Generally on a homeowners policy, they allow up to a certain blanket amount to cover various things ($5000 for jewelry, $5000 for electronics, etc. All figures are examples only and not representative of anything in particular.)

If you have a few bikes, where replacement cost would be into 5 figures, then yes, you should have them listed separately. If you don't have original receipts, take an inventory (The excel spreadsheet will do nicely) and put next to each part the cost to replace at current market value. List everything, wheels, extra parts, tools, list serial #'s, descriptions, specs, etc.

You can show the agent the copy (They probably won't keep it) but they will probably amend the policy to include the items, and you may have to pay a little extra premium.

It's a good idea to have something that lists all items that you would want to replace in case of robbery, fire, etc. Every once in a while make sure it's updated, burn the spreadsheet to a CD, and stick the CD in a safe deposit box with all your things like marriage certs, etc. That way even if a fire gets everything, you still have a record.

John

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I can speak first hand on this as I had a bike stolen. It was at an event a couple of years ago - Hotter tahn Hell 100 in Wichita Falls, TX. The police and event organizer could not have cared less about my stolen bike. It happened in the finish area.

Our policy covered stolen property up to 10% of the value of our house or $10,000 max. I had to pay the deductable of $1,000 but the insurance company covered the replacement value of my bike. I was greatful for that. My bike shop worked up a receipt and I submitted it to the insurance company.

My wife called the insurance comapny for me to see if they would cover a stolen bike. The lady told my wife, "Now honey, yoru deductable is $1,000." I think she crapped herself when my wife said how much my bike cost.

I spoke with State Farm recently, so this is fresh in my head. They don't exactly add a $5k bike to homeowner's ins. What they will do is give you and individual article policy, for the aforementioned $5k. When I asked, they quoted a policy premium of a whopping $83 per year. They make you jump through a bunch of hoops though. You have to register the bikes with the police dept., they want all components listed, and receipts for their purchase (to establish value). Not sure how lenient they are on the receipts part, I just started looking into it, so have yet to purchase. I hope that at least partially answers your question. They said on homeowner's you were covered anyway, but not for that kind of value... However, if it got stolen, say at a race, not covered at all.

Eric

I have a rider on my insurance policy beyond what is covered from the "standard" Policy. I have added each bike as I got an new one and gave the receipts to my agent for review and documentation. Each bike is listed on the policy in addendums, much like jewlery-you have to submit appraisal reports and grading anaylsis.

When I garaged my serotta I called my agent told him what happened he called in the insurance company-whom had a bicycle specialist who asked me about every part and detail. He knew the difference between ultegra and d/a was knowledgable with the brand etc. Generally a pleasant experience.

I was asked by the insurance company rep if I wanted to use one of their shops or go back to where I bought the bike (signature cycles)

Since Paul had all of my dimmensions I went back to him, the insurance co but the check to me and I now have a really cool piece of art in my office and a bike to ride.

It costs me a couple hundred dollars/year for the bikes and jewlery. Maybe and additional $50k in coverage.

k

2X on the above.

I am an insurance agent and recommend you trying to add coverage to your policy. The carrier will either itemize each bike or you can purchase “blanket” coverage to a certain limit. In most cases it will cost you about 1% of the value of the additional insurance (and maybe a fee). My personal insurance requires me having proof of everything I own if my home were to burn down. Not only is it a good idea to take note of your bikes but everything else in the house too. A simple way of doing this is spreadsheet and video. I videoed my home and then wrote up a basic spreadsheet of the more expensive items like my TV and computer then keep it away from your home. If your home were to burn to the ground you can see in the video you actually do own 25 pairs of running shoes @ $120 a piece.

Where do you live?

Curious why isn't it covered if stolen at a race? Is this different if it were stolen lat a supermarket etc? Am I missing something. Barb

Add it as a piece of scheduled personal property. Meaning you list out exactly what you have...I work at a big insurance company (for now) and have been in the industry for 20 years.

I just bought a bike and this is what I sent my agent.

Lynskey Performance R420 - Medium Frame - $
Dura Ace (10) full components - $
Wheels - $
etc. - $
Total = $$$$

Sent with the receipt and pictures. If it gets stolen I have proof of what I had. I got replacement cost on the bike which means they replace it at the current cost. So if I buy the bike today at $6,500 and in three years the exact same bike is $12,000 they pay the 12K less my deductible.

You should do the same for any high value item. Jewelry (rings, watches, etc), paintings/art, collectibles etc. This will speed up the claims process which is generally too long anyway.

Mine was stolen at a rally and it was covered by Farmers Insurance. We did not have a rider. It was covered as stolen property. And I was clear with my agent about where it happened.

I asked that specific question of my carrier and was told that it was covered in all cases. Transition, coffee house it gets a little sticky with cars and multiple insurance companies blaming each other.
k

Here is one BEWARE story....

I did all this you guys suggest. I don't have any receipts so I took pics & printed out webpages of what replacement costs would be. Talked with my homeowner agent, sent him all this stuff. He says no problem, we should be covered anyways under regular policy but this will definitely take care of it, probably be a few extra bucks a month.

8 or 9 months later I discovered that they were charging me $100 per month for this extra coverage. I raised hell, said no way would I have agreed to that - $100/month is waaaaaay more than the "couple extra bucks" I was verbally told. After a month or so, they got all those extra charges dropped.

I forgot what the insurance guy said (not local guy, the big boss guy I eventually reached) but it was something like 8% of the total value that this company charges you annually. I asked what my rider for jewelry (which I would think would be way more prone to loss/theft) was costing me and that one really IS a just few bucks a month, (and my jewelry total value is more than the bikes' value).

I called my homeowner's carrier (also my employer) to ask about coverage for my new bike and they refused to even rate it because I will be racing on it. Ok. So I called my auto carrier and for $96 a year ($8/month) my bike is covered against many types of losses. Full spec sheet, receipt, and pictures are on file with the agent.