Gear Insurance

[NudeDiver]

In preparation for my Mexico trip, I decided to stop procrastinating and get off my ass about getting a Personal Articles Policy for my dive gear. Such a policy pays for replacement of an item due to loss attributable to a specific incident. Loss is if the item is lost, damaged, stolen, etc. Basically, everything but "worn out".

Unlike many insurances, there is no deductible in the event of a claim. Unlike making claims against one's homeowner's insurance (which often has a deductible), you will not get any "penalties" against your home owner's policy if you need to make a claim (if you don't know what I am getting at, Look Here). Unlike DAN gear insurance, there is no deductible - and it's not necessary for an item to suffer water damage. It's also PRIMARY insurance (i.e. it will pay first). Finally, you don't need to be on a trip or a certain distance from home for it to be effective. Lastly, it's also relatively cheap.

I inventoried my stuff and broke it down into the following categories and associated replacement cost:

SCUBA Accessory $813
SCUBA BCDs $1,415
SCUBA Camera Eq. $2,140
SCUBA Cases & Bags $919
SCUBA Electronics $2,100
SCUBA Fins $285
SCUBA Hoses $491
SCUBA Lights $145
SCUBA Masks $650
SCUBA Regulators $1,500
SCUBA Snorkels $72
SCUBA Tank $180
SCUBA UW Exp. Suit $2,783
TOTAL EQUIPMENT: $13,494

My quote for all of that is less than $250/year. Not bad, all things considered. Had I not procrastinated so long, the $350 I spent fixing my strobe, the $400 I spent replacing a computer, and the $500 or so I spent replacing broken prescription masks (twice) would have all been covered. But, now I'm set, so that if the airline makes off with one of my bags, or I forget something in a taxi (that actually happened to me once), or I beat a shark senseless with my camera while trying to escape - at least I will not be out the money for my gear.

So, I just thought I would pass this along.

Cheers!
nd

 

[RonFrank]

I'm surprised that your itemized list is not more detailed. With State Farm, I have to explicitly indicate the exact item, and replacement value. So for example my *camera equipment* breaks down into bodies, lenses, housings, ports, cables, etc., and each has a very specific description, like Nikon D200 body, serial number XXXX, original cost XXX.

Cases and bags $919... wow! I have some pelican cases.... but wow!

Maybe you just consolidated, or maybe your insurance works differently.

 

[Garrobo]

I've never bought any property insurance except home and automobile liability in my entire life and I've never had to make a claim. I've been covered either on the job or by Medicare for health insurance. I don't know if I've saved money or lost it.

 

[NudeDiver]

I'm surprised that your itemized list is not more detailed.

My itemized list is a lot more detailed. I didn't post the itemized list - I didn't figure anyone wanted the line by line inventory of what I have.

With State Farm, I have to explicitly indicate the exact item, and replacement value. So for example my *camera equipment* breaks down into bodies, lenses, housings, ports, cables, etc., and each has a very specific description, like Nikon D200 body, serial number XXXX, original cost XXX.

Yeah, that's what I did - but I just posted the summary for the sake of post brevity. The inventory has more than 80 items by line description

Cases and bags $919... wow! I have some pelican cases.... but wow!

yeah, it adds up pretty fast:

$15 Suunto Cobra Padded Computer Case
$20 Oceanic Padded SCUBA Mask Case
$35 GatorPak Fin Bag
$37 L. L. Bean Wet/Dry Wader Duffle (Green/Black)
$37 L. L. Bean Wet/Dry Wader Duffle (Green/Black)
$50 Outdoor Research XXXXL Cordura Duffle Bag
$50 Deep See Mesh Dive Bag
$25 Pelican 1060 Micro Case
$20 Pelican 1020 Micro case
$100 Pelican 1520 case, yellow, w/foam
$450 Gregory Denali Pro Backpack
$80 WX Tech Dry Bag, orange

 

[TT]

I would definatley check the insurance wording (fine print) on the coverage you purchased from your insurance company. It appears that you purchased a "personal articles floater" and scheduled items onto your homeowners policy. Be forwarned that a lot of insurers exclude certain perils, and location. i.e. only covered in "North America". It is true that there is no deductible, but if a scheduled item gets stolen or damaged it will affect your claims free discount on your homeowners insurance. - just a little tip from a Registered Insurance Broker......in Canada Eh!
Enjoy the diving in Mexico - Hopefully you are headed to Cozumel !!!!

 

[Joner]

Check out h2oinsurance.com

They're partnered with DAN. Comprehensive and reasonably priced.

 

[ShakaZulu]

Me thinks you got ripped off.....your LDS must love you

 

[NudeDiver]

I would definatley check the insurance wording (fine print) on the coverage you purchased from your insurance company. It appears that you purchased a "personal articles floater" and scheduled items onto your homeowners policy. Be forwarned that a lot of insurers exclude certain perils, and location. i.e. only covered in "North America". It is true that there is no deductible, but if a scheduled item gets stolen or damaged it will affect your claims free discount on your homeowners insurance.

This is completely NOT what I did.

As I stated in the OP - the PAP has nothing to do with HO insurance, and it has no deductible. It also provides world-wide coverage.

FWIW - with such a policy, I had a whole bag of camera gear (about $2000) replaced when I left my bag in someone's car while hitch-hiking in Canada. They covered - no questions asked. Didn't even need to provide a police report. They wanted one - but since they told me on the phone at the time (I called them from Canada) that I didn't have to have one, I didn't get one - so they didn't try to stick me for it later.

Me thinks you got ripped off.....

Nothing new there.

 

[RonFrank]

State Farm has a rider that provides world wide coverage, no deductible, and compared to what other specific agencies charge is VERY reasonable. I pay around $150 annually, and it covers EVERYTHING. I have not made claims against this policy, but know of several folks that have without issue, or premium hikes.

Not sure what you are referencing ShakaZulu as to *ripped off*. The One time I did use my StateFarm insurance (stolen car), it paid for my premiums for about a decade, and them some with no increase in prices. That was on items INSIDE the car, I had separate car insurance. Insurance is generally not a cost effective solution. Then again, it's generally not an option, but a requirement. However when you take a 2K+ camera UW with even more invested in a housing and strobes, it's not a stupid idea.

 

[Darcey]

I work for State Farm AND I just added my gear on to my Personal Articles Policy today since I'm leaving for Belize on March 1st. I'm kinda excited to see this thread since I litterally JUST sent the add-on through to Bloomington! (Shh! Don't tell that I'm on Scuba Board at work! LOL!)

ANYWAY...I'm glad to see that you did do a more specific itemized list. In the end if something were to happen the brand really isn't going to matter since the insurance will pay to replace your item with an exact or similar item, however, it does help when it comes to claim time. That way you have a SPECIFIC item rather than just a "scuba regulator". Also, when computing the value of an item don't forget to factor in tax. And yes, there is NO DEDUCTIBLE on your State Farm Personal Articles Policy and it does not go as a claim against your homeowners policy. Plus, like NudeDiver said, it's CHEAP! The rate here to add on my scuba gear was $1.60 per every $100.

Now...I can't post this without a shameless plug so here I go...

Like a good neighbor...State Farm is there!!!