If you own your own equipment read this! Update your insurance!

Did that last week, put me at around $50 more monthly but non the less great reminder for all.

 

I did the same. Need enough to cover fair mkt. replacement cost. Stated value policies I’m told are a thing if the past. Only going to get enough to replace with like kind. Still need enough coverage though to meet that threshold. Stated value used to mean exactly that. No questions.

 

The thing to remember is, the cost to replace your equipment has almost doubled.. Two years ago, $175K value on equipment would pay for a new truck. Today $175K is going to get you a 2 - 4 year old unit with 200 - 400K miles on it.

 

I went through the stated value hassle a while back with Great West. I wanted to insure my tractor for what I think it's actually worth. They wouldn't do it. Told me everything is current market value only. Insurance companies really got an awesome racket going.

 

Timely advice. My spam email and robo-calls have ramped up suddenly, to let me know it's insurance renewal time.

 

Thank you, not something I thought of. Merry Christmas

 

Not to hijack, but don't forget to reevaluate with your insurance agent what your home is insured for vs what it cost to rebuild it in today's money after a major loss.

 

I did this last month. Went through and upped the insurance value on everything I own. Had a buddy get his hood torn off in the truckstop. After he told me the cost of the bill I called my insurance the next day. What a wakeup call that was.

 

Yes we need to do this as well. Thanks for the reminder.