Will Homeowners or Renters Insurance Cover my Damaged or Broken Surfboard
This is a question that is rarely asked before you buckle or ding your surfboard. But still, many of us end up trying to get a legitimate answer after we damage our not so inexpensive surfboards.
After digging around I found some help from the Policy Genius broken up by homeowner and renter’s insurance; both working slightly differently from each other.
Scenario 1 - Homeowners Insurance for Surfboards:
If you break or damage your surfboard and find yourself asking whether your homeowners insurance policy will cover the broken board, the Policy Genius notes that your:
- Homeowners insurance covers you against hazards, or perils listed in your policy
- Each coverage in your policy is insured up to the limit detailed on your declarations page
Therefore, when buying a new surfboard you will want to contact your homeowners insurance carrier and have the board added to your policy. You will also want to verify that damage while in use outside of your house and while in the water will be easily covered. Some of the common exclusions for a homeowners insurance policy are:
- Mischievous acts
- Water damage (when it’s from flooding, surface water, waves, tidal water, a sewer backup, or groundwater seeping up into the home)
Regardless of the vague description, you don’t want some unruly insurance assessor to lump you into one or both of the groups above whether it makes sense or not.
Scenario 2 - Renters Insurance for Surfboards:
If you break or damage your surfboard and find yourself asking whether your renters insurance policy will cover the broken board, the Policy Genius notes that:
- You can add endorsements to your policy to extend more coverage to valuable items, like a fine art collection or a wedding ring. You can also add coverage for perils that are not automatically covered, like an earthquake or flood.
- There are two types of renters insurance policies, a replacement cost value policy (RCV) or an actual cash value policy (ACV). RCV policies pay you out as if your belongings are brand new and ACV policies pay you out the depreciated value of your belongings.
Similar to homeowners insurance, you will want to contact your renters insurance carrier and add an endorsement for your new, prized board at the time of purchase. You will also want to keep a clear record of the receipt at the time of purchase so that you can be eligible to receive the full value of the board as if it were new. The Policy Genius goes on to say that, “Renters insurance can also cover property when it’s not even in your home, like if your laptop is stolen while you’re on vacation; since it’s considered insured property, it’s still protected whether it’s inside your dwelling or not.” This is great if it’s stolen or lost, but make sure to triple check with your carrier in the case where the board is dinged or broke while actually surfing.
What we know is that your liability coverage is likely to cover your broken board if the damage was incurred on your property or even in your car but less likely if you broke it while surfing. Typically, you would have had to declare your board(s) on a declaration page or add it as an endorsement on your policy with proof of the receipt at the time of purchasing the board. What’s a given is, if you place a claim and your insurance company says they will honor your claim for your dinged or broken board, you will most likely have an unfriendly deductible. In addition, your policy premiums are bound to increase.
Why does a Surfcare protection plan make sense for covering your board?
With Surfcare you can pay a low monthly premium, in most cases under $10.00 or a discounted price if you pay for the full year at the time of purchasing your board. If you ding your board, Surfcare fixes it for free. No deductibles and no rise in premiums. If you break or buckle your board, Surfcare will replace it with a 25% deductible of the originally purchased price. Again, you will have no rise in premiums when adding additional boards or new a protection plan. It’s that simple. No need to understand confusing homeowners or renters insurance policies or fight with an insurance agent, just to see your premiums get raised after paying a hefty deductible. You can even purchase Surfcare within 30 days of purchasing your new board right here at Surfcare.co with a proof of your new board receipt. Additionally, you should be able to purchase a Surfcare protection plan at your local surf shop. If you have not seen Surfcare at your local shop, drop us a line and we will get them setup.