Insurance Tip of the Day

This tip is special thanks to Chad at the Cre8tive Group, who didn't realize his helpful information would become a tip for the world to see!

You'd think that if you have a high-price item in your home or business that it would be covered, in almost any circumstance by your homeowner's insurance. But you may not realize that most insurance policies only cover individual personal items up to $1,000, often times close to your deductible. Of course, if your house burned down, flooded, or was otherwise destroyed, of course insurance would replace the home and the items inside. But, if someone broke in, stole that one item, and left, it would only be covered to $1,000, unless you have a separate type of insurance for the item.

So, Chad informed me that a type of insurance offered by most providers is a great solution. It's a type of insurance called inland marine insurance, which you can use to insure any piece of property at almost any value. The best part is that this insurance is cheap, and it covers the item inside or outside your home, and in almost any situation of damage, theft or destruction. It could be stolen, ran over by your car, rained on, thrown into a lake or dropped off a cliff. And the best part is, there's no deductible. You're insured for whatever amount you specified. The only scenarios in which inland marine insurance does not cover you are 1. intentional damage or destruction, or 2. if the item was being used in a felony.

But, this insurance is especially useful if the item will be rented to other people, traveling on delinquent airlines, or being shipped. Laptops, cameras, videocameras, jewelry, etc. would all be good candidates for this insurance.

State Farm offers inland marine, and for my HD videocamera, it was only $1.55 per $100 for a year. Well worth the peace of mind!


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