D.E.P.P. or Homeowners Insurance

Should I buy Diver's Equipment Protection Program Insurance at ~ $65-$95 per year to insure my $5000 worth of dive and photo gear or should I just add a rider to my homeowner's policy? What do you do?

Thanks,

Chris

This has been discussed extensively so you can find a lot of discussion on this topic. I used DEPP for a year and never had any claims. I just read in Undercurrents that their policies may change with the new luggage rules. They stated that this change might result in loss of coverage due to equipment lost during air travel unless the whole piece of luggage is missing. With the inability to lock luggage, this is not acceptable for me. Plus they have, at their option, the right to replace or repair the lost or damaged item (s) instead of paying you the money. The $65-95 doesn't include floods, right?

The DAN coverage looks better and Jamesw can vouch for their settlement of claims.

I use my homeowners which covers everything for anything but understand that insurance companies are not all the same.

My homeowners will also cover my camera gear. The downside is unless I specifically list it I would have to pay the full deductible. Better than the whole lot though.

Both will work as long as you get the rider on top of your HOI. Are you in the US? If so try DAN.

Also, ask specifically about floods when talking to your HOI (and make sure they don't think you mean ocean crashing through the living room). You might want to say "leak" instead of "flood" when talking to them. I've heard that many will not cover this and let's face it, this is the most likely reason for you to need the insurance.

I spoke to mine recently and you are right. I cannot get flood insurance. (That would be for my house) So when you use the word flood they automatically say no. They think you are asking that if your house gets flooded and ruins camera gear is it covered. You need to explain what you really mean. As in a leak in the housing for sports/equipment that would ruin the camera while on a trip or diving.

It is covered under my plan but, I am then required to pay my deductable. If you specifically list it and pay per $1000 coverage then your deductable is zip.

Either way I know I am safely covered.

You will be lucky to get camera flood cover through HOI. My gear is covered through HOI for theft insitu or in transit, which is the important factor.

If you are unlucky enough to flood, its that darn garden pond tale again.

Mark

PS UWnewbie, I see Colorado has had 2ft of snow today!!!!

Geeez. Is that normal????

Mark

Not sure if it is available in all states but State Farm gave me a policy called a Personal Articles Floater. It covers about $7k worth of camera equipment, $2500 worth of golf equipment, my $500 cellphone (Blackberry), about $4k worth of dive gear, and an Aqualand Duplex dive watch for about $165/year. All risk, no deductible, replacement cost. All risk means it doesn't matter how the equipment gets damaged or becomes missing. Still covered. Yes, floods are covered too. I know 'cause it happened to me. The only downside is you have to specifically list each item for coverage which, when you consider our extensive pile of toys, can take a while. I've had a few claims and they just wrote me a check to pay for it. No arguments. Ask your agent if they have something similiar.

Feel free to write me with any questions.

John

diverguy@johneasley.com

Getting a rider on your homeowner's insurance is definitely cheaper, but be aware. Your insurer continually reevaluates your insurability. A roof claim, damage from a water heater break added to a camera claim can get your converage denied for renewal, regardless of the dollar amount of the claims.

I just read an article in Money magazine on insurance companies, and they state you run a high risk of getting cancelled if you make as few as 2 claims in 5 years on homeowners. I had DEPP, had a non-flood claim and they replaced it with no problems. I had to send the camera to a repair shop to verify it was dead, but they did allow me to pay the difference for an upgrade. But I recently cancelled since they are much more expensive (you must insure dive gear in order to insure cameras) than DAN. I'll probably go with DAN.

I took my Dan coverage to state farm the Floater was more than $50 extra a year and it did have a deductible.

Thanks. This has been good information.