCLUDING SMART DEVICES

ADDITIONAL BUSINESS COMPUTER COVERAGE

SIDING AND ROOFING RESTORATION COVERAGE

SEWER OR DRAIN

INCREASED POLICY LIMITS FOR TREES, DEBRIS REMOVAL AND
PERSONAL PROPERTY AT OTHER RESIDENCESWATERCRAFT

UNDERGROUND SERVICE LINE COVERAGE

CRIMINAL DEFENSE COST REIMBURSEMENT- DEFENSE OF PERSONS OR PROPERTY

INCREASED POLICY LIMITS UP TO$10,000 FOR THEFT, MISPLACEMENT OR LOSING OF JEWELRY, FURS,SILVERWARE, GUNS AND TRADING CARDS

THEFT OF MEDIA FROM A MOTOR VEHICLE

LOCK REPLACEMENT

TRAILERS; WATERCRAFT; FOR ANIMALS

AUTOMATIC GARAGE DOOR MALFUNCTION

LOSS ASSESSMENT

BUSINESS PERSONAL PROPERTY

ORDINANCE OR LAW24 MONTHS FOR LOSS OF USE

All this adds an additional $246/year to my policy. Most of it doesn't even apply to our residence but it's always a "package" deal. I didn't put the $$$ amounts of coverage for every item.

Should I keep it????
 

Colleen said:
COVERAGE FOR LOSS CAUSED BY WATER WHICH BACKS UP THROUGH SEWERS OR DRAINS (we had in a new sump pump installed in October)
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That’s the one I’d want. If there’s flooding and your power is out, the sump pump won’t work.

They sure have a lot of possible scenarios for what might need replacing. I guess I’d be taking the package.
 
Jules said:
That’s the one I’d want. If there’s flooding and your power is out, the sump pump won’t work.

They sure have a lot of possible scenarios for what might need replacing. I guess I’d be taking the package.
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I also agree. Some homes have sump pumps to ensure water around the house is displaced. If our power went out we had a certain amount of time to get it going or our basement ‘could’ get flooded. We never had a flood in 24 years.

Always get flood insurance though.

Some of the stuff on your insurance plan I don’t understand
 

Colleen said:
I just received the renewal declaration from my homeowners insurance policy. Are the following items necessary or are they something I can eliminate from my policy?

COVERAGE FOR LOSS CAUSED BY WATER WHICH BACKS UP THROUGH SEWERS OR DRAINS (we had in a new sump pump installed in October)

INCLUDES:pERSONAL CYBER EVENT COVERAGE

OFF PREMISES COVERAGE FOR SERVICE VEHICLES AND OTHER STRUCTURES

COMPUTER DEDUCTIBLE INCLUDING SMART DEVICES

ADDITIONAL BUSINESS COMPUTER COVERAGE

SIDING AND ROOFING RESTORATION COVERAGE

SEWER OR DRAIN

INCREASED POLICY LIMITS FOR TREES, DEBRIS REMOVAL AND
PERSONAL PROPERTY AT OTHER RESIDENCESWATERCRAFT

UNDERGROUND SERVICE LINE COVERAGE

CRIMINAL DEFENSE COST REIMBURSEMENT- DEFENSE OF PERSONS OR PROPERTY

INCREASED POLICY LIMITS UP TO$10,000 FOR THEFT, MISPLACEMENT OR LOSING OF JEWELRY, FURS,SILVERWARE, GUNS AND TRADING CARDS

THEFT OF MEDIA FROM A MOTOR VEHICLE

LOCK REPLACEMENT

TRAILERS; WATERCRAFT; FOR ANIMALS

AUTOMATIC GARAGE DOOR MALFUNCTION

LOSS ASSESSMENT

BUSINESS PERSONAL PROPERTY

ORDINANCE OR LAW24 MONTHS FOR LOSS OF USE

All this adds an additional $246/year to my policy. Most of it doesn't even apply to our residence but it's always a "package" deal. I didn't put the $$$ amounts of coverage for every item.

Should I keep it????
Click to expand...
How much of any of that over the last 10 years has been a reason to make a claim? What in any of that really applies to your life?
Print your list & check off all that you know won't affect you.
 
My agent at State Farm frequently recommends a review of my Homeowners' Insurance. We go over each item to see if it is relevant. I suggest you do the same.
 
Yeah, a lot of insurance "packages" are atomic. A la carte usually only applies to special add-ons for valuable jewelry, outbuildings, solar panels, etc. Maybe a few things like full replacement on major appliances and furniture can be lower.
 
birdy said:
I'd talk to the insurance company. I'm not even sure you have the option to pick and choose from this list.
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My late husband and I sat down with our agent last year and went over this "add on" list because we didn't think we needed coverage for watercraft, for example, and several other things that didn't apply to us. Unfortunately, it's a package deal and you can't pick and choose.
 
A pain, but how about a visit with another agent with a different portfolio of insurers who might try to offer something competitive?

Even get a quote and then go back to your current agent if you like them and your insurer... see if they can suddenly do something for you.
 

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