Insuring your equipment.

[Louwai]

I've just renewed my contents insurance & thought I'd put this out there for general info.

I've just renewed my home contents insurance to cover a total of $99k.
$45k of general household items & $54k of telescopes & astronomy gear. The premium is $400/yr, BUT, the telescopes & things are only covered while at home.
To cover all my gear for "Australia Wide" was going to be about $2.5k per year, which is just rediculous.

I have listed all my gear as specific items & values. The insurer has set up my account so that I can log in online & choose when, & for how long my gear will be away from my home. (eg, when I'm at Astrofest). When Iget home I log in & "turn off" the away-from-home button.

For the period that the gear is away from home I pay a weekly premium of $35. (minimum 1 week). So for 3 days at Astrofest, my gear is 100% totally covered for ANY damage, theft, loss etc & it will cost me $35 for the insurance cover.

I reckon that's a fantastic bargain. Realistically I'd only spend a total of 2 to 3 weeks with the gear away from home each yr. A cheap alternative for total 100% cover Australia wide.

This was with Youi Insurance.

[Octane]

That's awesome, Bryan. Thanks for the heads up.

H

[RobF]

CAn I ask which company you're with Bryan?

[SkyViking]

I can't help but think that I would be very uncomfortable with giving information about exactly what I own, what it's worth, and when I'll be away from home:eyepop:
Maybe I'm just paranoid, but while it's great to be covered, it's also an open invitation for potential theft if someone get access to your details. I've worked as software developer in a large insurance company and there was no limit to the customer data that I could get access to. They also had all the old records of previous customers, which they actually were legally obliged to delete but obviously never did. Is it unthinkable that someone in an insurance company might try to use this data to their advantage? Or maybe sell the information to someone who would?

Now it has to be said that personally my astro gear is not worth anything close to yours, and I also don't travel with it, so I can definitely understand why you'd want proper insurance, but still just something to think about.

[Louwai]

Fair comment Rolf, But hey, It's 100% insured regardless of WHO steals it. What you explain below can happen, but if it does I get all my gear replaced at the specified value. So, really, I don't care. In the end I'll still have the gear that I have now :D

[Louwai]

Insurance company is "Youi" rob. A guy by the name of Chris Ezzy chrisez@youi.com.au is the one who sorted mine out. If you intend to look into this you might want to ask for him specifically as he's already been through it with me & he'll understand what you are talking about.

[AdrianF]

I have suncorp insurance that covers all of my belongings Australia wide. I had to itemize all of my astro gear and value each item if I remember correctly I pay $650 a year for $150000 cover.


Adrian

[Louwai]

WOW!!! That's good. SUNCORP quoted me $2850 per yr just to cover the $54k of astro gear. The home contents was over & above that..
The kicker for them was that I use it AT NIGHT out in a dark area where there is no SECURITY lighting....:lol: Therefore it's far more prone to theft & so I had to payan appropriate premium.

[multiweb]

I'm with GIO. I insured the lot for $10k approx. on top of my home and content. It costs me an extra $100 per yr. The gear is insured home indoors and outdoors, in the car during transit and off site in the bush. Old for new.

[acropolite]

I have similar cover to Marc, my home insurance policy covers me for loss theft or damage outside my home within Australia for up to $10,000, no idividual item over $3000.

This covers my Astro gear and camera gear nicely, although if both Astro and camera gear were stolen / lost /damaged at the same time, I would be somewhat out of pocket.

[Waxing_Gibbous]

Thanks, Louwai for a very useful post!
A couple of questions:
Is Youi an insurer in and of itself or is it underwritten by another comapany?
What are they like at paying-up, if you know?

The paying-up always seems to be the problematic bit with discount insurers. :(

[Stigandi]

What about lockable observatories on the main home premises? How do your various insurers deal with coverage in this case. I'm with RAC and will get out the fine print to read.

Thanks,
Rob

[Stigandi]

I should have read the fine print first. RAC spells out telescopes in their list of belongings that are covered under the blanket value and don't need to be specified separately. It also looks like items are covered in lockable outbuildings. I could be wrong, but that's the way I read mine.

[Louwai]

Peter,
Have not made a claim with Youi, but I have with other "discount" insurers. These claims were for my motorcycle, not astro gear.

