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Special Insurance Needed Just in Case

up-4If you’ve spent thousands, or tens of thousands of dollars on high end equipment to pursue your hobby or small business, you may need to purchase special insurance or a rider just in case you experience a loss.

Perhaps you’re finally taking that amazing vacation you’ve dreamed about for years in the Florida Keys to use your underwater camera to document your scuba diving vacation.  However, after you arrive safely at your destination, the boat you are traveling on experiences rough seas, and the camera, along with your diving equipment is lost overboard.

Chances are you don’t hold special insurance to cover your unique belongings because typical homeowners and renters insurance policies offer specifically limited coverage on high value items.  For high-end cameras, sports equipment and computers, particularly those you take along on vacation, a special policy called Inland Marine or a Personal Articles Floater is needed just in case you experience a loss.

You probably never heard of Inland Marine insurance before, and almost certainly didn’t know you needed it. But a policy like it is typically the way to cover high value cameras and similar types of equipment.  If you ever use your equipment for a commercial purpose, for example, occasionally recording a wedding or other special event the coverage you have right now almost certainly needs to be re-evaluated.

Here are some of the types of property that need coverage beyond what is covered by a standard homeowners or renters policy:

1- The value of the property exceeds the limits of your homeowners or renters policy.  Personal property coverage on your homeowners policy will include a list of limitations for specific types of property.  The dollar coverage limits are typically very low.

2- You use the equipment for commercial purposes, even on a casual basis.

3- The equipment is frequently used away from home.  Inland Marine insurance is designed for insurance coverage at sea or on a lake. If Inland Marine insurance doesn’t fit your specific needs there are other options to keep you covered.

You may also be able to cover the items by “scheduling” them on your homeowners insurance policy as additions to your policy or buying special perils coverage for specific, high value items.