insuring gear

Post by **Josephine** » Wed May 13, 2009 7:32 pm

so just out of curiosity, does anyone insure their gear separately from their home-owners/renters policies?

Post by **sendit** » Wed May 13, 2009 8:22 pm

I'm not sure why you would? Renters/homeowners will cover gear. I've had a couple friends living out of their trucks that got gear stolen and it was covered.

Post by **Josephine** » Wed May 13, 2009 9:26 pm

my homeowners has a $500 deductible whereas if i insure it separately it's a $100 deductible. just thinking about options and what would be best.

Post by **bentley** » Fri May 15, 2009 12:42 pm

just be very certain the insurance agent writing the policy knows exactly what it is, what you are doing with it and where you are doing it.

What is the annual premium?

Keep in mind that a homeowners policy will cover all of the contents of your car. If you have a policy for your gear but that policy does not cover jackets, sleeping bags, cooking stuff etc. your going to end up filling two claims and you really don't want to do that. Plus then your exposed to both deductibles.

Post by **kirker** » Fri May 15, 2009 5:08 pm

bentley wrote:just be very certain the insurance agent writing the policy knows exactly what it is, what you are doing with it and where you are doing it.

What is the annual premium?

Keep in mind that a homeowners policy will cover all of the contents of your car. If you have a policy for your gear but that policy does not cover jackets, sleeping bags, cooking stuff etc. your going to end up filling two claims and you really don't want to do that. Plus then your exposed to both deductibles.

Good advise bentley.

You should look at what the annual premiums will increase to if you changed your deductable to a lesser amount. It maybe less then a second policy.

Post by **Josephine** » Fri May 15, 2009 6:48 pm

to insure $4500 worth of gear it's $100/year premium & $100 deduct through a personal articles policy at state farm.

that's a good point about having to fill out 2 claims if they take more than just my rack.

Post by **bentley** » Fri May 15, 2009 8:39 pm

I would not take out the second policy.
I would just make sure that you have adequate coverage on your homeowners or renters insurance.

On that note, make sure that your policy reads that you have "Replacement Cost" coverage and not depreciated coverage. I believe the difference is clear but say you bought a TNF jacket 5 years ago for $400 and you have a depreciated policy. They will only pay you what a 5 year old TNF jacket is worth even though it will still cost you $400 to buy a new one. There are ways to get around that but it is not worth the hassle.

So, "Replacement Value" policy is what you want to make sure you have. This clearly applies to everyone and everything, TV's, bed, furniture etc.

Post by KD » Sat May 16, 2009 3:48 am

i would not want my insurance company to know that i climb.

Post by **bentley** » Sat May 16, 2009 10:49 am

Really the only company that would care is life insurance. There are still a few companies that don't ask if you climb. If they do you can expect it to increase your premium in upwards of 50%. And don't lie about that by the way!

Post by **dipsi** » Sat May 16, 2009 12:27 pm

Josephine wrote:to insure $4500 worth of gear it's $100/year premium & $100 deduct through a personal articles policy at state farm.

that's a good point about having to fill out 2 claims if they take more than just my rack.

I don't know, Josie. In five years, you would have spent the $500 deductible on premiums for the extra policy. Chances are more would be taken than your rack in which case you are out the $500 anyway. Just my take on the quandary.