Re: Insurance Question

[Michael Leitheiser <flyh2o@worldnet.att.net>]

At 12:58 PM 7/17/97 +0000, you wrote:
>Michael,
>
>>Note that a "Form 5" homeowners policy is available in many parts of 
>>the
>
>I take you are saying that this is different from a personal property
>rider on the homeowners policy, where the items are listed??

Yes, the policy provides "all risk" coverage on contents, just like the
perils covered on the "rider", "floater" or "valuable items" policy.
>
>Are you also saying that the amount recoverable under the Form 5 could be
>more than under the PP rider, which is limited to the amount stated??

Correct.  Plus a little bit, not only is the PP rider limited to the amount
stated as a maximum recovery, but with the exception of a Fine Arts Floater,
"riders" are written on an "actual cash value" basis, in other words
depreciation is applied.  Your Nikon F5 would typically be depreciated  on a
rider, but on a Form5 you would recover "new for old", as long as you
actually replaced the item.

>I haven't asked for a while and don't remember, under my State Farm
>insurance with PP rider on the camera equip - I kind of recall that the
>deductable doesn't apply to the rider equipment???

That is usually the case.

>On the Form 5 - on a loss the deductable is for the total loss, not the
>individual items??

The deductible is on an "occurence basis".  ie., one theft, several items
stolen, one deductable applies to the total amount of the loss.
>Thanks for your information it is extremely helpful.
>
>
>Richard Hemingway
>Norman, OK
>
>
Mike Leitheiser

"When the trout are lost, smash the state."
                                   Tom McGuane