Marty

Insurance for your toys.

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Someone ask me about leaving my rods in the car and was I worried about someone stealing them.  We all heard about rods and reels getting stolen and even our lures.   Let me tell you about how to get coverage. Let’s start with homeowner insurance. There is a coverage called - rider- it covers you for all and any toys you have like rods and reels. It’s cost about $14 a year for $25,000. If you don’t own a house, you can get a rider under your car insurance. Insurances companies don’t tell you about these riders. There is also a rider if you get injured in a car crash. The pay out is $1000.00 a week $4k a month. Tax free ! It cost  about $30 a year. Great thing to have if you have kids and your the bread winner. Ask you insurance company. 

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If you don't own a house you can also get renters insurance, which works like homeowners insurance for your stuff, but much cheaper since the insurance company has a much lower liability than they would on a home.

 

If you rent you should really consider renters insurance to protect your stuff in case of a diaster.

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Your car insurance will NOT cover all of your fishing gear. There is no rider that can be added to car insurance policies. You can add additional coverage to cover the car, after market parts, personal injury/ medical or liability. You will need a renters policy or homeowners policy to cover your personal property (I.e. fishing gear). Your basic car insurance will cover limited personal property (like clothes or luggage) up to $250 under the standard contract. As for coverage limits on your car insurance they vary from state to state. Major differences from NY to NJ...CT and MA. If you want to cover your fishing gear against most any type of loss (peril), you should "schedule" each item individually on your home or renters policy. If I had a VS or ZB reel, for example, I would have them insured to value on my homeowners policy by scheduling the reel. This covers the reel in your car / truck or anywhere it may be.  

Edited by Nomad92

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Be careful leaving exposed equipment in you auto. Your insurance may not cover a lost. It's called a moral in liability coverage and you have caused fault by leaving equipment exposed in you auto even though you have the vehicle locked. It is case law here in Pennsyvania.

Your basic coverage in your homeowners renters policy is only about $500 USC. A rider would cover the rest.

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1 hour ago, Nomad92 said:

Your car insurance will NOT cover all of your fishing gear. There is no rider that can be added to car insurance policies. You can add additional coverage to cover the car, after market parts, personal injury/ medical or liability. You will need a renters policy or homeowners policy to cover your personal property (I.e. fishing gear). Your basic car insurance will cover limited personal property (like clothes or luggage) up to $250 under the standard contract. As for coverage limits on your car insurance they vary from state to state. Major differences from NY to NJ...CT and MA. If you want to cover your fishing gear against most any type of loss (peril), you should "schedule" each item individually on your home or renters policy. If I had a VS or ZB reel, for example, I would have them insured to value on my homeowners policy by scheduling the reel. This covers the reel in your car / truck or anywhere it may be.  

I have the million dollar umbrella policy. I was paying extra money to cover my toys on my boat with my boat insurance. One day I was reading my homeowners policy and it cover $25,000 for any toys. I called them and asked if my fishing equipment was cover on my boat. They said yes. I then ask to pull my boat coverage. I was paying a extra $75 a year for $25,000 for rods and stuff. I was double paying for coverage. That went on for 15 years. Insurance company don’t tell you. That’s  there job !!!!  I was piss. I ask to get my $75 dollars X 15 years back. That’s when they told me about this rider.  

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9 hours ago, Marty said:

I have the million dollar umbrella policy. I was paying extra money to cover my toys on my boat with my boat insurance. One day I was reading my homeowners policy and it cover $25,000 for any toys. I called them and asked if my fishing equipment was cover on my boat. They said yes. I then ask to pull my boat coverage. I was paying a extra $75 a year for $25,000 for rods and stuff. I was double paying for coverage. That went on for 15 years. Insurance company don’t tell you. That’s  there job !!!!  I was piss. I ask to get my $75 dollars X 15 years back. That’s when they told me about this rider.  

Yes, coverage will extend from your homeowners. Not from your car insurance. That's all I was trying to get at. Keep that umbrella policy too. You can cover your fishing gear on your boat policy as well. 

Marty if you're using an agent and you want it save some money and don't care for the agent/agency,..call the insurance companies directly. Your bill will be higher simply bec there's an agent in the middle. 

