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 > Portable Generator Insurance?

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rexmitchell

Texas

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Posted: 12/09/19 01:52pm Link  |  Quote  |  Print  |  Notify Moderator

Anybody insure their portable generators? Talked with State Farm today and am trying to figure out what the best option is. A personal item policy (similar to insuring a watch) is one option that has no deductible but only covers that one item. The other I'm trying to do is the contents policy of the travel trailer. There is some weird wording in our policy that covers items "normally used" in a trailer, while outside of the trailer within 30 feet of the trailer. So I'm wondering if it might be covered there. The benefit there is the contents coverage covers more than just the generator and will probably be cheaper even with our deductible ($250). Thoughts?

doxiemom11

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Posted: 12/09/19 02:01pm Link  |  Quote  |  Print  |  Notify Moderator

Your homeowners policy would probably already cover it minus your deductible up to the limitation when away from your own premises. You would have to find out what that amount would be from your homeowners agent. Typically 10% of the amount for contents you have at your home.

KPetrick

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Posted: 12/09/19 02:11pm Link  |  Quote  |  Print  |  Notify Moderator

Having an RV policy that covers the contents of the RV (including a portable generator) is generally better than having to go to the homeowners policy. If you have an accident that damages contents and the RV you only have one deductible. If you have to use both your RV and homeowners policy you will have two deductibles, two claims and two different adjusters to deal with. Most homeowners policies have $1,000 deductibles. With today's home insurance coverage, 1-2 claims and you may find yourself looking for a new policy.

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Mickeyfan0805

SE Wisconsin

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Posted: 12/09/19 02:14pm Link  |  Quote  |  Print  |  Notify Moderator

doxiemom11 wrote:

Your homeowners policy would probably already cover it minus your deductible up to the limitation when away from your own premises. You would have to find out what that amount would be from your homeowners agent. Typically 10% of the amount for contents you have at your home.


Most homeowner's policies have $1,000 deductibles. Most claims on portable generators would not be worth it on such a policy. The potential hikes and or cancellations would not be worth the small amount reclaimed after the high deductible. If you want coverage, I would continue to look at the contents coverage you are already examining. Make the most sense to me.

rexmitchell

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Posted: 12/09/19 02:20pm Link  |  Quote  |  Print  |  Notify Moderator

The homeowners route is a waste due to my deductible being basically the cost of the generator. Hopefully they can clarify if it would be covered under the contents coverage. If not, insuring it as a personal article won't be that bad and there is no deductible there.

BarabooBob

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Posted: 12/09/19 02:25pm Link  |  Quote  |  Print  |  Notify Moderator

I don't try to insure everything that I own. I also don't buy extra extended warranties on stuff that I buy. I could probably buy a quarter of my used stuff for what the warranties and insurance would cost. I haven't lost or had anything stolen yet so I am way ahead as far as cost goes.
I have too much stuff to insure it all.As far as liability insurance goes, I have a good umbrella policy and make sure to get in writing that I am covered while using something.


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rexmitchell

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Posted: 12/09/19 02:29pm Link  |  Quote  |  Print  |  Notify Moderator

BarabooBob wrote:

I don't try to insure everything that I own. I also don't buy extra extended warranties on stuff that I buy. I could probably buy a quarter of my used stuff for what the warranties and insurance would cost. I haven't lost or had anything stolen yet so I am way ahead as far as cost goes.
I have too much stuff to insure it all.As far as liability insurance goes, I have a good umbrella policy and make sure to get in writing that I am covered while using something.


I don't typically do it either, but if the price is right I'm all over it. One of two things sounds like it may happen here. If it is covered under my contents coverage this will essentially be free since I'm already covered there. If I go the personal item route it will probably cost 20-30 bucks a year to insure a $2100 generator. I travel with it in my truck all the time and leave it at our hunting property at times so I think the price is right for piece of mind if either of those two options pan out.

KPetrick

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Posted: 12/09/19 02:32pm Link  |  Quote  |  Print  |  Notify Moderator

Also ask if you are getting replacement cost (brand new) or ACV (actual cash value/used).

Keith

pianotuna

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Posted: 12/09/19 02:37pm Link  |  Quote  |  Print  |  Notify Moderator

My vehicle insurance covers the depreciated value of the generator. However, it requires replacing it with an identical model. I would have changed to Champion from Yamaha because of greater capacity, and lower price.


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rexmitchell

Texas

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Posted: 12/09/19 02:41pm Link  |  Quote  |  Print  |  Notify Moderator

KPetrick wrote:

Also ask if you are getting replacement cost (brand new) or ACV (actual cash value/used).

Keith


Yep, another good point. Personal item policies are definitely replacement values and if something appreciates/goes up in price the policy takes this into account. Not sure if that is the same with contents coverage.

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