Flood insurance

[hermosadive]

I just signed up with State Farm.

The Pro's: NO deductible.
All losses covered (run over the camera 2 or 3 times with your car
and.....it's covered! Drop it into the abyss and....it's covered)
NO deductible
Lower cost
NO deductible

Con's: Haven't found one.

Be very careful with your State Farm plans. My video camera was stolen. The adjuster called and asked a few questions, which at the time did not seem "baited" until it came time to finish the conversation. Because I used my camera ONCE to shoot a friend-of-a-friend's wedding, and they compensated me $200, the adjuster refused to make good on the replacement amount. They gave me $1000 for a $3500 video camera. I did not use this camera as a business, and the way the conversation was structured to appear casual and friendly really pissed me off. I have yet to move my insurance, but I will be looking into it.

 

[BubbleBunny]

I just joined scubaboard today to specifically learn about flood insurance. Good thing too, because I just saved a lot of money in the process! I was all ready to purchase a plan thru H2Oinsurance.com for my Nikon 8700, Ikelite housing, and DS-125 when I read the State Farm thread.

I thought I would give it a shot and gave my institution a call first since I have had such great experiences with them in the past. I can get a $3000 "Personal Articles floater" that covers my camera, all equipment and accessories for ONLY a $29 annual premium with a $0 deductible! This is a stand alone policy; it's not a rider on a homeowner's policy. It is an "all perils policy" so it covers just about everything. I mention "just about" because I did ask if there were any exclusions and there are two: war and nuclear hazard. If I'm in the middle of a nuclear war when my camera is damaged, camera insurance isn't going to be high on my list of worries.

I even threw a few scenarios out to the agents. Yes, I called back a second time to speak with a different agent just to confirm the information I was given the first time. You can't be too cautious when dealing with insurance agents, you know. Theft; General loss; Losing the camera after it was swept off the boat by a rogue wave (incidentally this is not covered by H2O); Water getting into the housing and causing damage to the camera; Acts of God; Dropped; Airline mishaps; etc... All covered. When you file a claim, they will attempt to replace the item. If unable to replace, then they will issue the replacement value of your item. Sounds like a win-win to me.

Oh, there is ONE CATCH. The institution is USAA and you have to be affiliated with the military in order to be a customer.

For comparison value:
The H2O policy had a $99 annual premium with a $100 minimum deductible for non water damage. There is a 10% of the actual total claim, or $250 which ever is GREATER deductible for water damage. More exclusions in this policy.

DEPP would have been $150 annually (because you have to insure a full set of equipment before you can insure your camera with flood protection). A $25 deductible or 10% of the actual total claim, or a maximum of $250 applies to all flood claims.

 

[Azotomix]

DEPP would have been $150 annually (because you have to insure a full set of equipment before you can insure your camera with flood protection). A $25 deductible or 10% of the actual total claim, or a maximum of $250 applies to all flood claims.

I am insured with DEPP and did not have to cover any other equipment. I covered only camera, housing, strobe, lens, dome. Camera and strobe also agaist flood.

 

[BubbleBunny]

I am insured with DEPP and did not have to cover any other equipment. I covered only camera, housing, strobe, lens, dome. Camera and strobe also agaist flood.

How long ago did you start your policy? I checked their rules and regulations yesterday. The disclaimer was printed in numerous places. You must first insure one complete set of dive equipment (regulator, BCD, plus one other item) before you can add a camera and flood insurance.

By the way, how do you add the count down below your signature? It's too cool.

 

[5615mike]

I am comparing the DAN equipment policy (Flood Ins.) against the DEPP policy. the 2 biggest difference I see are that DAN pays you cash, is excess insurance and has a higher deductible than DEPP. The Depp policy simply repairs or replaces damaged equipment. Does anyone have any experience with either of these policies?

Thanks for your assistance.

I have one claim with DEPP. They did a wonderful job. I had the repairs done and they sent me a check. Easy as that. Very pleased with them and their serivce.

 

[5615mike]

I am insured with DEPP and did not have to cover any other equipment. I covered only camera, housing, strobe, lens, dome. Camera and strobe also agaist flood.

Ditto