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Posts: 427
Location: Planet Meltdown | I've been wanting to do this for some time now and better now than never. I'm curious as to know whats the best way to go about this. It would be a REAL pain to photograph every single bait I have and document UPC codes for the mass produced baits. I was talking with a Geico agent about coverage on custom made baits and they suggested getting them appraised. The first question that popped into my head was "how the heck will a appraiser know how much these baits are worth?" So what do you guy do with all those custom baits you cant provide receipts for? |
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Posts: 32958
Location: Rhinelander, Wisconsin | Call Bob. This guy insures quite a few of the Walleye and Bass Pros, and knows how to cover your rig, gear, and everything else fishing.
http://www.worldwidemarineins.com/ |
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Posts: 8866
| After seeing a buddy take it in the shorts over a fire that took his boat, his truck, and a substantial amount of his custom rods, reels, and gear, I took pictures of everything. EVERYTHING. It took most of an evening. Then I put together a spreadsheet of what I had, and what I paid for it, based on receipts and credit card bills. The list is by no means complete, and the end result was very depressing to say the least. Took all the photos and the spreadsheet, with prices filled in to the best of my ability (4 hours on R&H website getting prices) put them on a flash drive and put it in the safe deposit vault at the bank. If something happens, and least I will be able to prove that I had the rods and reels and lures for the most part. I should have documented everything from when I started, but that's all water under the bridge at this point. It made me realize that I have twice as much stuff as I will ever need in my lifetime. Should something happen, I can at least look at the pictures and try to estimate the cost of some of it. As far as getting stuff appraised? I'm not sure that's worth the time and money. It is worth a call to your insurance agent, who will guide you in deciding your best course of action. As for the customs? Yeah, those can't be replaced, and no matter what you do you will never recover the cost of those. If you're like me, you've got a year's salary invested in crap. It lit a fire under my ass to thin the herd, and get rid of at least 100 lures, and as much tackle as I can. If I sell it all for 50 cents on the dollar, and put the money in the bank, I'll be better off. I wish I'd never blown the ridiculous amount of cash to begin with, but at least I can get some of it back. And if the house burns down, I might get 50 cents on the dollar for everything that's left.
Best advice I can give:
Don't be stupid buying a million lures, 12 combos, and enough gear to outfit a guide service or three. Whatever you DO buy, keep track of it with pictures and receipts, and store whatever documentation you can come up with somewhere other than your house. Should anything happen, it won't be a total loss. If you're halfway smart about it, the insurance settlement will cover the price of replacing the stuff that you actually do need.
Edited by esoxaddict 12/11/2013 9:38 PM
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Posts: 427
Location: Planet Meltdown | Thanks for the contact info Steve.
esoxaddict - thank god I decided to do this before I filled up a couple Muskie mediums (almost there.) The point about keeping track of every purchase is a very good one and things would be so much easier if we all actually did that. I'm going to make it a point to do so going forward. My biggest fear is a fire or theft. I live in NYC and don't own yet but living so close to neighbors who can start a fire and burn down the entire block scares me to death. It's happened twice in my area in four years since I've been living in this neighborhood. |
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Posts: 833
| I've got a personal articles policy. It is somewhat expensive, but it will replace the whole mess. The look on my agent's face when I explained the value of the rods and tackle box was rather funny.
Thankfully I've never been through a claim, so cannot comment on that process. |
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Posts: 1516
| All your tackle, rod's reels & baits are covered under your HO policy under the personal property section. They are covered for damage caused by the perils list in the policy. This coverage is good anywhere in the world if the damage is caused by the perils listed. Problems could arise after of a total loss fire in which you may not have enough limits to pay for ALL the personal property destroyed. Good Idea to document not only to show you had the stuff but to help you remember what you had. I would find it impossible to remember 1/2 the lures I had w/o photos and a list |
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Posts: 1660
Location: central Wisconsin | Are depthfinders covered under homeowners? |
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Posts: 1516
| Watercraft and it's equipment has a very low limit in the HO policy. I would say a depthfinder that is powered of the power in your boat would be better covered under a boat owners policy |
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Posts: 427
Location: Planet Meltdown | I just got a quote from Bob @ Worldwide Marine Underwriters and although a little on the pricey side, they write agreed value policies so if there is a total loss, you get back what is agreed upon. |
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Posts: 131
Location: Lake St. Clair | I have all my stuff insured in my boat policy. HDS 10, trolling motor, all batteries and on oard charger, rods and gear. All of them are insured for what it would cost to replace them. All are covered in a separate category as well. All the rods, reels, baits are insured for a lump sum. Not sure if that is a normal way to do it or not but that's what I did. |
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Posts: 1516
| Who do you have for an insurance company that writes replacement cost coverage for locators and electric trolling motors and batteries rods reels and gear? Is it part of the boat & Motor policy? Did you need to provide them with a list of what you have? Is it expensive? |
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Posts: 426
Location: Perryville, MO | This thread has me wondering so I'm going to have to dig out my policy and check.
However, when I had the policy written I made a point to ask about electonics, rods and reels, and tackle. When I explained to my agent that I regularly had nearly $10,000 of equipment on board she made some changes to see to it that it was all covered (I also pointed out that total value of equipment including what was at home would be closer to $25,000). I can't remember for sure the exact cost for the policy (it was reasonable enough I just didn't worry about it much), but I do know that it doubled from the intial quote when my agent thought I only needed the cost of boat & motor covered. I didn't have to provide a list to her, but she did tell me to be sure to take pictures (of everything) and keep a spreadsheet of the larger items (rods, reels, electronics, etc.).
Funny thing is, I don't run a very expensive rig, but tackle and electonics are a whole different animal; especially when one is truly a multi-species sorta guy. Like was mentioned above, the look on her face was priceless when I talked with her about the value of my gear (but in fairness, the stuff wasn't collected just yesterday). |
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Posts: 131
Location: Lake St. Clair | I use auto owners for my boat policy. I have them a description and rough cost. My uncle is my insurance agent so I don't know if that made it easier or not. They can very easily look up market prices as well with the descriptions. |
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| Being in banking, my suggestion would be to store your digital records in a safe deposit box. Few bucks a month for a small box, safest place in town. There have been records of tornados leveling everything in town, everything except the vault. |
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Insuring your fishing gear