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Do you need extra insurance for your hunting and fishing gear?

Many Ontarians look forward to spending the day hunting in the woods or fishing on the lake, connecting with nature and enjoying the sport. But hunting and fishing gear isn’t cheap — any hunting or fishing enthusiast can easily accumulate gear worth thousands of dollars, especially with technology like high-quality scopes, fish finders and sonar. Do you know if your home insurance policy protects your investment? Read on to learn more about insurance for your gear. 

Is my gear covered by my home insurance policy?

Your hunting and fishing gear are covered to some extent by your home insurance policy’s personal property coverage, regardless if it’s a homeowner, tenant or condo policy. However, it’s important to review your individual policy and learn exactly how much is covered in the event of a claim. 

If you file a claim for stolen or damaged gear, it will be subject to your personal property deductible in your home insurance policy. So, if you have a deductible of $500 and you submit a claim for $600 worth of equipment, you would only receive $100 from your insurer. Higher deductibles will result in lower premiums, but it’s important to consider how much of a deductible you’re able to pay in the event of a loss. 

Additionally, your gear is subject to your home insurance policy’s single item limit. If you have an expensive firearm, scope, fish finder or other item that is worth more than the single item limit on your policy, you should contact your insurer to see if you can list that item on your policy individually, so it’s insured for its full value. 

Is my fishing gear covered by my boat insurance?

Boat insurance is recommended for any large boats with motors, as well as personal watercraft vehicles. Typically, this insurance covers the boat, trailer and onboard equipment needed to operate the boat, such as a GPS system, from damage caused by fire, accidents, theft or loss, as well as liability coverage for injury. It’s important to note that if someone drives your boat without a Pleasure Craft Operator’s Card, this can void your insurance policy; only let licensed drivers operate your boat.

Some boat policies do offer personal possessions coverage as an add-on, which would cover fishing gear and other belongings onboard your boat. Like with home insurance, there may be a total limit on your gear or a per-item limit. It’s best to check if your gear is covered in your home insurance policy first before adding personal possessions coverage on to your boat insurance policy, but it may be an option if your home insurance coverage is not enough. 

Be prepared for a claim by creating an inventory

When you make an inventory of your gear proactively, it makes submitting a claim much easier. Take photos of your gear and keep a list of each item, the exact make and model and the value. Keep receipts if you have them, especially for items worth $1,000 or more. Once you have a complete inventory, you’ll also know exactly how much coverage you need to insure all your gear. 

If you have questions about coverage for your hunting or fishing gear under your home insurance, contact an OTIP insurance broker at 1-800-267-6847. To get a quote for home insurance, call 1-866-561-5559. 

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