State Farm told me any damage to my apartment by my tanks would be covered under renter's insurance. However, the equipment and livestock probably isn't covered
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My insurance company dropped me when they updated their dog policy, they first covered my Shar Pei/Shepard mix....they didn't like the shepard part, they were ok after I sent cute pictures. The company changed hands, then they didn't like the Shar Pei part and I got a letter in the mail saying my insurance would be cancelled.So wait.... the pic above actually happened in your home? Is this an ongoing insurance claim?
1) I'll be shocked if they actually cut a check specifically so you can replace your tank
2) if they do.... I'd be on the lookout of your policy being canceled next billing cycle. My brother in law claimed roof damage (covered) and then 4mos later discovered window water damage (2nd claim, covered)... then received a certified letter a month later that his Home Owners policy was being canceled in the next 10 days. Home Owners Ins Companies do not lose money, if you tip the scales too much, they'll cancel you in a New York minute. My brother in law had to SCRAMBLE to find a new policy inside 10 days for a $800k home. He was quite urinated off to say the least
Good luck. Hate to see stuff like this....
How would the carrier make the distinction between a baseball going through your front window and your aquarium? On the other hand, I have seen one HO policy that excluded anything having to do with broken glass.Couldn't have put it in laymen terms better myself. Just one correction, kid's baseball - probably would never EVER be covered by any provider.
There is gold to your statement. LEAK - absolutely a word to avoid. Do not ever say leak when dealing with an insurance provide.r
Exactly!
Not sure if you guys are having actual conversations with your Insurance Rep or you're just making a lot of assumptions.
So.... I specifically had a conversation with my Rep
Under my current policy, any damage to my house caused by a faulty tank would cover water damage to the house, minus a big FAT $1,000 deductible....
ANY LOSS TO THE TANK, ITS EQUIPMENT IS NOT COVERED.
If my tank is a $10,000 investment on my part and the tank blows up, the value of the tank is NOT covered.
$0 money coming my way to replace the tank under ANY claim
Damage to my house would be covered after the deductible.
In order to have the tank & equipment covered... a SPECIAL INSURANCE RIDER would have to be bought and paid for ON TOP of the cost of the current policy. Peroid.
An Insurance Underwriter would have to access the cost of the Rider... which is not cheap.
I cant even begin to guess what insuring a $10,000 tank&equipment would cost a year but suspect it would hundreds (yes hundreds) of dollars year. Maybe even break over $1,000/yr
All I know is if my 180g busts water damage all over our first floor, I won't live to tell about bc my wife will cut my beating heart out of my chest.
BTW... My wife's wedding ring was NOT covered until we purchased a special rider. I believe it's $100/yr to cover her ring
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Including livestock? I have USAA and was told they won’t cover livestock losses.More than just say anything. They fully covered my new build after a tank crash.
That it correct. they do not cover livestock.Including livestock? I have USAA and was told they won’t cover livestock losses.
That doesn't sound right. I've had million dollar riders that were on the order of 10 or 20 dollars a month.
My house is valued at about $220k and my insurance, both homeowner's and an umbrella together, are less than $700/yr. I can't see how you'd be paying a lower premium for a policy that covers a total loss and rebuild of your entire house than you would for a rider that would cover just your tank.
Years ago, I added a jewelry rider for my (now ex-) wife to cover her ring (including loss/theft of ring). IIRC, the ring had an assessed value of about $5k, and we paid something like seven dollars a month.
Can I get the name of your homeownersThat doesn't sound right. I've had million dollar riders that were on the order of 10 or 20 dollars a month.
My house is valued at about $220k and my insurance, both homeowner's and an umbrella together, are less than $700/yr. I can't see how you'd be paying a lower premium for a policy that covers a total loss and rebuild of your entire house than you would for a rider that would cover just your tank.
Years ago, I added a jewelry rider for my (now ex-) wife to cover her ring (including loss/theft of ring). IIRC, the ring had an assessed value of about $5k, and we paid something like seven dollars a month.
That's pretty much how my flood insurance was. I bought the house and had homeowners around $800 and additional flood insurance around the same price. Mortgage company saw that the house was right next to Zone AE which is high risk and wanted full coverage. I could either get flood for possessions = the basement floods and my stuff gets wet or for the dwelling plus possessions = the whole house and all my stuff floats away.That’s not how insurance works. The premium is based on risk. Homeowners insurance might be cheaper because they have mountains of data that says that the payouts are relatively low compared with how many premiums are being paid. How many people do you know who have had to have their home completely rebuilt?
The premiums to cover a tank might be higher because either it is assessed as a higher risk, or because they don’t have enough data.
As has been said earlier in this thread, I wouldn’t trust anything that the rep says unless it is in writing. Even then, I would be concerned unless it is in the form of a specific add-on to the policy (i.e. not just an email saying that you are covered).