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Has anyone added their CTX to their homeowners insurance??
- Thread starter Guvner
- Start date
I asked my agent about my detectors in my truck in case they were stolen. If the truck is secured (locked) yes they are covered. The detectors fall under the contents clause when in my house. Great question Guvnor. Policies are different and so are insurance agents so everyone needs to check. HH 
Insurance policies are as varied as metal detector manufacturers. Everyone NEEDS to check with their own insurance agent, and ask HOW coverage is extended on their policy for a metal detector. EVEN if it is in your automobile, it is going to be covered by your homeowner's insurance. (Or Renter's Insurance if you rent). The coverage it will be treated as is "Personal Property" most likely......unless they try and stick it under "Electronics" which usually has a limit set. IF you use it and say it is a professional tool, to make money, it will suffer another limitation as well.......just so you know.
It is given, to my knowledge, no category wherein it would be treated as an item such as a gun or jewelry, for which you can get coverage, but it will be limited in amount, most likely to $1500, AFTER deductible. You MIGHT be able to get it scheduled....haven't tried on mine. But I think I will after this post.....
The MOST important aspect imho, is this: I would ask to insure it is not under a limited coverage clause for electonics, wherein the coverage is limited to a specifica amount (like that $1500). On top of that, it will have coverage AFTER the deductible is applied. What most people don't know, is that in 1999, most deductibles were shifted away from set amounts, to an amount equal to 3% of their structural coverage.
Let's say you have a $100,000 house. You deductible would be 3% under most policies, or $3,000 for this discussion. So, in essence, IF you detector was stolen from you car, you would get nothing.......under this scenario. You can buy your deductible down, and I looked at several different deductibles, before settling on 1% for my house, but it was MUCH better for me than 3%..
So, as advice, I would suggest talking to your insurance company about HOW coverage would be extended, scheduling your detector, (i.e. whether or not they allow it, and if so how to get it scheduled). And finally, check you deductible, and see if you can lower it at a reasonable cost.
HH
Gitterdug.....who is also a retired Professional Firefighter and a Licensed Private Investigator........so if your detector gets burned up by someone who stole it, I can tell you how it was caught on fire, and HELP you catch the badguy......LOL
It is given, to my knowledge, no category wherein it would be treated as an item such as a gun or jewelry, for which you can get coverage, but it will be limited in amount, most likely to $1500, AFTER deductible. You MIGHT be able to get it scheduled....haven't tried on mine. But I think I will after this post.....
The MOST important aspect imho, is this: I would ask to insure it is not under a limited coverage clause for electonics, wherein the coverage is limited to a specifica amount (like that $1500). On top of that, it will have coverage AFTER the deductible is applied. What most people don't know, is that in 1999, most deductibles were shifted away from set amounts, to an amount equal to 3% of their structural coverage.
Let's say you have a $100,000 house. You deductible would be 3% under most policies, or $3,000 for this discussion. So, in essence, IF you detector was stolen from you car, you would get nothing.......under this scenario. You can buy your deductible down, and I looked at several different deductibles, before settling on 1% for my house, but it was MUCH better for me than 3%..
So, as advice, I would suggest talking to your insurance company about HOW coverage would be extended, scheduling your detector, (i.e. whether or not they allow it, and if so how to get it scheduled). And finally, check you deductible, and see if you can lower it at a reasonable cost.
HH
Gitterdug.....who is also a retired Professional Firefighter and a Licensed Private Investigator........so if your detector gets burned up by someone who stole it, I can tell you how it was caught on fire, and HELP you catch the badguy......LOL
Wildgerman
New member
I have Progressive Ins and I called my agent he said they would be covered if they were in the house ,car, motel room ect. My deductable would be $500 if they stold one detector or all of them. If they stold a detector that had a value of $600 and I filed a claim, I would get $100. Make sure you keep all your receipts and take pictures of all your equipment including serial numbers. Don't forget to file a police report and take pictures of the crime scene. The more information you have the better.
Larry (IL)
Well-known member
Guv and others concerned.........I have Pekin Insurance and this is from my agent:
Hi Larry,
Great question! As long as your metal detectors are not used for business purposes (which they are not) they are covered on a replacement cost basis just like any other personal property. Broad form perils apply (theft is a covered peril).
You could schedule them which would do a couple of things. Coverage would apply on a stated amount basis (no big advantage here) and it would reduce (or eliminate) the deductible. Also "special perils" coverage applies (excludes things like war, nuclear perils, wear & tear etc.), I guesstimate it would increase your homeowners premium about $40. per year for $2,000 coverage.
Russ
Hi Larry,
Great question! As long as your metal detectors are not used for business purposes (which they are not) they are covered on a replacement cost basis just like any other personal property. Broad form perils apply (theft is a covered peril).
You could schedule them which would do a couple of things. Coverage would apply on a stated amount basis (no big advantage here) and it would reduce (or eliminate) the deductible. Also "special perils" coverage applies (excludes things like war, nuclear perils, wear & tear etc.), I guesstimate it would increase your homeowners premium about $40. per year for $2,000 coverage.