I had my motorcycle insured with E-bike Insurance. The premium was $900 per year LESS than SUNCORP or NRMA etc. I made a claim for $1950 & they were exceptional. 1 quote from my choice of repairer & they approved it within 36hrs.
Unfortunately after 4yrs E-bike withdrew their motorcycle insurance fromt the Australian market. But they continue with E-car & other insurance.

THe bike is now insured with Qld Teachers Credit Union Insurance. The annual premium is very similar to what E-bike was. They also have approved a $2500 claim very quickly on 1 quote from my choice of repairer. (1 x not at fault, & 1 x at fault)



Also,
I note that when Astro gear is covered under general household insurance you are subject to the standard of $3k max per specified item, & sometimes limited to how many specified items can be claimed at 1 time.
The cover I have is for 100% replacement at the specified value of any or all of the items. My SDM 20" is well over $15k as a single item + if someone picked up 1 of my EP cases they'd be walking away with $3k to $4k of EP's. Not just 1 EP @ say $500.

Or the next level, if someone decided to hook up my trailer & drive away with it, there goes the lot & they probably wouldn't even know they've got it as they were probably just trying to steal the trailer.

This is why I have tried to get away from the "typical" contents insurance cover.

[Hans Tucker]

I knew it was bad luck reading this thread because I had my house broken into during the day time whilst I was at work last Monday. Got off lucky in that the place wasn't messed up and only lost a laptop and a EOS-350D Modified camera (would love to see the look on their face when they try and use this for daytime photography..well maybe not as they will probably ditch it). I didn't realise what a crap feeling it is.

[Octane]

Hans,

I'm so sorry to hear of your woes.

My parents business got broken into in 1993, the night my mum gave birth to my younger brother. They broke in while we were at Westmead Hospital visting mum.

We lived upstairs and when we came downstairs in the morning and saw the broken door, the feeling in the pit of my stomach... ugh...

Know how you feel. : (

H

[hotspur]

One of those things in life that's unpleasant to think about,but unfortunately-it has to done-the thinking bit anyway-regards of direction you take.

I discussed this mater with our broker-its not often a person walks in to discuss insurance on all the unusual items astronomers and photographers have.

But there is a value there,its no different to a friends' fishing boat.etc.

What I did was was get every camera and lens,every telescope,rifle,metal detector, put the all on table take photos of every item,and serial number,photo copied every receipt along with chainsaws mowers etc.put it all on a disc gave the insurance broker one,and kept two,in two different locations.

Do not know if would help,and I do not wish to find out.But the broker said it was a very good idea,and good way about really taking note of what I own.He said people talk about doing such things,But I was the first person to actually walk in to the office with it on paper and disc.It would not stop the sinking feeling that Hans and Humayan felt when something negative happened.But it may help one get back into hobbies sooner rather than later.

Cheers Chris

[shelltree]

Happened to me tonight :( Sinking feeling in the pit of your stomach is exactly how I would describe it. That and violated. Urgh.

[RobF]

Sorry to hear Shelley. Hope you haven't lost too much and police are on to it now.

[shelltree]

Thanks very much Rob. I got off not too badly considering, ds and games, an emerald ring and camera battery charger stolen but surprisingly all other camera gear and electronics untouched. Room was pretty trashed though and they took my brother's tv, laptop and Playstation. Parents had jewellery taken too. Very very violating :( Unfortunately police couldn't get any finger prints.

[Hans Tucker]

Thanks H...Sorry to hear it happened to you Shelley.

You truly know that you are an Astro-Geek when the first thing you check on after a break in is that your Astronomy gear is still there :D

[shelltree]

Thanks Hans, real sorry to hear about your break in too and your 350D :( Luckily I don't really have anything in the way of astro gear at the moment but you know you're a photography-freak when you start sobbing in anticipation of all your gear being stolen and the photos still on your camera lost :sadeyes: And SUCH a relief when you realise they didn't take any of it :D

[Hans Tucker]

Well it happened again..another break in. This time, to by pass the window locks, they got into the garage and kicked a hole through the wall to get into the house. I am fortunate that they were not interested in my Astronomical equipment so I didn't lose anything this time but the owners have a repair bill.

Do you have to notify the insurance company of a break in if nothing was taken?

[shelltree]

I'm so sorry to hear that Hans :sadeyes: Glad that nothing was taken though but still a violation of your home. Might pay to bring it to the insurance company's attention but I'm not sure if it's absolutely necessary, I'm certain someone else will know.

[tuppence]

I have all my other household things insured with Suncorp maybe i should go with them