Would you buy insurance for your livestock and equipment?

[revhtree]

This is COMPLETELY HYPOTHETICAL and I’m only asking for the fun of it and to see what you would say.

If there was a company that could provide you insurance for livestock and equipment would you buy some insurance?

If so how much would you be willing to pay?

Again this is all in fun!

 

[revhtree]

I would and would pay up to $50 a month as long as the deductible was fair.

 

[MoshJosh]

Maybe if I had really expensive set up. . . like insurance on 3k + worth of LEDs might make sense.

 

[BirdFish5000]

If the coverage was actually good and reliable, yes.

 

[TheHarold]

I would and would pay up to $50 a month as long as the deductible was fair.

How much coverage are you looking for though?

 

[o2manyfish]

Back in the late 80's I was just starting to build custom aquariums and I built one for a very successful cardiologist.

We got the insurance to pay for 'reasonable' salt water tank installations for people with Hypertension - as stress relief.

We also used to be able to insure the livestock under the category of 'Art Work' and were able to make successful claims for the livestock when a system crashed.

That all unwound in the early 90's when insurance companies picked up on not insuring livestock.

Dave B

 

[affan]

This is COMPLETELY HYPOTHETICAL and I’m only asking for the fun of it and to see what you would say.

If there was a company that could provide you insurance for livestock and equipment would you buy some insurance?

If so how much would you be willing to pay?

Again this is all in fun!

No, Already paying so much in insurance lol

 

[acesfull44]

Depending on the specific coverage and deductible I would absolutely consider it. Given the amount of time, energy and money we spend on this hobby it seems like a "no brainer."

 

[Tamberav]

They would just try and get out of paying up. Lots of fine print to not cover this and that and items like lights all written off as water damage. You could probably get coverage for catastrophic events like house burning down or something.

 

[lynn.reef.nerd]

Depending on the fine prints. what would they cover? Accidental cause (i.e. heater going out)? Mother nature (a storm)? Negligence?

even with homeowners insurance, as we fond out, will not cover faulty installation. We had a major storm and our roof was damaged. Insurance will not cover the cost to replace becasue the last homeowner installed it incorrectly.

If the insurance covers everything I would get it if the cost per year is at most 5% of the value of the system.

 

[GlassMunky]

My homeowners policy covers all the equipment as is.

livestock is not covered though.

 

[thatmanMIKEson]

This is COMPLETELY HYPOTHETICAL and I’m only asking for the fun of it and to see what you would say.

If there was a company that could provide you insurance for livestock and equipment would you buy some insurance?

If so how much would you be willing to pay?

Again this is all in fun!

I didn't even read fully but yes, what's the deductible for full coverage?

 

[Gumbies R Us]

I definitely would get insurance if it covered equipment since reef equipment can get really expensive fast.

 

[mike550]

This is COMPLETELY HYPOTHETICAL and I’m only asking for the fun of it and to see what you would say.

If there was a company that could provide you insurance for livestock and equipment would you buy some insurance?

If so how much would you be willing to pay?

Again this is all in fun!

I’m sure that someone offers this insurance already since it’s yet another way for insurance companies to make money (cynic here). I think the hardest thing to do is define what loss is covered. A tank breaking is obvious. But what if it’s a light that stops working after five years or a fish that dies from disease / neglect of the owner. This is what would make insurance expensive.

Personally, I’m more concerned about water damage to my home if the tank bursts more than anything else.

 

[Reefer1978]

I would gladly do so, but I don't this happening, given it takes as little as a brainfart to nuke an entire tank.

 

[elysics]

An insurance against stn and rtn events would be nice, but that would be way to easy to defraud if it had actually acceptable conditions

 

[YOYOYOReefer]

Prepaying is the best tank insurance, Constant power, Ozone, UV, huge skimmers, auto top off, radions, calcium reactor , etc, etc Thats what insures your tank inhabitants.

my homeowners covers the physical goods, but nobody insures your fish , not even aquarium stores can find that type of coverage at anything. We have solar and my tank can run 20-30 days off just its batterys if needed (but the batterys charge every day). I also store about 1500 gallons of RO/DI (my tanks and lagoon total about 6500 gallons) so i have plenty on hand for ato/water changes all my systems run multiple heaters/pumps and have ranco's on them

 

[thepotoo]

I would absolutely not pay for insurance on my tank - any time you are paying for insurance, your premiums are covering the cost of the insurance company running their business.

Oh, and if you're a skilled reefer, your premiums would be subsidizing not only the insurance company, but reefers who are less skilled.

Insurance only makes sense if you can't eat the loss - for example, health insurance prevents you from going bankrupt if you break an arm, home owners insurance covers you if your house burns down, etc. If the loss won't financially ruin you, don't buy insurance -- put whatever the premiums would be in an SP500 index fund instead. That's a much better return, statistically speaking.

 

[JZ199]

It depends on a lot of different things, mainly what the deductible would be, and what all was covered.

If I could pay 20 or 30 a month to cover my equipment and corals I would consider it if I only had to pay like 5 or 10 dollars to cover a burnt up pump or light, or replace a nice coral... If I had to pay that monthly and still have to pay like 100 for a deductible then no way lol

 

[Jim Gomoll]

It depends on a lot of different things, mainly what the deductible would be, and what all was covered.

If I could pay 20 or 30 a month to cover my equipment and corals I would consider it if I only had to pay like 5 or 10 dollars to cover a burnt up pump or light, or replace a nice coral... If I had to pay that monthly and still have to pay like 100 for a deductible then no way lol

I'm in same boat on this reply. Allot of depends...

Side note on Home Owners ins.
Recently saw a YouTube review comparing brand name canister filters vs cheaper knock offs. Brand name reef hardware are higher priced due to the UL electrical certification. (Ins. covered) If you go with a cheap knockoff component and burn up your system, possibly house your SOL /not covered by HO insurance without UL certification.