I am looking into insurance. In order to determine how much my State
Farm homeowners covers and whether I should buy additional insurance
from the NMRA program, I need to value what I want insured. Checking
on the NMRA insurance, I found the following:
A. Blanket Coverage
*Limit $ x .0075 = $ Blanket Coverage Premium
B. Inventory Coverage Please Submit Schedule
*Limit $ x .0060 = $ Inventory Coverage Premium
C. Layout Coverage (Excluding rolling stock)
*Limit $ x .0060 = $ Layout Coverage Premium
A+B+C ($100 Minimum) $ + $10.00 NMRA Fee = $ Total Premium
and NMRA Fee
Q. How much coverage will the $100 minimum premium buy?
A. For "Blanket Coverage": $13,333; or "Inventory Coverage": $16,666;
or "Layout Coverage": $16,666. If you buy a combination of coverages,
these figures will vary based upon the values placed under each item.
Since I have my rolling stock in RailOP, I can use that to estimate
value. Then I can go back to the State Farm agent to see if it is
covered. But I don't know how to value the layout. I wonder if
custom builders have an average price per sq ft or equivalent that
could be used. Any ideas?
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