Insurance for Tech Gear

[rx7diver]

All,

Last night I read the thread http://www.scubaboard.com/forums/lo...tolen-deerfield-beach-fl-being-sold-ebay.html in the SB Lost-Found-Stolen forum, and got spooked!

I spoke with my State Farm Insurance agent this afternoon and learned that my scuba gear is considered recreation equipment, and I could purchase a rider policy for it (for "any" recreation equipment, in fact) for replacement value for the annual rate of $1.60US per $100 value.

Questions:

1. Do you have/recommend purchasing a rider policy for your scuba gear? For replacement value? Even if you have a homeowners/renters policy that covers scuba gear? Even if your Dive Insurance policy (e.g., the top level of DAN divers insurance) has a provision for equipment loss? (Do you earn income using this scuba gear?)

2. Is the State Farm price competitive for this type of rider policy?

I placed this note in the Technical Diving forum, because I especially would like to know the opinion of divers who own a small fortune in tech gear.

Thanks in advance.

Safe Diving,

Ronald

 

[Doc Harry]

All of my gear is covered under my homeowner's replacement policy.

 

[Scott L]

All,

Last night I read the thread http://www.scubaboard.com/forums/lo...tolen-deerfield-beach-fl-being-sold-ebay.html in the SB Lost-Found-Stolen forum, and got spooked!

I spoke with my State Farm Insurance agent this afternoon and learned that my scuba gear is considered recreation equipment, and I could purchase a rider policy for it (for "any" recreation equipment, in fact) for replacement value for the annual rate of $1.60US per $100 value.

Questions:

1. Do you have/recommend purchasing a rider policy for your scuba gear? For replacement value? Even if you have a homeowners/renters policy that covers scuba gear? Even if your Dive Insurance policy (e.g., the top level of DAN divers insurance) has a provision for equipment loss? (Do you earn income using this scuba gear?)

2. Is the State Farm price competitive for this type of rider policy?

I placed this note in the Technical Diving forum, because I especially would like to know the opinion of divers who own a small fortune in tech gear.

Thanks in advance.

Safe Diving,

Ronald

By scheduling the equipment on a rider you typically will avoid a deductiable as you would by claiming against your homeowner's, unitowner's or tenant policy's personal property coverage. In addition, most such policies limit off-premise theft loses to 10% of Coverage C (personal property). Lastly, covering on a rider will broaden coverage's to also include breakage, Etc.

 

[astrofunk]

My scuba gear was covered for replacement value (minus a deductible) under my State Farm renter's policy, without any kind of rider.

 

[rjack321]

My belongings (not just scuba gear) are covered at replacement value minus a $500 deductible. Jewelry, guns, and works of art are a bit unique but otherwise its replacement cost.

 

[Tienuts]

I'm curious to those who have gear coverage under riders, or their homeowner's/renter's, what has happened after filing the claim? From what I hear from others who have done so (at least in Florida) you either a) have a nightmare of a time with the claim and ultimately collecting, or b) get your homeowners policy dropped.

The insurance business is tough right now, and they are looking to pay off the least possible. My GF is in the process of suing her homeowners insurance for non payment on a claim she made.

In the Deerfield Beach theft, I feel for the guy, I genuinely do, but I'm willing to bet his trailer was marked up with a dive shop logo, or large dive flag, or something to mark it as a target for thievery.

As a former police officer, I worked in a burglary task force, and one of my jobs was to conduct meetings for groups of citizens and homeowners and teach them tips on how to avoid the burglary in the first place.

Now Deerfield Beach is a crime haven. Most of Broward county is. I'm sure the OP didn't know this, buit that's irrelevant. While some areas of Deerfield & Broward are nice, don't think by going to a nice neighborhood that you are safe. Criminals want to steal nice things, and go to nice neighborhoods to do it.

And as big of a pain in the ass that it is, the gear should be locked up with you in the hotel at night. We just went to see the (postponed) space shuttle launch. In the car with us was about $20k worth of photography equipment. That stuff was never out of our sight for an instant. A smash and grab is too easy to do.

 

[rx7diver]

Thanks, everyone, for your input!

By scheduling the equipment on a rider you typically will avoid a deductiable as you would by claiming against your homeowner's, unitowner's or tenant policy's personal property coverage. In addition, most such policies limit off-premise theft loses to 10% of Coverage C (personal property). Lastly, covering on a rider will broaden coverage's to also include breakage, Etc.

Scott_L, I wasn't aware of the typical limited off-premise theft losses for personal property. I'll follow up with my insurance agent this week. Thanks.

Safe Diving,

Ronald

 

[rjack321]

I'm curious to those who have gear coverage under riders, or their homeowner's/renter's, what has happened after filing the claim? From what I hear from others who have done so (at least in Florida) you either a) have a nightmare of a time with the claim and ultimately collecting, or b) get your homeowners policy dropped.

Maybe 4yrs ago I filed a claim for a stolen outboard motor (25hp was on my small boat). Minus deductible my claim was paid at replacement cost (~$1900) within a few days and I lost my "claim free" discount for 3 years. My homeowners is with Pemco.

I have had State Farm in the past and would never use them again, they were masters of obfuscation.

 

[M_Bipartitus]

As it has not been mentioned yet, "recreational equipment" as far as interpreted by some insurers does not include gear that could be used for business purposes. So if you happen to be an active DM or instructor it could be worth asking if your gear is still covered. I found out that my dive gear is only covered up to $2k since I've used it to take photographs and I have a photography company. Similarly, one of the local independent instructors here was told by his insurance company they can't cover his gear under homeowners/renters insurance since he is a part-time instructor.

 

[Scott L]

As it has not been mentioned yet, "recreational equipment" as far as interpreted by some insurers does not include gear that could be used for business purposes. So if you happen to be an active DM or instructor it could be worth asking if your gear is still covered. I found out that my dive gear is only covered up to $2k since I've used it to take photographs and I have a photography company. Similarly one of the local instructors here was told by his insurance company they can't cover his gear under homeowners/renters insurance since he is a part-time instructor.

Yes, volunteering such information may not be the best move.