Insuring Tackle

[Cgolf]

Read somewhere about insuring tackle above and beyond your home owners policy. Does anyone do this?

For those that do a couple of questions, for Crankbaits it has been pretty easy finding baits online and putting a replacement value to them. The question is what kind of value do you put on baits that are out of production?

For soft plastics I box up 90 percent of them and there are many I don't know the brand on. For valuing soft plastics how do you do it? Obviously unlike hard baits these are expendable. The ones that are bagged are easy, the rest I am struggling with.

One thing I learned in this is how much cheaper TW is vs two other big name stores.

[Brnnoser6983]

The insurance that I have covers my boat, motor, electronics and all of my tackle/rods.

I have a base coverage for all. In the winter I remover the insurance because the boat is in storage and my home owners insurance will cover it. (It's stored in my garage)

The summer coverage is mainly I sink and loose it all,.

Value wise.. I didn't put a specific amount on the tackle. But there is an immortalize value where you can say your tackle had a 4 year life. At the end of four years you can sell it for 20%. So over the 4 years it would depreciate 20% value each year.

[LApanic]

Great question and love to here more since I have a garage full of tackle....I'm pretty sure it's insured but does it have to be roughly itemized to file a claim?

[a1712]

I have a rider on my Home Owners to cover my fishing equipment and BR Guns and gear. If something drastic would happen in you're home, you'll wish you had it. Keep an inventory of ALL you're gear, take pics, take video's, keep all  receipts etc., list everything. I learned a hard lesson. Brian.

[Cgolf]

I have a rider on my Home Owners to cover my fishing equipment and BR Guns and gear. If something drastic would happen in you're home, you'll wish you had it. Keep an inventory of ALL you're gear, take pics, take video's, keep all  receipts etc., list everything. I learned a hard lesson. Brian.

I have an itemized list and pictures of my crankbait collection that I will keep updated as I buy and lose them. Soft plastics are the tough one. Will also document poles and reels too.

Does your rider cover for replacement cost or depreciated value?

[a1712]

I have an itemized list and pictures of my crankbait collection that I will keep updated as I buy and lose them. Soft plastics are the tough one. Will also document poles and reels too.

Does your rider cover for replacement cost or depreciated value?

Full replacement cost, the depriciated value on sporting gear wouldn't be worth the extra cost of the insurance. Brian.

[Cgolf]

Full replacement cost, the depriciated value on sporting gear wouldn't be worth the extra cost of the insurance. Brian.

Thanks, it has taken many years to build it up to what if is now, so glad to hear that answer.

[HardcoreBassin]

You can do it 1 of 2 ways.  1) Put it as an endorsement on your homeowners policy.  It will most likely be referred to as a "write-in endorsement" in the rating system of whatever company your insurance is though.  I think Travelers simply calls it a "Blank Endorsement."  You would then put a limit to the amount of coverage.  You would want to go with replacement cost for newer lures and "agreed value" for any rare lures.

 

Option 2 would be to put it on your boat policy.  Most boat policies have about $500 built into the policy language to cover tackle. 

 

For any insurance coverages, this included, always try to keep receipts or photos of your new purchases.  It makes it much easier if a claim occurs. 

 

Now, if you are making tackle out of your home and using it as a source of income, you'll need to add a "home office" endorsement to your homeowners policy.

 

- Dale