Lazyass

Desert Storm vet, lost almost everything including his two bikes

Our store manager, Chris, was involved in a house fire this week and lost nearly everything. If you can help in any way or simply pass this along, it would be greatly appreciated. Thank you.

dedhed

Isn't this the point of insurance?

Inusuit

Having suffered $60,000 in damages to my fully insured home and property in a weather incident, I can say with authority that insurance does not make you whole.

PeteHski

We had our holiday apartment flood a couple of years ago from a burst pipe. Caused damage in excess of $50k CAD in our unit, plus about the same again in the unit below, plus we lost a whole season of rental income. Insurance covered everything.

SpedFast

Hope things work out for him. We lost our roof in a tornado and insurance jerked us around forever until we settled for cost of materials and had to cover the labor. What a joke. I still insure everything, but have low expectations for any future claims.

downhillmaster

Unfortunately insurance does not always make everything whole.
Sometimes it’s the fault of the insured for not having the correct type or amount of insurance. And some people do not do enough research before purchasing their insurance and/or simply cheap out and hope for the best.
Sometimes it’s the fault of the insurer because let’s face it, most insurance companies suck in one way or another.

jaxgtr

I been very lucky with my insurance company. Both times I've needed to claim, they have covered and paid very quickly. I generally have low expectations for insurance coverage on a home in Florida due to a hurricane that happened over 25 years ago, 500 miles south of me, but it impacted the whole state as far as coverage ever since.

Paul Barnard

Insurance depreciation schedules can be ridiculous.

GlennR

Bad things happen to people all the time.

I wish I was wealthy like Jeff Bezos and help everyone that asks, but i'm just a poor retired slob on a fixed income. So I can only help family and try to help those than can't help themselves.

"Unfortunately, he did not have renter's insurance."

His decision has consequences.

Not sure why this is in general-cycling-discussion other than he works in bike shop.

msu2001la

I can read the OP's link because I'm not on FB, but I can relate to the overall theme here. I lost a bike in an apartment fire in the late 90's. My insurance payout did not cover the full cost of replacement, due to "depreciation". Taken by itself, the payout on the bike was reasonable given it's age and condition, but I also lost nearly everything else I owned that day and much of it was similarly devalued due to depreciation. My insurance similarly devalued things like my TV, stereo system, etc. I get that a 3 year old sofa probably isn't worth the same as a brand new one, but there isn't exactly a hot market out there for slightly used sofas. You end up buying cheaper stuff than you had before, or spending money selectively. I had to replace all of my clothing, winter coats, shoes, bedding, bath towels... I had go buy a new toaster.

Anyway, when I got my insurance check (which came relatively fast), I had to make some difficult decisions on what to spend the money on because it definitely didn't cover my actual cost of replacement. By the time I got done buying all the everyday things I needed to live, there wasn't much left for things like bikes.

Mojo31

Pay for replacement cost coverage.

Cyclist0108

AAA just raised our annual homeowner's insurance to nearly $5K.

So I guess I am a bit out of sympathy for those who decide they want the payout without the costs.

rumrunn6

there are not enough details for any of us to help. in our town, the bike shop helps everyone & everyone knows the family business. if it happened in my town, I'm sure we would rally to help. maybe your town can organize a go-fund-me page & advertise it locally, where you live

https://www.gofundme.com/c/how-it-wo...SABEgKuWfD_BwE

Sertsa

If he hasn't yet, have him reach out to the local chapter of the Red Cross. The Disaster Action Team typically responds shortly after a disaster, but they may be able to assist with guidance and resources.

downhillmaster

Did I miss something?
Who specifically stated that they want the payout without the costs?

prj71

Where do you live or what kind of mansion do you have that you pay $5k annually for homeowners insurance?!!!!

I have my home insured for $300k and it costs me $650/year.

Calsun

He was lucky in that a claim against fire insurance is the easiest to make and get payment. People who have property damage or loss from floods or mudslides or earthquakes are out of luck. The only issue with personal property insurance is being sure that one has replacement cost coverage. Otherwise a $5,000 bike that is 3 years old and would cost $7,000 to replace today will have a depreciated value of less than $3,000. And be sure that replacement cost is specified in writing in the policy.

When I lost my house in an earthquake the Red Cross were nowhere to be seen. The only groups that were helping out people was the California Civilian Conservation Corp and the Salvation Army. The Red Cross did raise a lot of money but it all went to their headquarters in Washington and none of it was spent in the county. The Red Cross is infamous for using disasters as fund raising events in this country.

Mojo31

It all depends on where you live. Here in the hail belt, ours is approaching $5,000/year and we don't live in a mansion. Also depends on whether you have replacement cost coverage for your personal property as that is higher cost.

blue192

Problem with insurance while a good idea to have is that the contents are insured for "replacement value" and not the cost of what you bought the items for. Additionally bicycles (at least in Canada) are limited to 300$ unless are both listed as an add on item to the police and registered with the local police in case of theft.

indyfabz

Do you park your car covered when at home? The time I toured in the Black Hills there was a bad hailstorm at night. As I was leaving town the next morning I noticed that someone residents had metal shelters to park their cars under, and there was an auto repair place advertising hail damage repair.

Mojo31

We have a three car garage, and all cars are parked inside. We also make sure to leave certain ones home when hail is in the forecast.

Hail repair is big business here.

prj71

I live in WI. And yes I have replacement cost coverage for my personal property. It's 75% of coverage A.

I can't imagine paying $5k/year for homeowners insurance. I'd be moving away from something like that.

Mojo31

Well, it's all relative. I make a whole lot more here than I could in Wisconsin, so I'm good.

Plus, I never have to shovel snow. I moved away from that nonsense 40 years ago and never looked back.

Win-win.

rumrunn6

huh? what? someone say snow?