Russ
Neil in West Jersey
New member
It doesn't matter. They will do everything they can to not pay you. My friend's house was robbed while they were at work. They were cleaned out of every valuable and piece of electronics. Apparently a moving truck drove up.
They had to deal with weeks of interrogations and allegations by the insurance company's investigators. They became suspects. Eventually they made a settlement which was way below the cost of what it would cost to replace the goods. They had to hire there own attorney just to get paid.
I sat on the phone earlier today, waiting to speak with someone about my health insurance premium. While I was on hold I had to listen to all the reasons why it is important to write a check for 1400 each month. I heard that I could break a bone, get glaucoma, the flu or cancer, making me believe that I should be happy that I have paid more than $400,000 in premiums since I was 21 years old (that's not a typo. Figure it out yourself.)
The biggest danger to my health is stress caused by my insurance premiums. Every time I pay that bill, my blood pressure skyrockets and my ass is sore for a week.
They had to deal with weeks of interrogations and allegations by the insurance company's investigators. They became suspects. Eventually they made a settlement which was way below the cost of what it would cost to replace the goods. They had to hire there own attorney just to get paid.
I sat on the phone earlier today, waiting to speak with someone about my health insurance premium. While I was on hold I had to listen to all the reasons why it is important to write a check for 1400 each month. I heard that I could break a bone, get glaucoma, the flu or cancer, making me believe that I should be happy that I have paid more than $400,000 in premiums since I was 21 years old (that's not a typo. Figure it out yourself.)
The biggest danger to my health is stress caused by my insurance premiums. Every time I pay that bill, my blood pressure skyrockets and my ass is sore for a week.
Respectfully, Assertions that you will not get your money's worth are ill informed generally. Not to belabor the point, but an insurance policy is a contract. Personal property is, per policy, usually a set percentage of the structural coverage. It can be increased via your agent. Most issues come up, due to insureds who do not become sophisticated enough to understand what the policy states, and they get mad because they feel like they were treated unfairly.
As an example, it is the insured's responsibility to provide a list of items alleged to be covered. As an adjuster, I cannot tell you what you lost, or what it was worth. Almost always, when they feel unhappy with a settlement, I hear insureds complain about not being covered when in fact, they failed to provide a list of items stolen, burned, etc. Or, because they have $100,000 in contents on a $50,000 house and have only $25,000 in personal property, people somehow think they should be able to collect over the policy limits of the contract.
Since this is a metal detecting forum question, directed at coverage for our detectors, you feel free to reference my statements above. I am only trying to help everyone on here. It is YOUR expensive machine. Be smart enough to check out your policies, and get it in writing from your agent. Agents are not infallible, just as adjusters are not. But an absolute bottom line is this. Your Insurance Policy is a CONTRACT, which YOU, the insured, agree to, and by law are required to perform in accordance with. Help yourself and learn what your policy says, what it covers, and what it will NOT cover.
Beyond being an adjuster, as a Private Investigator in Texas, I investigate well meaning people all the time who try and circumvent the law of the State, in trying to commit fraud........it is so easy to do that....after all, "those insurance companies collected my premium, and it is a victimless crime".......I catch good people doing really stupid things, that mar the rest of their lives and cost them a lot of money to hire a legal defense.
Again, learn your policy. Broad statements have been made on this subject, by good folks. Every Policy is different, and most can be customized. Save yourself some grief before time, and make sure your poilicy provides you the proper coverage........
HH to all, and keep those detectors safe!
Gitterdug
As an example, it is the insured's responsibility to provide a list of items alleged to be covered. As an adjuster, I cannot tell you what you lost, or what it was worth. Almost always, when they feel unhappy with a settlement, I hear insureds complain about not being covered when in fact, they failed to provide a list of items stolen, burned, etc. Or, because they have $100,000 in contents on a $50,000 house and have only $25,000 in personal property, people somehow think they should be able to collect over the policy limits of the contract.
Since this is a metal detecting forum question, directed at coverage for our detectors, you feel free to reference my statements above. I am only trying to help everyone on here. It is YOUR expensive machine. Be smart enough to check out your policies, and get it in writing from your agent. Agents are not infallible, just as adjusters are not. But an absolute bottom line is this. Your Insurance Policy is a CONTRACT, which YOU, the insured, agree to, and by law are required to perform in accordance with. Help yourself and learn what your policy says, what it covers, and what it will NOT cover.
Beyond being an adjuster, as a Private Investigator in Texas, I investigate well meaning people all the time who try and circumvent the law of the State, in trying to commit fraud........it is so easy to do that....after all, "those insurance companies collected my premium, and it is a victimless crime".......I catch good people doing really stupid things, that mar the rest of their lives and cost them a lot of money to hire a legal defense.
Again, learn your policy. Broad statements have been made on this subject, by good folks. Every Policy is different, and most can be customized. Save yourself some grief before time, and make sure your poilicy provides you the proper coverage........
HH to all, and keep those detectors safe!
Gitterdug