How good is a Hugh Wood insurance policy when it counts?!?

[rexcat]

Between the monsoon like rain that was pouring like it hadn’t in decades and the power going down through out the neighborhood the now useless sump pump is silent, the only sound is a fairly large stream overflowing the sump, sending waves of rain water to a floor drain at the center of my basement. Working quickly and barely having cleared a path to the drain it looks like things have come to a stand still at the drain and I’m filling up with rain, man do I wish that was it…

 

But you see every house around was powerless, having the same water woes as me and the same “fix”; send that pesky water down their floor drains too. Yupper, in no time at all a city sewage system that normally is closed to any rain water had way more water than it could ever handle and I’m really taking on a mix of rain and pooh water. Nice…

 

This is how my summer started and for the next few weeks this is what I was going to be dealing with. The cleaning, the disinfecting, the dragging endless bags of stinky to the curb, and filing insurance claims, including one for coin damage.

 

I’ve had my collections insured with Hugh Wood Inc. for several years but this was the first claim, time to see just how good my policy really is. Taking out the policy was easy, no inventory or line item listing were needed, just decide on the dollar amount I wanted my collection covered for. My collection is covered against thief, fire, and flood in my home, (but I can take riders for having coins out of my home like for shows by the day for some, all, or show purchases). Yeah, it had been all easy buttons so far, but how will making a claim go down?

 

Among the water logged was safe containing mostly silver proof sets got soaked part way up destroying the mint packaging of 18 sets including flat packs 1956 to 64, two prestige sets, and some silver sets from 1999 to 2001. A few of the coins picked up spots from leaky holders too. I contacted Hugh Wood by mailing an inventory listing years and retail values and what happened. In about a week I received a call from an adjuster from Hugh Wood, after going through the smelly details he told me there were options has how to settle the claim which I was able to choose what would work best for me. I had the 18 sets appraised locally and sent the appraisal with photos and other forms back to them.

 

Next I was contacted by an adjuster from AXA Art Insurance a couple of weeks after sending my papers in, (I was actually being the weak link being slow in my tasks like getting the appraisal). The retail values that I submitted were listed in Coin World advertising in an early June issue, the appraised values were subtracted from the advertised price and this was the amount AXA would be sending and I retain ownership of the proof sets.

 

I’m very pleased with Hugh Wood Inc, and how they handled my claim, it went smoothly and wasn't dragged out. I felt it was worth while posting this story for both those who have policies with Hugh Wood or any one who’s thinking about them. You never really know how good your insurance is until…

 

:o :o

 

[michael]

congrats!! good to hear some positive news on your coin claim from the insurance company;

 

also i hope that your house gets cleaned up fast and as you want it

[Coin]

Paul , would it help If I wished you a HAPPY BIRTHDAY ? (9/24)....what's that make....in Wisconsin years ...hmmm stays frozen half the year ...so carry the two and divide by three...Happy 20th! In just 4 more normal southern years you'll be old enough to buy some Brandy to warm the gullet on the colder nights!

 

Man that is (not to jump or de-rail your post,sorry) really bad about the water .

 

On a lighter note , I am very glad to hear that you had the fore-sight to insure and the claims process was not a huge nightmare . That is good news .

[James_OldeTowne]

Rexcat, I am so sorry about your dreadful situation! Thanks very much for the information regarding your successful insurance claim. Valuable to know that.

 

Hope everything works out soon for you folks. I had very rare water in my basement from hurricane Ike. The rain came down so heavily that it created four inches of standing water around my house - high enough to overflow the foundation! This has only happened one other time in eleven years. We have a gravity-feed drainage system rather than a sump pump, and it does not rely on electric power.

[cpm9ball]

It sounds like Hugh Wood is handling their responsibilities the right way.

 

It's unfortunate that so many unforseen losses could be prevented, but some people don't realize it until it is too late. If you had a back-up generator, that old sump pump could have kept running.

 

Here, in South Florida, natural phenomena like hurricanes and electrical storms are very common. You could be without power for a few hours or a few days. And so it is that back-up generators have gained in popularity. The problem with the portable models is that there is always the risk of death from carbon monoxide poisoning. You are not supposed to put the generator in any part of the house or garage when it is in use. It must be outside.

 

Even that is no guarantee for your safety. I recall reading about one particular person who died from carbon monoxide poisoning when Charlie hit in 2004. The family was using a portable generator that was outside, but they had the windows open because it was so hot. (The generator was not designed to provide power for the air conditioning.) The generator had been placed below one of the open windows, but because certain interior doors had been closed, it had no way to dissipate.

 

Now, more and more families are opting for propane-powered generators that can supply electrical service for all household needs, including air conditioning. A 200-gallon propane storage tank can provide service for nearly a week, depending on household electrical usage. The tank can be installed above-ground, but it is safer if it is below-ground.

 

Of course, people living in northern states aren't as susceptible to the hurricane-force winds as we are, but they do have heavy snows and ice storms that can down power poles and leave you without elctrical service for days.

 

A good back-up system can cost several thousand dollars, and if it is needed just once in, say, five years, you have to ask yourself, "Was it worth the money?"

 

Chris

[rexcat]

what's that make....in Wisconsin years ...hmmm stays frozen half the year ...so carry the two and divide by three...Happy 20th! In just 4 more normal southern years you'll be old enough to buy some Brandy to warm the gullet on the colder nights!

 

Man that is (not to jump or de-rail your post,sorry) really bad about the water .

 

No problem Coin, this is an important point...

 

I think that when you are living in Wisconsin (where you sorta hibernate half the year to survive the brutal conditions) that you age in "turtle years". (thumbs u Since a turtle can live twice as long as person you need two years to make one turtle year, so I'm really like 25 and some change! Much better than counting in "cat years"; who wants to go around saying they're 357 years old?!? Not me man.

[rexcat]

Of course, people living in northern states aren't as susceptible to the hurricane-force winds as we are, but they do have heavy snows and ice storms that can down power poles and leave you without electrical service for days.

 

A good back-up system can cost several thousand dollars, and if it is needed just once in, say, five years, you have to ask yourself, "Was it worth the money?"

 

Chris

 

Good question Chris, I go back and forth as to having a back up power system in place. I would like never to have an interruption with a good system, but in the twenty years I've been in this house there have been just two power loses due to weather both lasting hours and once a truck hit a sub station nearby which took the power out for a little more than a day.

 

Then on the other hand looking forward the weather seems to be more violent more often in in the last couple of years, a trend that may worsen as the planet continues to become warmer. That's a tough one to predict...

 

Well it seems having my coins insured is the right thing to keep doing for now, I know that does work. (thumbs u

[KreeSkrull99]

I heard AXA was very good

 

Interesting to know that they do deliver