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I have though about getting renters insurance for this exact reason. I haven't had anything stolen from my truck yet, but I would be wrecked if someone did take my stuff. For the most part my fishing toys are my entire life's net worth. Kinda like stock, but it depreciates quickly over time and will soon be worthless. If I were to get insurance today, would I need receipts as proof of purchase on the items that I own? I can only assume I would or anyone could just make claims on things they don't own.

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2 mins ago, IFeelfishy said:

I have though about getting renters insurance for this exact reason. I haven't had anything stolen from my truck yet, but I would be wrecked if someone did take my stuff. For the most part my fishing toys are my entire life's net worth. Kinda like stock, but it depreciates quickly over time and will soon be worthless. If I were to get insurance today, would I need receipts as proof of purchase on the items that I own? I can only assume I would or anyone could just make claims on things they don't own.

You pay for the coverage based on the amount your insuring the item for. So if you (or anyone) wants to jack up the value of let's say a spinning reel, you're only going to pay more for the coverage. Renters insurance is usually fairly inexpensive. You get the base policy and then schedule any specific items of concern or value. Then those items are insured to the value you place on them for any kind of loss. And no deductible for those items. Some companies will require receipts or appraisals for things like engagement rings valued at 20 grand. Fishing equipment with items ranging from 500-2000 bucks a piece shouldn't require any proof of value (receipts).

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If anyone works for a larger company, you may have an option for discounted rates through your employer. Some offer payroll deduction for your insurance policies. Much like your medical or dental coverage. You don't see the bill. Convenient 

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1 hour ago, IFeelfishy said:

I have though about getting renters insurance for this exact reason. I haven't had anything stolen from my truck yet, but I would be wrecked if someone did take my stuff. For the most part my fishing toys are my entire life's net worth. Kinda like stock, but it depreciates quickly over time and will soon be worthless. If I were to get insurance today, would I need receipts as proof of purchase on the items that I own? I can only assume I would or anyone could just make claims on things they don't own.

I have renters insurance because if something happens to the house I live in (like a fire or if my house had been damaged during hurricane Michael). I want to make sure that I am covered for my losses. It's a plus that things like my fishing rods are covered, but think about just your stuff. Clothes, TV's, computers, toys, if you have any musical instruments, furniture, etc... You are probably looking at 10,000 to 20,000 dollars of just replacement costs if you live alone. Now imagine having to replace everything if you have a family. For as cheap as the coverage is, you should probably consider it. I have a fairly big coverage policy and I think I pay about $250.00 a year

Edited by mwhitt80

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4 hours ago, mwhitt80 said:

I have renters insurance because if something happens to the house I live in (like a fire or if my house had been damaged during hurricane Michael). I want to make sure that I am covered for my losses. It's a plus that things like my fishing rods are covered, but think about just your stuff. Clothes, TV's, computers, toys, if you have any musical instruments, furniture, etc... You are probably looking at 10,000 to 20,000 dollars of just replacement costs if you live alone. Now imagine having to replace everything if you have a family. For as cheap as the coverage is, you should probably consider it. I have a fairly big coverage policy and I think I pay about $250.00 a year

This is exactly why you should have the policy. And a premium of $250 a year is very reasonable. Your policy will also help with living expenses should your home become unlivable after a loss. Say a fire damages the home severly, the renters policy will assist you and family with alternate living costs while the home is being repaired. I'm sure it also comes with 100 grand of liability should you put a 3 ounce metal through the hull of a boat while surf/ jetty casting:) 

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The cost of the deductible will probably make it not worth filing a claim. Also your insurance rates will go up after filing a claim. The best insurance is to never leave any valuables visible. Always keep everything hidden and locked up. 

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2 hours ago, z-man said:

The cost of the deductible will probably make it not worth filing a claim. Also your insurance rates will go up after filing a claim. The best insurance is to never leave any valuables visible. Always keep everything hidden and locked up. 

Certainly. When you get back to your truck and your Berkeley lightening rod is gone from the truck bed, don't file a claim. When you come home and your house is gone and a foundation remains from a fire, file a claim. Don't use your insurance as "maintenance" policies. 

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8 hours ago, Nomad92 said:

If anyone works for a larger company, you may have an option for discounted rates through your employer. Some offer payroll deduction for your insurance policies. Much like your medical or dental coverage. You don't see the bill. Convenient 

That’s exactly what I do. A benefit of that is that there is also a dedicated representative for the company, so we get the discounted direct pricing with the ability to speak with an agent if necessary. 

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