Any ideas on flooding insurance for a non-US resident/non-homeowner??

Hi, I've been having trouble finding flooding insurance for my set-up. I live in Canada, I am not a home-owner nor an apartment leaser (so coverage under home insurance is a no-go and coverage with H2O through DAN is a no-go).

I've looked at DEPP insurance but the horror stories and and fraud incidences have sent me running away far and fast.

What are other people in my situation doing?! Is there an insurance company that will cover my kit?? I've tried googling this but with no luck... Any help would be appreciated. Thanks!

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Your best flood insurance is a vacuum leak detection system.

I don't think that works with ikelite housings. Also, would be nice to insure strobes too.

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I don't think that works with ikelite housings. Also, would be nice to insure strobes too. [/url]

I believe that you can install a third party vacuum system. You may have to drill a hole to accept the sensor if their isn't an available port. I'm not very familiar with Ike housings anymore. I use Leak Sentinel from Vivid Housings. Check their website or email Miso (owner) with the specifics of your housing.

Also check DAN. They used to offer some type of gear insurance that was not dependent on home owner insurance. Maybe it's not longer available.

I'd definitely stay away from DEPP. Not sure that they are still in business. I also read somewhere that they were being investigated by a state insurance office.

This might sound snide, but I'm actually serious - how about self-insuring? That is, take the money that you would spend on insurance premiums, and put it into a savings account. If you get lucky, and nothing happens for a while, you would accumulate enough money to replace your gear if there's a problem. It won't help you if you flood your gear in the next few months, but it might be an option to think about.

Can someone point me to information about home owner insurance and insuring diving housing/gear please? I'm a home owner and my insurance agent never explain any of those, and I don't think he would understand.

As for SwiftFF5's suggest, it could work in some way depend on the person's buying attitude and situation. I read story about a guy flew all the way from UK to Lembeh, first day during the dive his 5DM3 flooded. He had two choices: finish the rest of the trip without a camera, or pay high price to buy another 5DM3 in remote Lembeh. He did choice #2 and it was lucky that the town has stock.

As a diver on budget, I normally buy camera when they're on sales, we all know that's around Thanksgiving/Xmas. So you could buy a replacement camera a few hundreds dollars below the MSRP. But if it's emergency situation like the Lembeh case, you have to tab into your bank account if you do what SwiffFF5 suggested, but if it's insured, I guess it doesn't matter how much it cost at the location where you buy the replacement camera, the insurance should pay for it whether it's a $5000 5DM3 body or not, right?

Anyway, like I said it could be a decision of what situation you're in and how desperate you are, just a thought.

I use State Farm Insurance in the US. I do not use my homeowner's policy, I have a separate policy with them for camera equipment. The rate is about 1.5% of the replacment cost, if memory serves correctly. I have had one small claim due to a dropped piece of equipment and it was covered quickly and easily.

Not certain if State Farm operates in Canada, if they do I would use them there.

Don't claim more than once!

The second time, my yearly premium went up to half the price of my camera and housing...

My insurers (divemasterinsurance) have just been ignoring me for the last 6 months. It will be the last time I use them. I wouldn't advocate them to anyone.

Unfortunately DiveMasterInsurance is not insuring non british residents, not for flooding and not for their health insurances.
I had them for several years and never claimed anything but i assisted in 2011 a claim and the paid quick and without hassle.

Chris

too bad I cannot find one for NON us residents

I once asked from an insurance company director about how they insure their own fleet of cars. The answer was simple: no insurance.

On the long run, self-insurance is likely to be more economical especially for all none-essential stuff, i.e. your living does not depend on it.

The only exception to this is if you think you are atleast 25-30% more risky than the average insurance customer of that policy. If you can get a "normal" insurance or home insurance to cover your photographic and diving equipment, it might be worth it. But if you select a more specialized insurance, it is more likely to match the increased risk via higher insurance payments.

If you think you cannot afford to self-insure due to high replacement costs, consider that the insurance payments as "down-payments" of your future replacement camera IF the accident actually happens. However, it is far more likely that no accident will happen, and, those "downpayments" are lost forever and you cannot use that money to finance your next new camera.

N.B. self-insurance is not suitable for home insurance or anything where you might be liable to third parties.