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Insure your equipment

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#1 Whichwayisnorth

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Posted 29 March 2013 - 12:41 PM

One of those things that it seems few people think about.

Originally when I had my CGE-Pro 14" EdgeHD I called up my home insurance carrier and added it. I had to fax them my original receipt and go over the type of coverage I wanted to add.

I explained I wanted to be protected from anything and everything that could happen either at home or on the road and damages that may result in a vehicle accident, sand storms, rain storms, electrical storms (acts of God), theft, or just plain accidents like the OTA falling off the saddle.

Professional photographers regularly run around the world with camera equipment that is worth many thousands of dollars and that stuff gets stolen or lost quite often.

Talk to your agent! :dob:

#2 Kim K

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Posted 29 March 2013 - 02:17 PM

Amen...

#3 frolinmod

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Posted 29 March 2013 - 02:39 PM

How much extra did it cost you and what's your deductible?

#4 Aquarist

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Posted 29 March 2013 - 03:54 PM

How much extra did it cost you and what's your deductible?


I too would be interested in that information.

#5 blueman

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Posted 29 March 2013 - 05:00 PM

My Farmers home policy covers all my gear along with any other things for up to $170,000 ($1000 deductable) and it gives REPLACEMENT value for the things lost, stolen or destroyed whether I am out at my site or on vacation or even if it was sitting in the yard. It is the standard policy sold in California.
It did not require any extra cost for this.
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#6 WesC

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Posted 29 March 2013 - 05:45 PM

A great reminder!

#7 highertheflyer

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Posted 29 March 2013 - 06:34 PM

As a fellow with a very old and somewhat rare telescope, without a receipt, where abouts do you find a reputable appraiser if only perhaps here on Cloudy Nights?
Who's to know?

#8 Whichwayisnorth

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Posted 29 March 2013 - 08:45 PM

How much extra did it cost you and what's your deductible?


I too would be interested in that information.


I added on to my policy so it was above and beyond the home owners insurance policy. When I had an issue with my telescope it was no deductibe and I had the check within 10 days. I just had to have the scope checked out at a telescope store and they sent the insurance a letter claiming it was a total loss. I also think it was really really cheap to add it. Less than $100/yr I am sure. I had State Farm. I suggest you call your agent, tell them what you have in mind and ask what they can do for you.

#9 StarmanDan

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Posted 29 March 2013 - 09:45 PM

Homeowners insurance should cover you. I had my vehicle broken into while staying the night at a hotel on my way to a star party. The perps took nearly everything. I estimated almost $8K of stuff in replacement costs. I was somewhat fortunate that this instance was my first claim, and while I didn't have receipts since most of my gear was acquired through gifts, the agent was very trustworthy of my assessment of the costs but I was hit pretty hard with depreciation and only received about a third of the cost of what was stolen. So definitely look into a policy that will provide replacement value. I looked into this afterwards and it would only bump my premiums by about $20 a month. Once I get my observatory built, I plan on getting a separate rider for it and everything that's in it.

#10 Fred1

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Posted 29 March 2013 - 09:46 PM

The question to ask of your insurance broker or company directly is: "Is my telescope equipment that I use both at home and away from home covered just the same as my personal property would be for damage or loss?" If they say "no" and that you need a rider or a separate endorsement then follow their advice on what to do.

If they say that it is covered under your personal property but payment in the event of a loss is based on your personal property limits, then consider the replacement costs of everything you own that is not considered part of your dwelling and compare that to your personal property limits. If your limits are lower, then consider raising them to cover replacement in the event of a catastrophic loss of everything you own and you want to replace everything you own..., plus add inflation protection.

Also, do you live in or near a flood plain? If so, then you may want flood insurance. Do you need/want water back up coverage?

Again, follow the advice they give you on what to do to cover your telescope equipment. Otherwise, if you have a loss, then you risk not being compliant with coverage conditions.

#11 okieav8r

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Posted 29 March 2013 - 10:56 PM

I spoke with my agent a few years ago, and he assured me that all my gear is covered on my policy. I've taken photos of everything, copied serial and model numbers and such, and have all that information stashed with receipts in my bank safe deposit box. Always a good idea to make a point of inquiring.

#12 Whichwayisnorth

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Posted 29 March 2013 - 11:44 PM

I agree that it is covered however with a high deductible usually. Make sure you ask what your deductible will be if there is a total loss or theft.

#13 ahopp

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Posted 30 March 2013 - 07:00 AM

I have an 'inland marine policy' on my mobile observatory. Covers everything for any reason(including dropping something or just breaking it by making a mistake) and it has a zero deductible. Best way to go, I cover $32,000 worth of stuff for $375/year.

I went thru the Farm Bureau in N.C.

Tony

#14 Phil Sherman

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Posted 30 March 2013 - 11:21 PM

Every homeowners insurance policy I've had covered personal items with replacement at "depreciated value". This is, of course, after the deductable. I've also had a "personal property floater" rider for valuables that provides full replacement for any loss involving the items listed on the rider.

As recommended, check with your insurance agent to get a full explanation of your coverage and to find out how to get full replacement coverage for specific valuables.

Phil

#15 Raginar

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Posted 31 March 2013 - 06:21 PM

USAA has a great high value insurance program. I think it equates out to less tha 100 bucks a year for replacement of my gear.

#16 RTLR 12

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Posted 31 March 2013 - 07:08 PM

Thanks, Chris. I'll look into that. I have a USAA account.

Stan

#17 blueman

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Posted 31 March 2013 - 07:50 PM

My homeowner's policy covers everything and of course at a depreciate value. But then when you replace it they cut another check to cover the difference. So it is replacement value but only if you replace it. If you decide not to replace it then you get a reduced value.
Blueman

Every homeowners insurance policy I've had covered personal items with replacement at "depreciated value". This is, of course, after the deductable. I've also had a "personal property floater" rider for valuables that provides full replacement for any loss involving the items listed on the rider.

As recommended, check with your insurance agent to get a full explanation of your coverage and to find out how to get full replacement coverage for specific valuables.

Phil



#18 Raginar

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Posted 31 March 2013 - 10:49 PM

Stan,
I listed it all as photographic equipment. You'll need most your information such as serial numbers and model numbers obviously. It was fairly painless however. And, it's for replacement value.

I'm sure you can find cheaper, but USAA has wonderful CS.






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