Insured but might as well not insured

[wwong]

For the non-pros, equipments probably is covered by ones homeowner/renter insurance.

In shopping for a policy, my agent told me that:

1. They need detail inventory list (s/n, make, model, etc).

OK - no problem.

2. Receipt or formal appraisal value for all items.

<text ranting about deductible deleted due to incorrect calculation>

How about used gears? In Houston, I called CoOp - they don't do appraisal. While HCE does @ $5 a piece, they don't do it for insurance purpose stating it is a liability issue. Now what?

Alternative will be to buy business insurance, which costs 3x-5x more.

Any comments?

[utdbear]

1% deductible is $600 on a $60k residence. I know my insurance company(Texas Farm Bureau) does a different deductible for 'scheduled articles'.

[ndsimm]

who are you looking at for insurance? Most insurance companies don't require an "official" appraisal

[Bill M]

Ask about a personal articles rider.

[dmcantrell]

Originally Posted by Bill M

Ask about a personal articles rider.

+1

I have all my gear covered under a separate policy "rider" that has its own rules. It may even have its own deductible, but I'm not certain about that.

Also, just to reiterate, the math is wrong on the initial post.

1% of $60,000 = $600
1% of $180,000 = $1,800

[shamrock]

Personal articles policy. Mine is with State Farm, it's something like $1.35 per $1K of gear annually. No deductible. Covers theft, loss, damage.

[RKDauph]

Originally Posted by Bill M

Ask about a personal articles rider.

This is the way to cover your gear unless you make money with it. USAA will not cover damage or loss if the equipment is used professionally.

'Thinking' you're covered is worse than not being covered.

[SCone]

when my gear was stolen, State Farm wanted anything I could get that showed I had owned the equipment.... receipt, box, owners manual, old photo.... didn't matter to them, just something.. and since I carry replacement value, I got all new stuff

[Lexie]

Humm.........going to visit with my Texas Farm Bureau agent soon.

[DoublyDan]

I got The Hartford through USAA and after 6 months I was told that a detailed schedule of all equipment was needed. It would have been disastrous to find that I wasn't truly covered if something had happened....No appraisal, no homeowners deductible (I do have a $500 deductible)... Pay 500 a year premium for up to $10,000 worth of equipment. Just saying there are other options.

[texxter]

Homeowner policies normally don't cover equipment used to make money, even if it's a part-time business. You need a different type of insurance for that.

[wwong]

Cannot do math... sorry!

I found Wells Fargo Insurance, they gave me a very decent quote. Waiting on the actual policy to go over the small prints.

[49884]

Is the Wells Fargo Ins. a seperate policy to only cover your equipment?

[carrbowl]

You have to be a member of PPA, but I insure a little over $15,000 for $365 a year with a $100 deductible. That's a great deductible and can't beat the price for $15 grand either.

[wwong]

Originally Posted by 49884

Is the Wells Fargo Ins. a seperate policy to only cover your equipment?

Yes. Totally separate, equipment only.