Insuring Your Fishing Equipment

[Todd S.]

Do you insure your fishing rods?

(Disclosure, I am an insurance agent, but I am captive with only one insurance company, so I can only speak for our policy)

If you’re a boat owner contact your agent to discuss the optional endorsement; “Personal Effects Coverage”

This is a blanket dollar amount you specify to cover rods, reels, tackle, covers, life jackets, ropes, etc. It’s rather inexpensive coverage to add to your boat policy to cover these items. Claims would be subject to your boat policy’s deductible, and the items are based on an “ACV”, actual cash value basis.

In my annual winter organizing I like to take pictures of all my rods, reels, and tackle boxes so I will have pictures to reference if I ever had to list everything I had in the boat.

Your house policy will also extend coverage over your fishing equipment, however, claims would be subject to your house insurance deductible, and would more than likely cause a surcharge on your house insurance premium more than likely.

There is a separate endorsement for “Additional Boating Equipment” (electronics, TM’s, shallow water anchors, and anything else “bolted to the boat”, I can discuss that also if requested, pretty much the same thing you specify a $ amount to have as blanket coverage.

[river rat316]

Just a side note, Todd's wife is really cool with his fishing, so him taking pictures of all his gear will not result in him getting thrown into the dog house, think about that before you picture your gear, me I keep mine at my shop, that way she can longer ask if fishing rods mate, "because they are always multiplying in here"

[Craigums]

I've got additional coverage on my boat policy of $2,500. But when I really start to think about how much money I've invested in my gear $2,500 is probably a drop in the bucket. I should really increase my coverage.

[Todd S.]

Chris-I have a "don't tell philosophy", she asks about quantity and money spent, but I just change the topic, I have perfected conversation avoidance with her!

Craig-funny thing is if you add say another $1,000 in coverage it might only cost you $10 more a year for example.

[RumRiverRat]

I just tell my wife my fishing gear is an investment in my sanity.

[Juan Grande]

Does your wife have any clue Rick? You need a fork lift to get it all in my boat when we go out

[Pikepatrol]

Does it cover when something BIG stole my $15 lure? I do have coverage on my boat and contents.

[RumRiverRat]

Does your wife have any clue Rick? You need a fork lift to get it all in my boat when we go out

She has a decent idea. If I died tomorrow at least she would know enough not to get screwed if she decided to sell it.

I have a rider on my home owners policy that covers my fishing gear and gun collection.

[harvey lee]

Do yourself a favor and keep all your slips when you purchase anything for fishing. Take photo's also. Insurance company may or more than likely will ask to prove you owned what you stated that was damaged or stolen.

I had approx 350 crankbaits in 3 boxes stolen from my truck a few years back. Insurance company wanted a sales slip for everything to prove I owned what I said I did. Between calling Cabela's and them sending me a copy of everything I purchased in the last 10 years and everything purchased on E bay along with the slips I kept and the photo's. They covered the entire $3,500 in crankbaits.

As far as added insurance, I probably have more than needed, better safe than sorry. It's good to go over everything every year or so as one forgets what all he purchases over the year and it add's up fast as we all know.

[FishinFreaks]

I'm an independent agent as well. We've got a few boat insurance companies, but Flo gets most of our business. I've got $7500 in coverage for personal effects on my policy, which probably doesn't cover too much. I will say that I was darned glad I did have that coverage a couple summers ago. I was out on Mille Lacs fishing smallies. Had 7 or 8 rods on the deck that I forgot to bungee down. It got pretty wind out there and I speared a wave. Once I got back to the launch, I noticed I had not rods on the deck. No good. Flo's adjuster came out and took pictures of my boat - a formality, asked me for a list and values of the rods and reels I had (no receipts requested), and cut me a check for the replacement cost of my gear on the spot minus my deductible.

If you've got coverage through your homeowner's policy, I recommend getting a new stand alone policy for your boat and add your gear. Before I became and agent, I had my boat insured with a company that was Like a Good Neighbor through my homeowners policy. Someone hit my trailer and wrecked it but didn't stick around to own up to it. Made a claim to get the trailer repaired - no problems, until it came around to renewal on my homeowner's policy. It went up 60%. When I went to shop my homeowner's insurance with other companies, my claims report showed a non weather related claim on my homeowner's policy. Some companies wouldn't write me. Most of the rest of the jacked their prices up. I found two that didn't surcharge for it. So get a new policy before that happens to you. All in all, Flo's policy didn't cost any more than the company who wanted me to think they were like a good neighbor.