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View Full Version : Insurance for your high value equipment?



KateKat
Mar. 30, 2011, 05:41 PM
all these threads about stolen saddles and them being resold got me thinking, how many of you actually insure your high value equipment that you leave at the barn?

I'm getting nervous because I just bought a new Antares and even though I'm IN insurance (I know, doh, right?) it didn't really occur to me to think about covering it. However, since it was such a big chunk of change, if it got stolen I would not be able to replace it.

If you do, did you just get your homeowner's insurance to write a floater?

sheltona01
Mar. 30, 2011, 06:54 PM
I would check your homeowners insurance. It might already be in the policy. When I bought my saddle I asked about it, specifically if it was covered even while living at the stable. It was already covered and I did not have to change anything.

SonnysMom
Mar. 30, 2011, 06:57 PM
I specifically asked my home owners insurance coverage. Since it is my property it is covered even if it is not kept on my property.

FrenchFrytheEqHorse
Mar. 30, 2011, 07:00 PM
Most homeowner's policies cover tack in some way, shape, or form. I think some renter's insurance even covers these things nowadays. I would just call your HI company and ask them what kind of coverage they can offer you.

But, take all of those tack thefts as a lesson to ALWAYS KNOW THE SERIAL NUMBERS on any tack that bears it. Without that critical information, you are SOL when things get stolen.

MintHillFarm
Mar. 30, 2011, 07:53 PM
I specifically asked my home owners insurance coverage. Since it is my property it is covered even if it is not kept on my property.

Right. My policy is the same.

I made a list too for the insurance company, at the agent's request, of all tack, blankets etc that are on the property so it is all covered at home and when away.

FineAlready
Mar. 30, 2011, 08:01 PM
My saddle is insured via a rider to my homeowner's policy. I pay some additional amount for it. It's treated essentially the same way as my engagement ring and my and my husband's wedding bands.

headsupheelsdown
Mar. 30, 2011, 08:09 PM
Be careful though, if it is not specifically listed with a stated value, there could be limits. Most homeowners will cover jewelry, but it is "jewelry up to $2500", "cash up to $1000", "sports equipment up to $1500" etc. Check those category limits, if your saddle (engagement ring, art, etc)exceeds that amount you have to have a rider.

FineAlready
Mar. 30, 2011, 08:13 PM
Be careful though, if it is not specifically listed with a stated value, there could be limits. Most homeowners will cover jewelry, but it is "jewelry up to $2500", "cash up to $1000", "sports equipment up to $1500" etc. Check those category limits, if your saddle (engagement ring, art, etc)exceeds that amount you have to have a rider.

Yep, I think this is right and the reason we have separate riders listing values.

EmJ628
Mar. 30, 2011, 09:20 PM
disclaimer for everyone, while for most Homeowners insurance policies it is possible to cover your saddle & other tack under your personal property,

a) as a PP mentioned, there are generally limits on how much they will cover for "sporting equipment" and your saddle/tack may well exceed that limit

b) if you make a claim, you will be subject to your policy's deductible

c) MANY insurance companies will "count it against you" if you make a claim and your rates for HO ins could increase. (please don't trainwreck on "why do I pay for insurance if they will raise my rates if I make a claim" -heard it many many times working in an agent's office-the idea here is you want to save your homeowners insurance coverage for a time when you REALLY need it- a fire, major storm or other catastrophic loss, not for a comparitively small claim like a saddle)

all that to say, OP yes you probably want to look into a floater or whatever your HO ins company offers. The other benefit is many of the floater policies not only cover theft but also damage, so say if your horse runs off and saddle gets stepped on or rolled on, or some other freak occurance, your saddle is covered in those instances too.

Somermist
Mar. 30, 2011, 09:24 PM
Our farm policy covers our equipment, but we had to increase the basic $5000 coverage. That was the coverage for equipment that would normally be covered with the policy. We listed out the more expensive items and increased the coverage, just in case someone came and cleaned out the entire tack room.

