Alternative insurance coverage for U/W camera

[adjuster-jd]

I recently read a thread asking about ways to insure underwater camera gear against flooding, etc. While I know that dive equipment insurance is available, I might suggest obtaining a "personal articles floater" policy from your homeowners insurance company as a potentially cheaper alternative.

I have a floater policy on my other land camera equipment and so I called to ask about adding on my new C5050 and underwater housing. They said sure, no problem. I asked if this would be covered for flooding underwater and the agent confirmed that flooding WOULD be covered. This policy covers basically ALL RISKS to the equipment - dropping, theft, etc. Pretty much everything but mechanical breakdown. Coverage is for replacement cost (but you have to replace it otherwise you only get actual cash value...).

Unfortunately, they do not cover other scuba equipment on this type of coverage (it is only for specific items - cameras, jewelry, etc), but that equipment would generally be covered under a homeowners policy in the event of theft, etc.

Just a little suggestion for anyone looking to insure their dive cameras against all risks. It might be worth checking into. Coverage may vary from company to company so be sure to ask about coverage for flooding, etc, but at least for my company (USAA) there is coverage.

Happy diving...

 

[Damselfish]

One thing I've read in a number of financial magazines is that making too many small claims (sometimes even one or two) on a homeowners policy might cause the insurance company to raise your rates or even cancel your policy.

 

[Dee]

There have been reports of policies being cancelled when claims were made on homeowners policies...guess it depends on the company.

Adjuster....care to name the company you spoke to? A friend of our was told the his would be covered for floods yet when he did flood his camera and made a claim, the adjuster made the comment that it wasn't covered if he intentionally took it underwater, the flood coverage was if his house flooded!

I think I'll stick to DEPP.

 

[adjuster-jd]

My company is USAA - and this coverage is a Personal Articles Floater (also known by some companies as "inland marine insurance"). It essentially covers all risks to specifically listed items on the policy. This is a separate policy from homeowners insurance and covers only those items specifically listed. Intentional DAMAGE would of course not be covered, but accidental flooding certainly should unless the policy specifically excludes it that as a cause of loss.
FWIW - for about $4500 worth of camera coverage, I am paying $48 per year.
Yes - they do put a nice note on the policy packet that says "you claims history may affect your coverage...."
In case it isnt apparent from my username - I used to be a claims adjuster but I didnt handle property loss claims so that is not my area of expertise.

 

[KrustyTheClownFish]

I think I'll stick to DEPP.

What are the typical rates for DEPP? Is it just a flat rate on value of goods insured? Can't seem to find much on the website.