Let’s talk about your personal prep gear, the fact that it is real tangible personal property and warrants personal property insurance coverage. I tell you what is covered and explain why you may want to contact your agent to ensure you are prepping a backup to your preps!
As survival minded people, we save up. We store up. We even try to give ourselves the resilience of spreading our stores throughout our homes and outbuildings. But when our main stockpile gets hit, what do we do? Insurance!
For those that save material, the “Personal Property” portion of your insurance policy is an extremely important one to know and understand. There is typically a policy minimum, but you can raise the amount of personal property coverage, since you will have more property than the average person.
If you want to know what in your house is personal property, just take the roof off it, flip it upside down, and shake it (easy right?). Whatever lands on the ground would be personal property. Some items that you should think about in your insurance policy:
- Insuring Guns:
- You may be required to provide model and serial number on any firearms being insured. For those of you that want to stay out of any list whatsoever, you may decide to keep them uninsured. You really just need to decide what is more important to you, the value of your firearms, or the value of your privacy on these guns.
- Insuring Your Ammunition:
- Many companies treat this differently. Some may see it as scheduled property, others will not. Your best bet is to specifically address any of the information here with your agent to get full answers. If you have 10,000 rounds of 9mm 115 grain target rounds, you easily have $700 worth of ammo there. You probably want that insured.
- Insuring Your Food:
- Refrigerated Food is usually a dollar amount of allowed coverage, but you must be careful claiming this. Your insurance could go up if you are in an area that was touched by disaster. Your home may not have been physically touched by the disaster, but you power did go out for a week. If you claim the food, you may become seen as a victim of the disaster, thereby raising your rates in the future.
- Stored Food like freeze-dried food and canned food can also be insured.
- Insure Your Precious Metals and Money:
- Insurance companies generally set a cap on precious metals and you can reach it quickly. Another one to ask the agent about. It may be a good idea to have an in-ground fireproof safe put into a cement slab instead of worrying about the insurance cap.
- Your Medical Supplies and Prescription Medication are insurable:
- Make sure you have an insurance company that will cover this. If you are like me, medical equipment and prescriptions are their own category, because they are that important. Well, you will end up with thousands of dollars’ worth of equipment, so make sure you can insure it.
- Insurance Replacement Cost Coverage:
- So, personal property is highly depreciable, which means, nomatter how invaluable it is to you and your life, it can be worthless in the eyes of insurance, so it is better to have a policy that has replacement cost settlement on this part of the policy, so at least you can get a replacement for that item.
- Scheduled Property:
- Also an important point to consider is the fact that some of the mentioned items could be considered “scheduled property” in your insurance policy. Scheduled Property usually has significant value and is suggested (which in court means that you can have it NOT covered) to be individually listed on your insurance policy. Jewelry, precious metals, computers and electronics, tools, money, and that fancy flat screen T.V. are all potential items in this category.
I recommend walking through your home and take note of all of the stuff on this list and then contact your insurance agent to come up with a great solution to cover your personal livelihood items.