Thread: How current is your insurance?

This too is something that I have been looking into as of late. I have been exploring the best way of keeping record with the hope of finding some software that can keep photos and copies of receipts. Last year I found one but wasn't overly happy with it, I have looked at excel but find it difficult to do what I want ....

Last week I came across "What You Own Home Inventory". Not keen to try out much free software I thought I would give it a go and so far have been very impressed. It allows you to create a list of rooms where you can insert individual items.

There is space to include:
photos and receipts,
replacement cost,
purchase cost,
purchase date,
make,
model,
brand,
place purchased,
serial number,
description.

If I find that an item is no longer available I put a web link to a replacement model which has similar features and then put in the appropriate replacement cost.

The program automatically calculates the total replacement cost for all the items stored in each room. There is a search function if you loose something, and there are a number of options for printing reports such as photos only (which list full size images with name and room), receipts only, report by room only or a full report.

The program is only 6mb so I have put the program file and the data file on a memory stick so it will be possible to open the file again in a number of years if the program goes missing.

I have no connection with it but am very impressed by this free software which seems to do 100% of what I am after.

ohhh Mac and PC version available.

http://download.cnet.com/What-You-Ow...html?tag=mncol

I have a colleague who did not believe in insurance companies profiting from his fear of losing his possessions catastrophically, so he devised a great form of self insurance.
When he was a poor student at University with little or no possessions, he decided to not pay any insurance premuims at all, no car, house, contents, health, life,.. etc.
Instead very year he invested the cash equivalent of insurance premuims in gold bullion. By the time his gold assets built up to buying a house, a new car etc, gold had jumped considerably in price and he had a pool of value which he could draw down from if required to replace any goods.
A couple of years ago, when he had a major operation, he sold some gold to pay for private medical treatment.
He is in his late 60's now and as he has kept up the investment method he has saved and made a packet and none of those greedy insurance companies have benefited from his need.

Originally Posted by mic-d

How do you value items such as:
tools and equpment you bought secondhand and which may be quite old eg my Luna was built in 1984?
Items you've made yourself - furniture, workshop benches etc?

Cheers
Michael

anybody?

cheers
michael

Originally Posted by Ellemcbeast

I have a colleague who did not believe in insurance companies profiting from his fear of losing his possessions catastrophically, so he devised a great form of self insurance.
When he was a poor student at University with little or no possessions, he decided to not pay any insurance premuims at all, no car, house, contents, health, life,.. etc.
Instead very year he invested the cash equivalent of insurance premuims in gold bullion. By the time his gold assets built up to buying a house, a new car etc, gold had jumped considerably in price and he had a pool of value which he could draw down from if required to replace any goods.
A couple of years ago, when he had a major operation, he sold some gold to pay for private medical treatment.
He is in his late 60's now and as he has kept up the investment method he has saved and made a packet and none of those greedy insurance companies have benefited from his need.

Ellemcbeast, I bet you still believe in the tooth fairy ????????????????

Originally Posted by mic-d

anybody?

cheers
michael

If you are with one of the major companies it is on replacement cost, on the things you made well it would be for a similar item if you bought it in a shop.
Regards
Brisand

Originally Posted by brisand

Scotty60, as an insurance broker for 30 years before I retired I would suggest you change companies, I don't know of any of the major companies that require you to insure your workshop tools seperately.
Having read some of the comments regarding insurance, I have not read where anyone mentioned using an insurance broker, big mistake if you are not using a broker, selecting your own insurance company is usually done from slick ads on TV, second mistake, those companies employ phone sales persons who cannot give advice other than from their script they are provided with, remember the old saying you get what you pay for.

Regards
Brisand

Very good point, Brisand. All our personal and previous corporate insurance was through brokers. We have found that there advice has been very valuable, and they have always got us better rates, even when we approached the companies they placed us with.

However it is important to ensure that you are dealing with independent brokers. Many brokers have been bought out and are now used as marketing fronts by insurance companies.

Cheers

Graeme

Originally Posted by brisand

Ellemcbeast, I bet you still believe in the tooth fairy ????????????????

Who needs a tooth fairy when you have really saved a pile of gold.