Home insurance for preppers?

[Parry]

For preppers, do you think about home insurance as part of your prepping or is that something you don't really think about?

For example, you might live in an area that is likely affected by civil unrest. There are many other scenarios where home insurance may be needed (shtf, storm, burglary, invasion/shooting...).

Thus, for you preppers, are you choosing your home insurance company with prepping in mind?

As for me, I'm shopping around for a replacement for Traveler's. I've had them for decades, and all they do is take my money but nothing else. Since they have alway had poor service and low chances they would even help with a claim, I'm thinking about dropping them for one that would actually help in an emergency.

So, who do you use and is it part of your prepping plans?

 

[6-Pack]

That’s open-ended. I really think my insurer would drop me if they knew how much guns and ammo I have, but they never explicitly asked….

Get yourself a good umbrella policy. Good insurance is just good financial sense. The odds of needing your policy for civil unrest is very slim (and most cases is excluded if you read the fine print of the policy). However, having an umbrella is worth it’s weight in gold if you ever need it. I have a client who had to make a claim on his umbrella when he was sued for wrongful death (not gun or car related). That umbrella policy saved him from losing everything.

My $5M umbrella is around $300/year I think. Covers above and beyond home and car insurance.

 

[Alea Jacta Est]

Not sure I understand your question/conundrum

Insurance is about you betting some thing bad is gonna happen and them assuming that risk in return for your payment

Insurance is against known risks. There’s standard policies and then specialized policies. When I had my P&C license, “prepping“ was not a thing. But the risks were all pretty common and the policies were standard for the most part.

What, exactly, are you concerned about risk wise? SHTF tends to be a societal shut down based on either a single catastrophic event and its logical follow on OR a progressive societal shut down based on a program of marginal but persistent degradation is most every societal service or protection.

I’m struggling to see those as articulable risks in this day and age. I’ll bet there’s no policy language for TEOTWAWKI or SHTF. Those might have one or two or twelve standard risks in and among the plethora of crap that happens but…I don’t see a policy being able to be written to guarantee against those conglomerate risks. Maybe I’m just old, senile and out of touch.

While I’m tempting fate herein, I’ll suggest you are your own security. Self insurance is, in general, a thing. Quite pragmatic and well respected.

I’d think you might “self insure” by having a safe/secure place to go/stay. Have a program set to protect said place. Have food to sustain you for some period. Have weapons and weapon food sufficient for the duration. Have meds and medical expertise at hand. Have a sound water source and a way to sustain water supply and ensure its clean. Etcetera.

The principle of insurance is to put one back…restore them…to the position they were in prior to their covered loss. How’s that gonna work post SHTF? You know, when there’s no fabric left to hold society together?

Maybe I missed your question or overthought it.

Yeah, I’d change insurance companies if you’re unhappy. Try Erie. I used to write for them. Or maybe try USAA, if eligible. That’s who I use and have for fifty years.

Asfor (prepper) self insurance, read, research, pick brains, make a plan, keep it current and work it.
Good luck.

 

[MaxVO2]

For preppers, do you think about home insurance as part of your prepping or is that something you don't really think about?

For example, you might live in an area that is likely affected by civil unrest. There are many other scenarios where home insurance may be needed (shtf, storm, burglary, invasion/shooting...).

Thus, for you preppers, are you choosing your home insurance company with prepping in mind?

As for me, I'm shopping around for a replacement for Traveler's. I've had them for decades, and all they do is take my money but nothing else. Since they have alway had poor service and low chances they would even help with a claim, I'm thinking about dropping them for one that would actually help in an emergency.

So, who do you use and is it part of your prepping plans?

*****I use Erie, and yes it is part of my prepping plan, but please understand if a true SHTF thing happens you might be on your own...

That being said.. I pay for replacement cost on my home and cars which helps deal with inflation related issues, material increases, labor costs, etc.. plus what is inside the home, VS whatever a comp, or actuary, or real estate professional says my home is worth. In addition, they pay for the rent on another home of similar size until my home is rebuilt or fixed, up to 2 years. Personal liability and medical payments to others in case the safe word we are supposed to be using doesn't quite work out is quite high and supplemented with an Umbrella policy as well.

