After reading the thread about the sandcar/truck/50k in tools theft, it got me thinking about having correct insurance for everything I have going on. I went through all my insurance binders and double checked coverage and dates. everything looks in order. I do feel rather vulnerable about earthquakes and a contents coverage on work vehicles.
1. what do you guys think about the earthquake insurance programs that are available?
2. As a business owner what % of contents for work vehicles do you have covered? Is there a formula that you use as to make these decisions for you.
I only handle light commercial auto so I won't be able to give you a ton of usefull info. However you need to make sure that all the racks and permanently mounted equipment is scheduled on your policy. Typically product and portable tools would need be covered under your actuall business coverage policy.
EQ coverage is a difficult thing to be excited about. I sell it through the CEA (California EQ authority) just like most agents these days. It would be a great policy to have in the event that your house falls to the ground.Most policys require that you pay a 15-20% deductible before the policy steps in. This means that if your dwelling value on your home is say 350K (Cost to rebuild) you will need to pony up $50,000-70,000 before the policy will start working. This would be great for the people that have large savings accounts but you would be S.O.L. if you didn't have the cash. (I would say that most homeowners don't have 100K in the bank for a rainy day) Also don't forget you can't refi/pull money when your house is a pile of rubble.
Depending on where you live it can either be relatively cheap or exspensive. It's not uncommon for EQ coverage to be more exspensive than your HO3 coverage.
I tell my clients to buy as much as they can comfortably afford without going insurance poor.
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