Expensive Bikes And Homeowners Insurance
 

Been hearing contradictory information about homeowners coverage and bicycles. Seems like anything over $2500 needs a special rider.

Wonder what others have done to insure their bicycles worth over $5K.

Depends on the insurance company...Best bet is to ask your broker/agent...

I'm with State Farm in Canada and they have no max. They are covered under your house insurance with the same deductible as any other piece of property you own..

Never had luck with sports gear. Dive gear and bike gear took a special rider. Particularily if it were to be stolen outside of the home. With a special rider it is supposedly insured for all reasons, no matter what? Even then it was still not insured- should it be lost like , by an airline

Same with renters insurance, I suspect?

If it's kept inside your house, it's covered. You have a 'household contents' maximum on your insurance. If the bike is kept inside exclusively, it's covered as contents.

If you have an out building that houses your equipment, the max coverage is usually 10% of the amount of homeowners insurance you carry. $125,000 insurance gives you $12,500 for the building and it's contents. If any more coverage is needed, you can either attach a rider to your policy or up your homeowners coverage. It's probably smart to call your agent and go over your coverage(s) anyway. MOST homeowners are underinsured.

Take photos and videos of your bike stuff too. That way you have proof of what your had, if (God forbid) you lose everything in a fire. I have the video, photos, and itemized replacement costs for all of my bikes and equipment.

My wife works for a big insurance company and has a degree in insurance.

damocles1
 

[QUOTE=damocles1]Take photos and videos of your bike stuff too.

I asked my Agent and she says take lots of Pics. (Sure it was Campy!?)
In a recent accident, my insurance also paid to fix the car I crashed into.

Yep, Farm Bureau Home Owner's will cover the expensive bikes or any other equipment. The key, according to my rep, is having documentation, proof, photos, inventory, etc. of all the items in case it is needed.

Is your garage considered inside of your home. That is where my wife made me store mine. At least after my bike herd grew greater than two. Besides, I felt better with the bikes in the garage considering they were chained to an ancor bolt in the floor and multiple cables locing all the bikes together. We had a couple break ins on our block. I was paranoid about my bikes .

Yes, with Farm Bureau it is most definitely part of your home. I have many thousands of dollars worth of woodworking equipment (it is essentially my wood shop) and made absolutely certain all of the contents would be 100% covered ... including the contents of my shed.

forget insurance it can't replace my 1990 DeRosa. Create your own security in your crib. I use a case harden I (eye) bolt driven through an exterior load barring wall than attach aircraft cable through my bikes (all 4 with a value of around 20k total) and secure it to the I bolt with a bullet proof lock like you see on the back of vans in NYC. If the burgular brings a Acetylene torch and welding gear when he breaks into my place he deserves to get my bikes.

After an expensive bike just "disappeared" from my pad one day a few years ago and know one (land lord, maintenance guy) saw anything, I set up this security scheme and never had a bike walk again. NOTE: I usually have to pay a drywall guy a hundred bucks or so to get the wall fixed before I move.

steppy

Wrong. I checked with my company last month, regardless of where it is stored, only a max of $1000 for a bike. Every company is different, but all have one thing in common: vague rules and policies that need to be read very carefully, because insurance companies like taking money, and not paying out. This is how they make billions in profits.

you want the "all perils" or "special perils" endorsement to your HO. Ask your agent.

My insurance company has limits on certain items (collectables, electronics, etc). However, last time I renewed I must have asked the agent three times about bicycles and other sporting goods and she was clear that they were fully covered.

Recently it was time to renew again so I shopped around and discovered that many of the other companies required separate insurance to get the level of bicycle coverage I desired. In the end stayed with state farm instead of switching to the lower priced meloche monex that had a cap on sporting goods.

I believe GEICO has a home or renter's insurance dept as well as their car insurance dept. Never had any probs with them as far as car insurance goes, might as well check out their renter's.

I hope your right, but check the writing of the policy and the replacement policy. Don't go by what an agent says, I've caught them lying frequently.

Will do; thanks for the heads up.

The subject has been covered here quite well. Talk to your agent and make certain that they have a written valuation (receipt, appraisal, etc) in hand so you both know what's being discussed. If it ain't written down, it don't exist.

That's also why I said to check with the agent. Every company is different in every state. There is particular language written into some policies that isn't written into others. Most states even set their own rules for how a company can write policies.

If it's locked in your house, and is stolen, it's household contents, period. If you have a $1000 max on your bike, you need to speak to your agent.

Or, as I also said, get an attachment to your policy with specific language to cover your equipment...