Since we are on the topic of theft, this is a good time to mention some important facts about insurance. Since this is my expertise, here are some important facts that I'd like to share...
Don't assume that either your boat/yacht policy or your homeowner's policy will cover stolen fishing tackle. Both can provide coverage, but you need to discuss it in greater detail with your insurance provider. Here are some quick tips;
HOMEOWNER'S INSURANCE- Most homeowner's insurance policies in our area have an OFF PREMISE THEFT EXCLUSION that limits theft coverage to only the premise. If you trailer your boat or have a waterfront home with a dock, your "premises" include both your driveway and your bulkhead. If you keep your boat at a marina, you can pay the extra premium to have the Off Premise Theft Exclusion removed from your policy. Keep in mind that either way you will still be responsible for your policy deductible (usually $250, $500 or $1,000). You should also make sure that your policy has what is called "PERSONAL PROPERTY REPLACEMENT COST". This is the very important rider that waives the depreciation when a claim is calculated. When you have this rider, your policy will replace the lost items using the current retail price of the same or similiar items instead of a depreciated or "actual cash value" method. Without the rider, you won't have much coverage because sporting equipment depreciates very rapidly.
Also with homeowner's policies, rvrn with the Off-Premise Theft coverage, you need to check to see if there is a $$limit on electronic equipment that is taken off premise. If so, you may not have enough coverage for your radar, gps, fishfinder, etc...
If you are a renter or live with family, for around a couple hundred dollars a year you can purchase a "renters" or tenant's policy that can provide the exact same coverages described above.
Boat/Yacht policies- Many companies offer optional equipment and/or Personal Articles riders for an additional premiums. These can be real good, provided that you read the fine print and make sure that they include fishing gear/tackle and that they also include the "replacement cost" coverage.
The 2nd concern with boat/yacht policies is with the coverage for electronics. Every company handles this differently. You need to communicate to your carrier the value of your electronics and ask the question "how do I insure them".
The final concern with coverage for both fishing equipment and electronics is with the deductible. Some policies have a very high deductible which is a percentage of the hull value. If your boat is insured for $25,000 and you have a 2% deductible, that's a $500 deductible. ASK if that deductible also applies to the electronics and the personal property. If so, ask if it can be lowered (especially if you have a boat that is insured for over $50,000).
To be honest with you, the "ultimate" coverage would be to purchase both the Off-Premise Theft coverage on the homeowner's policy AND the personal articles coverage on the boat/yacht policy. If you go this route and have a claim, all you'd need to do is put the claim in through both policies and let the insurance company/companies negotiate which policy should provide the coverage. This method would greatly minimize the chance that there are gaps in the coverage.
Oh yeah, car insurance is totally useless for fishing equipment. There is never any coverage for personal property so don't leave your electronics/fishing tackle in the car/truck if you don't have off-premise theft coverage on your homeowner's policy.
Don't assume that either your boat/yacht policy or your homeowner's policy will cover stolen fishing tackle. Both can provide coverage, but you need to discuss it in greater detail with your insurance provider. Here are some quick tips;
HOMEOWNER'S INSURANCE- Most homeowner's insurance policies in our area have an OFF PREMISE THEFT EXCLUSION that limits theft coverage to only the premise. If you trailer your boat or have a waterfront home with a dock, your "premises" include both your driveway and your bulkhead. If you keep your boat at a marina, you can pay the extra premium to have the Off Premise Theft Exclusion removed from your policy. Keep in mind that either way you will still be responsible for your policy deductible (usually $250, $500 or $1,000). You should also make sure that your policy has what is called "PERSONAL PROPERTY REPLACEMENT COST". This is the very important rider that waives the depreciation when a claim is calculated. When you have this rider, your policy will replace the lost items using the current retail price of the same or similiar items instead of a depreciated or "actual cash value" method. Without the rider, you won't have much coverage because sporting equipment depreciates very rapidly.
Also with homeowner's policies, rvrn with the Off-Premise Theft coverage, you need to check to see if there is a $$limit on electronic equipment that is taken off premise. If so, you may not have enough coverage for your radar, gps, fishfinder, etc...
If you are a renter or live with family, for around a couple hundred dollars a year you can purchase a "renters" or tenant's policy that can provide the exact same coverages described above.
Boat/Yacht policies- Many companies offer optional equipment and/or Personal Articles riders for an additional premiums. These can be real good, provided that you read the fine print and make sure that they include fishing gear/tackle and that they also include the "replacement cost" coverage.
The 2nd concern with boat/yacht policies is with the coverage for electronics. Every company handles this differently. You need to communicate to your carrier the value of your electronics and ask the question "how do I insure them".
The final concern with coverage for both fishing equipment and electronics is with the deductible. Some policies have a very high deductible which is a percentage of the hull value. If your boat is insured for $25,000 and you have a 2% deductible, that's a $500 deductible. ASK if that deductible also applies to the electronics and the personal property. If so, ask if it can be lowered (especially if you have a boat that is insured for over $50,000).
To be honest with you, the "ultimate" coverage would be to purchase both the Off-Premise Theft coverage on the homeowner's policy AND the personal articles coverage on the boat/yacht policy. If you go this route and have a claim, all you'd need to do is put the claim in through both policies and let the insurance company/companies negotiate which policy should provide the coverage. This method would greatly minimize the chance that there are gaps in the coverage.
Oh yeah, car insurance is totally useless for fishing equipment. There is never any coverage for personal property so don't leave your electronics/fishing tackle in the car/truck if you don't have off-premise theft coverage on your homeowner's policy.