KateKat
Mar. 30, 2011, 09:50 PM
Thanks, my expertise is in commercial p&c, not personal insurance. I'll call my agent when the saddle arrival date gets closer. Anyone else have Allstate by chance? :)

gottagrey
Mar. 31, 2011, 12:04 AM
Mine is covered under my homeowner's policy as well - I've a $250 deductible, and different policies will have different values per item. Just make sure you have replacement cost...

also if you don't already do this - generally it's a little more cost effective to have the same company for homeowners and auto.. you get a little discount. For those of you that don't own a home - please get renter's insurance (and again include replacement value) likewise renter's is offered by many of the major insurance companies -Geico, State Farm, Allstate etc

bumknees
Mar. 31, 2011, 06:50 AM
I make sure I have special riders for everything that is not 'normal' in homes. Ie I have a rather extensive( valuable) doll collection. I have a rider just for that. I have my grandfathers ebony wood flute have a rider on that. Tack the same. All diffrent riders, all with diffrent 'documentation'. Think it costs me a total ( for like 5 diffrent riders) maybe 200$ extra a year would have to check but that sounds about right. To me it is worth the extra costs to have those things insured seperatly from my homeowners. Most are nonreplaceable.

TarheelJD
Mar. 31, 2011, 07:18 AM
The thread about the saddle thefts in LA prompted me to call my agent about this. My saddles are covered by my Homeowners policy (State Farm). The main benefit to adding them to my personal articles policy (which covers my art, jewelry, etc.) would be that I wouldn't have to pay the higher Homeowners deductible -- Homeowners deductible is $1,000 and personal articles deductible is $100.

The extra $10,000 in coverage under my personal articles policy, if I had added my tack, would have cost about $175 a year.

HappyHorselover
Mar. 31, 2011, 01:47 PM
Thanks, my expertise is in commercial p&c, not personal insurance.

Me too :)
I had the same questions about my high valued saddle as well and didn't know the "ins and outs" of personal insurance, so I chatted w/my agent about it. Is your agent knowledgable?

touchstone-
Mar. 31, 2011, 01:50 PM
I have coverage through my renter's insurance. I made a claim when someone broke into my car and stole tack, and it was paid out, no problem. Many homeowner's and renter's insurance policies cover all of your possessions anywhere in the world.

rothmpp
Mar. 31, 2011, 02:45 PM
I would question your insurance agent very carefully. When I spent real money on a saddle, I wanted to be sure that it would be covered even at the barn where I board. My agent told me that my policy would cover equipment up to $10K, BUT - and this is a REALLY important point - any single item for only $1K. So my $3K saddle would only be covered $1k less my deductible without a separate rider.

Make sure when you talk to your agent that they understand that your single saddle is worth $X and what is necessary for that particular item to be covered.

gottagrey
Mar. 31, 2011, 03:24 PM
yes, there are some policies where the per limit item might be up to X amount...I think I checked w/ my insurance on this awhile ago but might need to update as my saddle was under the limit then but to replace it now - it would not be! Again, make sure you have replacement cost...

on another note, a friend of mine had her tack burn in a fire (barn fire, fortunately all horses out, only tack was lost). When she called to file a claim they told her they needed "proof of the damage" and asked that she send her burned up saddle to them - huh? It was in ashes and about the only identifyable thing left was a melted glob of a stirrup... So I called my insurance who thought that request was ridiculous... but you never know.

KateKat
Mar. 31, 2011, 05:04 PM
Me too :)
I had the same questions about my high valued saddle as well and didn't know the "ins and outs" of personal insurance, so I chatted w/my agent about it. Is your agent knowledgable?


For the most part, although I've never really had any big questions for them. But, since Allstate is EC only, I sure hope they know their product well! I also have a copy of my homeowner's lurking around somewhere so I will double check if there any off premises property coverage built in and equipment sublimits.