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I agree.
Gambled and lost!
Doubtful. Cars are usually excluded from homeowner's policies. Also, there are limits on contents. I don't know anyone with $3million on contents. And collectables are usually listed as supplemental and extra premium is charged.If they were in his house I would think his homeowners policy would cover it...???... Or at least some of it...
Did you click on the link?so where are the before and after pics
Is he an idiot? Did he pay that much for the collection or did he acquire it over a period of several hundred years? I don't know the guy and do not know any other details so I'm not going to judge him. Several years ago a buddy lost a pretty decent collection of Mopars due to a fire that a worker set. He had to move his cars (15 I think) and he temporarily moved them to a warehouse his sister and BIL owned. The building had spray in insulation and when new roll up doors were being installed, one of the installers lit up a gas axe and caught the insulation on fire. Once that crap lights up, it's not easy to put out. He didn't have insurance on the cars because several of them were being restored and before the move, his homeowners covered that kind of stuff. And he was more or less self insured. Sure, it's a gamble but so is driving to work.....
Did you click on the link?
I tend to agree. It's a terrible loss but if this guy is truly rich it might not be that big of a loss to him money wise. I know a few people that are well off enough that they don't insure some of their stuff. They are willing to assume the risk because they can afford it. Insurance is a game of risk vs cost. For example I have the usual auto and homeowners that most people have but I don't have earthquake insurance. It's just too damn expensive. Could I get wiped out by an earthquake? Sure, but that's a risk I'm willing to assume vs the cost of the policy. A gamble I'm willing to take.Is he an idiot? Did he pay that much for the collection or did he acquire it over a period of several hundred years? I don't know the guy and do not know any other details so I'm not going to judge him. Several years ago a buddy lost a pretty decent collection of Mopars due to a fire that a worker set. He had to move his cars (15 I think) and he temporarily moved them to a warehouse his sister and BIL owned. The building had spray in insulation and when new roll up doors were being installed, one of the installers lit up a gas axe and caught the insulation on fire. Once that crap lights up, it's not easy to put out. He didn't have insurance on the cars because several of them were being restored and before the move, his homeowners covered that kind of stuff. And he was more or less self insured. Sure, it's a gamble but so is driving to work.....
Did you click on the link?