Is Your Tank Insured?

[tjgr34]

Let me start off by saying that I am NOT an insurance salesman.

Many of you have heard about The King of DIY's fish loss. If not, here are a couple of links: ReefBuilders; R2R Thread. Seeing the loss of what I assume, but don't actually know, are very expensive animals made me wonder about aquarium insurance.

I know that aquarium insurance policies MUST exist, but have never actually known of one first-hand. I'm curious to see who actually has them, and presume that the vast majority of reefers do not. So, if your tank is insured, or if you have specific FIRST-HAND knowledge of a private aquarium that is insured, I'd love to learn the following about your policy.

1. Who is it through? Same entity that does your homeowner's stuff?
2. What are the policy numbers like? Coverage, deductible, monthly premium, etc.
3. What does it cover? What isn't covered?
4. Do you think you could replace your system for what the policy would pay?
5. What made you decide to insure your tank(s)? Is it a commercial set-up? Clumsy spouse? Vengeful pet?

If you have other input, or don't feel comfortable talking about any of the given prompts, any information is good!

 

[Sabellafella]

Good topic. I have my dog insured buy allstate and have acually asked them if im capable to insure my tanks and IT IS possible. they dont cover if the tank leaks and does water damage to the system or floor. Im sure theres plenty of people who do. My apex systems are considered my insurance

 

[tankstudy]

My rentals insurance covers water damage by my tanks.

 

[tjgr34]

My rentals insurance covers water damage by my tanks.

That's for damage to the house, right? I'm wondering about the aquatic system itself.

 

[tankstudy]

Unfortunately no its not covered if it blows up. But it is covered if its stolen. Lol...

 

[shoelaceike]

What would this insurance cover? If you lost a fish to ich will they cover it? You will meed a special policy on livestock.

 

[Sabellafella]

What would this insurance cover? If you lost a fish to ich will they cover it? You will meed a special policy on livestock.

Lolol

 

[chefjpaul]

They won't cover livestock or equipment. I've tried and called them all I could find in my area.

Farmers does have a good policy for any damage.

 

[Higher Thinking]

My homeowner's insurance (Country Financial) will cover everything except the fish. Most homeowner's insurance will cover water damage so I don't know why people wouldn't think they're covered. The interesting thing is that the insurance won't cover fish because they are animals, but they will cover my corals because they see them as property.

 

[bevo5]

Most everyone will cover water damage from the tank exploding. It's like an appliance that springs a leak.

To cover fish - you'd have to get some crazy specialty rider from Lloyds of London or something. But it would be crazy expensive or have a crazy high deductible. They can't be responsible if you kill all of your fish.

Now - if someone broke into your house and smashed the tank with a hammer, maybe something would cover it? I doubt it though.

 

[tjgr34]

What would this insurance cover? If you lost a fish to ich will they cover it? You will meed a special policy on livestock.

Ich is only covered on the Peppermint Angel plan lol. Seriously, though, I'm curious to know things like this.

 

[tjgr34]

The interesting thing is that the insurance won't cover fish because they are animals, but they will cover my corals because they see them as property.

Great information! You don't happen to know how they would determine the value of the coral, do you?

 

[hybridazn]

I've always thought about this, my main concern is if you have a system large enough could they charge you flood rates?

 

[FL_Reefer]

In my eyes as an insurance adjuster, if it is not specifically excluded on your policy, than its covered. It would be part of your contents which on a normal homeowners policy is 10% of coverage A. now I'm speaking in terms of a catastrophe ie a natural disaster. I would tell you to read your policy and see if it's excluded somewhere in there (which it will probably be) You can buy insurance for anything ( definitely through loyds) water damage would definitely be covered but I believe the question was geared toward the livestock and the equipment.

 

[shoelaceike]

I've always thought about this, my main concern is if you have a system large enough could they charge you flood rates?

Flood insurance is water from outside coming in.....

 

[tjgr34]

You can buy insurance for anything ( definitely through loyds) water damage would definitely be covered but I believe the question was geared toward the livestock and the equipment.

Correct, but the more general stuff is interesting, too. Yours is a new perspective in the thread.

 

[DeniseAndy]

I specifically brought my insurance agent in to insure my system. I have a $10,000 coverage on the system equipment. They will not cover livestock. However, any damage done is in my normal homeowners policy, so that is already covered. Basically any high dollar items should be specified in a homeowners coverage. This is just standard practice. I have State Farm and such a small dollar value compared to our regular policy did not add much to total.

 

[Higher Thinking]

Great information! You don't happen to know how they would determine the value of the coral, do you?

I do not, unfortunately.

 

[FL_Reefer]

Also, I might add that most contents are payed on a deprecated value unless you buy a replacement cost exclusion for ''personal property'' unless you have some really high dollar equipment and a good size tank, the cost to insure would eventually out way replacement cost I would assume

 

[tjgr34]

unless you have some really high dollar equipment and a good size tank, the cost to insure would eventually out way replacement cost I would assume

That's what I figured, too. Based on the response in this thread, I guess the people with six figures in their systems won't miss the money.