I have several riders added to the policy for valuables as well as sewer backup and other related type issues, etc.. I had to provide receipts and a video of the inside of my home to verify furnishings as well as art and other stuff I have like my racing bikes, etc... I'm well insured in my primary residence and sleep better at night. The personal property rider is quite high as I do have some valuables and provided receipts, etc.. to my agent.

I have criminal defense cost reimbursement, defense of persons or property and increased policy limits for theft, damage from trees, debris removal, and personal property - the limits on criminal defense costs and defense of persons or property is not super high, but it will take a big chunk out of that cost should it be needed. There's other stuff like business personal property loss, and media and other things in my cars, etc.. Oh, also Cyber event coverage including identity theft up to $30k if other coverage is insufficient.

I have had a claim before with one of my nicer cars and Erie absolutely bent over backwards to make it right - I was very satisfied. Erie also does my umbrella policy as well, which I hope to never have to use, but it was not expensive relative to the benefit it could potentially provide IMO.

Anyway, all of the additional riders are NOT cheap in total even with a high deductible (which is high but affordable) - but I have known people that had much cheaper policies that did not have replacement cost on the home, and things in the home, nor rental reimbursement, etc.. and it nearly bankrupted them covering it all when their home got struck by lightning badly and it was a huge claim that went to the limits of the policy and then *they* had to make up the difference... I'd rather not have to pay for so much, but I'm no longer a broke college student living on Ramen noodles so want to protect what I have worked really hard to earn.

The policy is an ErieSecure Home Policy, same with the Umbrella policy. I live in MoCo and nothing here is cheap. including homeowners insurance.

 

[Parry]

*****I use Erie, and yes it is part of my prepping plan, but please understand if a true SHTF thing happens you might be on your own...

That being said.. I pay for replacement cost on my home and cars which helps deal with inflation related issues, material increases, labor costs, etc.. plus what is inside the home, VS whatever a comp, or actuary, or real estate professional says my home is worth. In addition, they pay for the rent on another home of similar size until my home is rebuilt or fixed, up to 2 years. Personal liability and medical payments to others in case the safe word we are supposed to be using doesn't quite work out is quite high and supplemented with an Umbrella policy as well.

I have several riders added to the policy for valuables as well as sewer backup and other related type issues, etc.. I had to provide receipts and a video of the inside of my home to verify furnishings as well as art and other stuff I have like my racing bikes, etc... I'm well insured in my primary residence and sleep better at night. The personal property rider is quite high as I do have some valuables and provided receipts, etc.. to my agent.

I have criminal defense cost reimbursement, defense of persons or property and increased policy limits for theft, damage from trees, debris removal, and personal property - the limits on criminal defense costs and defense of persons or property is not super high, but it will take a big chunk out of that cost should it be needed. There's other stuff like business personal property loss, and media and other things in my cars, etc.. Oh, also Cyber event coverage including identity theft up to $30k if other coverage is insufficient.

I have had a claim before with one of my nicer cars and Erie absolutely bent over backwards to make it right - I was very satisfied. Erie also does my umbrella policy as well, which I hope to never have to use, but it was not expensive relative to the benefit it could potentially provide IMO.

Anyway, all of the additional riders are NOT cheap in total even with a high deductible (which is high but affordable) - but I have known people that had much cheaper policies that did not have replacement cost on the home, and things in the home, nor rental reimbursement, etc.. and it nearly bankrupted them covering it all when their home got struck by lightning badly and it was a huge claim that went to the limits of the policy and then *they* had to make up the difference... I'd rather not have to pay for so much, but I'm no longer a broke college student living on Ramen noodles so want to protect what I have worked really hard to earn.

The policy is an ErieSecure Home Policy, same with the Umbrella policy. I live in MoCo and nothing here is cheap. including homeowners insurance.

Very helpful post. Thanks.