Is My Tank actually safe ? Do we need Insurance?

[vetteguy53081]

For me, only if a failure would cause damage to others property, then that IMM is a good investment cause I may get sued for damages.

If it’s just my place, I’ll take the risk, I would think the premiums would be quite expensive, insurance business, never loses money.

Most are covered under home owners and renters policies but there are a few provisions. Wont be much higher opposed to flood policies.

 

[Nick Steele]

insurance business, never loses money.

you would be wrong on that one. Why do you think insurance is so expensive because they need to recoup all the money they lose to certain clients. Yes overall they come out ahead but not in each case

 

[vetteguy53081]

I need to go back and read whole post but here’s what I have.

Currently we are renting and although nothing big (20g, 13.5g SW and a 15g FW) our renters insurance will cover any and all cost having to do with a water leak of any sort. Won’t cover living animals but have heard of people turning a 20-50g tank leak into a 100-180G tank upgrade through insurance coverage. Our premium for renters is only like $200 a year and we need it anyway so it was a huge plus when I called and asked about coverage for aquariums and got the okay!

Thats what im pretty much seeing. Its the additional liability that will change costs

 

[Reefering1]

My insurance has "water backup and sump discharge" coverage to cover the water damage. the tank itself and equipment is covered as personal property. But for livestock coverage they said I would need to get it appraised and they would cover that amount. I have no clue who would appraise livestock

 

[Nick Steele]

Thats what im pretty much seeing. Its the additional liability that will change costs

Yeah our renters also will cover any damages to other properties if it were to happen. I feel like we got a huge deal on our insurance but hey they wife can work magic.

 

[Reefering1]

you would be wrong on that one. Why do you think insurance is so expensive because they need to recoup all the money they lose to certain clients. Yes overall they come out ahead but not in each case

Insurance companies don't do too good in FL, they go bankrupt left and right.

 

[zoomonster]

Yep 200g and gear 10k+. Fish and coral I won't even hazard a guess. Tank is on ground level on a slab with almost all tile floors in house so biggest loss would be the livestock and gear. I would certainly consider a reasonable policy.

 

[Cichlid Dad]

Funny this topic came out. I'm in the auto body industry and had an independent agent come in for some work. He sees my reef tank as back ground on the computer and we started to talk. He is now looking into insurance companies that can insure the tank. He said probably won't get the tank insured for power outage, tank failure with lost livestock but if someone came in and vandalized the tank he could probably get coverage.

 

[Reefering1]

When I spoke with my agent, he composed it to insuring jewelry. Not a big deal if tank broke, for example, more difficult for loss of life

 

[Reefering1]

Yep 200g and gear 10k+. Fish and coral I won't even hazard a guess. Tank is on ground level on a slab with almost all tile floors in house so biggest loss would be the livestock and gear. I would certainly consider a reasonable policy.

200g on the floor is still going to do considerable damage to drywall/furniture. It was 200 something dollars a year to cover that

 

[zoomonster]

200g on the floor is still going to do considerable damage to drywall/furniture. It was 200 something dollars a year to cover that

Agreed but that I would hang on homeowners insurance less the $500 deductible of course.

 

[A_Blind_Reefer]

I’m curious if said insurers would have higher rates or even deny coverage for, insert tank manufacturer and model with high failure rates here, similar to cars or pitbulls.

 

[Reefering1]

Right. But when the inspected my house, I was told I needed the water backup/ sump discharge coverage if the damage was caused by the tank. (180g). He took pics of the tank and everything

 

[Reefering1]

I’m curious if said insurers would have higher rates or even deny coverage for, insert tank manufacturer and model with high failure rates here, similar to cars or pitbulls.

Sorry red sea, you're out

 

[GARRIGA]

500 gallons here

That can flood the basement

 

[Uncle99]

you would be wrong on that one. Why do you think insurance is so expensive because they need to recoup all the money they lose to certain clients. Yes overall they come out ahead but not in each case

Of course not in each case.
Take a look at the big public ones.
Very nice returns.

 

[Uncle99]

Insurance companies don't do too good in FL, they go bankrupt left and right.

True, banks as well, must be the location.

 

[Janet Belanger]

Sorry red sea, you're out

Meh, I've had several red sea reefer tanks and no issues yet. You only hear of the failures, rarely the success stories.

 

[McPuff]

I have a "rider" that would include the tank itself and other equipment. It does not include any live contents. Mine is a 300DD from Marineland (gasp!) and I have it in my basement. Already had an actual sump backup just under two years ago that caused us to redo our basement and install luxury vinyl plank (vs carpet). Now any spills are much easier to clean up! :0) But 200+ gallons of saltwater would be a real problem and you need to be sure that the insurance adjuster doesn't discover that it's actually saltwater or the "sump backup" coverage will not cover your flood. I made sure that mine was covered for an actual saltwater flood. Definitely check on the finer points and ask a lot of questions! Also make sure that your coverage is high enough! $10k in coverage was only enough for the clean-up.

 

[Gumbies R Us]

Maybe in 5–10 years when my tank is slap full or if I had multiple tanks I would consider the route of getting insurance.