A friend if mine who lives in an apartment AND has renters insurance recently found out that his Tenant Policy DOESN’T cover his property; i.e. fishing tackle off property.
In other words; if his car gets broken into and his stuff stolen he is OUT OF LUCK! :shock:
According to his insurance company; only Home Owner’s insurance would cover that type of loss; not a Tenant Policy. He is now getting a totally separate policy to cover his stuff when he travels.
If you are a renter with a tenant policy you MAY want to check this out.
Bam,
OR, buy a house and get that insurance included as you stated. In most of the US, the housing market is in a low ebb slump and this is a great time to pick up a “deal”. Just think, your “stuff” will be protected and you won’t be paying off your landlords house.
Yep! Renter’s policies are often restricted to property in your domicile only. And most auto insurance doesn’t cover personal property carried in one’s automobile unless it is damaged in a collision. Conversely, most homeowners policies carry a certain level of coverage for your personal property off-premises. Read your policies! It is never safe to assume things. And it amazes me how many folks buy insurance and sign contracts they have never read. I recently even spoke with an Army Colonel with 2 master’s degrees and his wife who has a master’s who bought a home and signed loan documents without realizing they had pre-payment penalties that would prevent refinancing and that they had an ARM. What the heck? :shock:
Along these same lines when discussing the protection of your gear . . .
Keep in mind that when you fly somewhere and check your gear (rods, reels, flies, etc) the airline offers very, very little compensation if they damage or lose your baggage. Case in point - I just UPS’d all my gear home from Key West (the fish are safer now). There were 2 rod tubes and 2 cartons. One carton contained all my reels and lines. If I had checked it and Northwest had lost it, they would have cut me a check for $250 and that’s it. That box contained $9,750 in reels alone so by shipping it UPS (or another reliable carrier) I can insure it and have the piece of mind that if it vanishes I’ll be fully compensated. Thank goodness I did that back a few years ago when UPS ran over my rod case with a forklift and totalled just under $5,000 worth of rods.
Back to insurance . . . Bamboozle made a great point and those that do own houses (like myself) should also contact their agent and be sure they are fully covered. Some policies will require an additional ryder to cover large dollar items. My agent could not believe the total value of the gear I have and it did require some additional coverage but the cost was next to nothing. Use your head and cover your bases because you just never know when the worst can happen.
Call your agent and ask about Special Scheduled Coverage for your gear…it cost a few dollars, but if you look into how much better…worlds better…the coverage is, it will blow your mind.
