Originally Posted by mayco
... so Im interested in what everyone is doing with insurance coverage.
Mike n Lynn
Mike, I am sure you read my repeated posts about the stated value policy.
This is what I know: it varies from insurance to insurance co. Some require an appraisal, that can be done by sending pictures to an appraiser or have the appraiser come to you,. The cost around here is $300-500.
If you go that route, make sure you have market value ads on hand AND a list of the cost of improvements you have made.
State Farm in Texas (stuff varies from state to state) has the option to have a stated or agreed on value policy, which you HAVE TO get your agent to look into, if they are not familiar with it and most are not.
All they require is current picture of the Motorhome or trailer.
I was lucky to have an agent that was into restoring RV's, so he made me aware of it.
If for some reason you can not get it, make sure to keep all receipts and labor you pay out (yours is worth nothing
When my 79 got hailed on (before I knew about the stated value), they offered me $7000.-. it already had a salvage title due to previous hail damage. But, I had repaired most and presented a complete folder with receipts and walked out with a 17k check.
My next big claim was on my 93 34' trailer, Hail damage again, but I had the stated value policy in force. The adjuster offered me $5000.-, which I declined. After presenting a written estimate from an Airstream dealer, I was paid the full amount of the estimate (more than triple the amount of his offer), because it was below my stated value policy. I did not even get a salvage title on that claim.
I hope this helps some.