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Check your insurance! Make sure your gear is covered!

 
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mamero



Joined: 25 Aug 2013
Posts: 225
Location: Vancouver, Canada

PostPosted: Thu Oct 26, 2017 11:44 am    Post subject: Check your insurance! Make sure your gear is covered! Reply with quote

To all my wind addicts who transport or store gear in their vehicles. Please double check your home insurance and make sure you have adequate coverage!

As many of you know, my windsurfing van was broken in to in September and a good chunk of gear stolen. Fortunately, some gear was recovered. Unfortunately, some was not. I am still missing a 2015 Sailworks Retro 6.0, 6.5, a couple mast plates, and some other small items.

Regarding Insurance.
Some home insurance providers and policies have limits on how much they will cover if your property is stolen from your vehicle. Others do not have limits and use the total property coverage available.

Unfortunately, even though my policy stated I had adequate coverage for my home property, the limit of coverage for my property if stolen from my vehicle was only $1500. However, with my current policy IF the property was in a "locked compartment" separate from the passenger area it would have been increased to $10,000 (I.E glove compartment or trunk). Now, it's a little a difficult to transport ALL your windsurfing gear for two people in a trunk or glove compartment! Essentially, with a policy like this, ANYONE who has a van or a hatchback is screwed and limited to $1500 coverage.

After shopping insurance providers I am switching providers. I have read through their fine print and also asked them specifically about windsurfing gear if stolen from an "open passenger area". They have NO limits on property stolen from your vehicle. If your home insurance states your have a maximum of $20,000 property coverage in your home that is the maximum that would be available if your gear is stolen from your vehicle. If you have $1,000,000 maximum coverage for property in your home, that is the max that would be available if stolen from your vehicle. Also, with my new provider there are no terms stating the property must be in a locked compared to be eligible for full coverage. As long as it's stolen from within a locked vehicle you are fully covered. Their minimum deductible is $500.

Summary
1. Your "property" is NOT covered through your auto insurance. It is covered through home insurance.
2. Do you transport your gear in hatchback or Van? Yes? CHECK YOUR INSURANCE fine print for limits on coverage and the terms of when it is covered and when it is not.
3. If there are limits on your coverage amount or when/where it's covered, contact your provider to update your insurance policy or, simply find a new insurance provider.

FINAL NOTE. DOCUMENT YOUR PROPERTY! Take clear photos of everything. If there are serial numbers log your serial numbers, make, model, model year, in a spread sheet. Keep all original receipts in a safe place. Engrave your gear with your drivers license number.

Be safe. See you on the water!
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akrausz



Joined: 19 Sep 2008
Posts: 84
Location: Sarasota, FL

PostPosted: Thu Oct 26, 2017 4:14 pm    Post subject: Reply with quote

Useful information, thanks!
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U2U2U2



Joined: 06 Jul 2001
Posts: 4382
Location: Shipsterns Bluff, Tasmania. Colorado

PostPosted: Thu Oct 26, 2017 8:33 pm    Post subject: Reply with quote

Interesting if the US insurance policies reflect the same.
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philodog



Joined: 28 Apr 2000
Posts: 142

PostPosted: Sun Oct 29, 2017 6:53 pm    Post subject: Reply with quote

Don`t trust what your agent says. Read the whole written policy. It may cover 20k for property but there are usually exceptions including cash, precious metals, jewels etc. Watercraft are often included in the exceptions. Or have a set limit.
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U2U2U2



Joined: 06 Jul 2001
Posts: 4382
Location: Shipsterns Bluff, Tasmania. Colorado

PostPosted: Wed Nov 01, 2017 9:59 am    Post subject: Reply with quote

The vechile contents on my State Farm ,USA policy are covered under my homeowners, personal property. What applies is the deductible of the higher, home or comprehensive auto.

I was told there are no exclusions, like watercraft. From past dealings myself if you claim a high amount , some documention will be required.

If this issue is of concern , vechile contents thief, I recommend to speak to a knowledgeable agent , there much like anything are the ones that know and those that fake it.

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drysuit2



Joined: 01 Apr 1997
Posts: 112

PostPosted: Tue Nov 28, 2017 1:41 pm    Post subject: You need a Specific Rider on your Home owners Policy Reply with quote

Good advice from the OP.

You need a Specific Rider on your Home Owners Policy.
Generally "full replacement value" for sporting equipment defaults to $1,500 per incident.

That's it... And don't just think about theft. Think accident and fire.

A little over 15 years ago, a car parked next to my van was firebombed by the owners ex girlfriend.

Ever since then I carry a Rider on my homeowners policy that specifically covers me for $25,000 for sporting equipment. I recently raised it to $30,000. It only costs me an extra $35 per year. Let's hope I never need to use it.

And remember...document, document, document. I keep a spreadsheet with everything I carry. Plus Photos.

List everything! Masts, booms, extensions, wetsuits, sails, boards, fins, surfboards, bicycles, fishing gear, camera gear, board racks, pads, harnesses, board and sail repair tools, tapes, epoxies, etc. I generally don't carry everything, but I get close on vacations.

Hope this helps.



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