Flood and Equipment Insurance

[BurBunny]

An update. I just called DAN and the representative spoke with the adjuster, Karen, and if the items are scheduled together on the policy, meaning as one item together on one line, then they will consider the housing with the camera when it comes to replacement cost.

They have followed up with that info (including names) in writing, so if anyone needs this, let me know.

DAN just earned my insurance business!

 

[Genesis]

While it doesn't protect me from obsolescence, it DOES mean that if I have a flood I get a check for BOTH items. That is fantastic; I will have to replace at least one of them and service the other, at least most of the time, but with the way the industry advances there is a VERY good chance that what I had originally won't be available any more.

This keeps me from having to go to eBAY to get a replacement or worse, being stuck with only half a fix and a bill for a replacement housing that, but for the flood, I would not have had to buy.

Their deductable is still quite high, but that softens the blow significantly..... I still don't think it makes sense until you get in the $2000 range or thereabouts in the total "whack" if you flood (housing + camera), but that's quite possible with many "prosumer" setups, and DEFINITELY happens with video gear.

 

[Dee]

I still prefer DEPP. I might consider DAN's coverage and that option if I had a housing too expensive to just write a check for to replace it spur of the moment. But since I'm using a PT-15, the replacement cost is way below the deductable.

Isn't it nice to have options!!!

 

[Genesis]

Let's say you have an Ike housing an an Oly5050. Total package cost about $1100.

You have a $250 deductable. You have a flood. DAN cuts you a check for $1100 - $250.

For that you can both replace the camera (which is trashed) and have the housing repaired!

IOW, you have zero deductable in practice....

Hard to argue with that.

(That's why I had trouble believing it, but if someone has it in writing, then that's good enough for me!)

 

[BurBunny]

Dee, I agree, one policy isn't for everyone.

Here's the way I'm looking at it. Even with a PT housing, it does still make sense for me. About $700 cost of the camera/housing. If my camera is flooded 18 months from now, for only $250 I have my choice of entirely new system.

With DEPP, as I understand it, I'd be covered for the $500 on camera (less $50 deductible) and the best I could do is a replacement of the camera. If that's not available (new or refurbished), I pay the difference for a new camera, plus I might need a new housing. Total out of pocket in that scenario is the $200 for the housing, $50 for the deductible and whatever difference for the new model. Not to mention DEPP is slightly more expensive to begin with due to the way they calculate the policies.

The two come out pretty darn even. In that case, I'd rather have the cash and control over what I purchase to replace the system. Since digital technology is changing so rapidly the liklihood of a camera to fit my current housing in 18 months is questionable (though I could purchase a used or refurbished myself - my choice). Cash gives me more flexibility.

At least now we really know how to evaluate and compare these two policies to best fit our own needs. Information is power!

Amber

 

[Dee]

BurBunny once bubbled...
Dee, I agree, one policy isn't for everyone.

At least now we really know how to evaluate and compare these two policies to best fit our own needs. Information is power!

You got that right, Sister!

 

[blacknet]

Hello,

With my recent theft case the adjuster ask for a replacment quote, then cut me a check for that amount in record time. I assume they handle floods the same way.

Ed

 

[indiana*joe]

Two things drove my decision. One, if my gear is stolen, my home owners policy covers that. Pretty standard fare. Also, as most have figured out. With $800 investment to-date, a $100 policy + a $250 deductible year one = $450 savings. Year two, $350. Year 3 - $250. You get the drill. They're betting their business that it WON'T flood and they are making money. I'm placing my bet with the house odds. Guess, I'll be my own ins agent and write myself a check, cuss and kick the wall. But, it's just a game - I played and THAT time I lost. Tough noogies!

 

[BurBunny]

My homeowner's insurance would cover theft, too. However, I know in my area 2 claims of any sort (including just an INQUIRY to learn if something is covered - like to find out how much of a particular damage to your house is covered but no claim made) within a 3 year period usually leads to you being cancelled and placed in a high risk pool which is much more expensive. I'm not willing to risk insurance on my home to cover my equipment, which is why I'm going to be insuring it separately.

I've heard many other areas are this strict as well, so think carefully before you decide that HO insurance is a good way to go.

Amber