Homeowner's or other property insurance coverage for pumps?

When we first got my son's Animas pump, our Dr. suggested getting it added to our homeowner's policy, which would supposedly be very inexpensive (just a few dollars per month, is what I remember her saying).

Now that I'm actually checking with our insurance company (State Farm), it sounds like it will be a bit more expensive. They said it will have to go on its own personal article policy, which has a $7.50 annual premium per $100 of coverage. For a $5000 coverage with no deductible, that would be a $375 annual premium. There are several deductible options which could bring the premium as low as $281 with a $500 deductible.

Does anyone have experience or advice with this issue? The upside of this policy is that it would cover anything from loss to theft or accidental breakage. I guess the downside is it just seems like an extra $280-375 we have to spend every year in addition to everything else.

Thanks! 

Hi Txdad.  First a suggestion:  Perhaps you should post where you are located as that might also make a difference in the advice others are able to provide.

Personally, I am in Ontario, Canada.  When I checked with my insurance broker, he said that I do not need additional coverage for my pump, that it is covered under my homeowners insurance, I think it just falls under the "contents" category, the same as, say, TVs, computers, etc.

 

Thanks--didn't think about the fact that insurance coverages would be different even from state to state within the U.S., much less other countries.

I am in Austin, Texas, USA.

Perhaps I need to try again with my insurance agent; I may have inadvertently lead the conversation in the direction of an additional or supplemental policy, since that's what I thought we needed. But in the two conversations I've had with different people at the agent's office about this, nobody has ever indicated that it might be covered under our regular policy.

I'm also in Canada. My insurance company said that my pump is automatically covered under my homeowner's insurance.  However, that does not include loss or accidental breakage - only theft or damage due to a fire/flood/etc.  My company did not offer an option for accidents or loss.

i'm not in Canada, and I would have to add my pump to my homeowners policy, the same way I would add any high value item, (jewelry, etc).

First, my pump was guaranteed for the first 3 years.  if it breaks I get a new one.  if I lost it, however I was out of luck.   I decided to risk the lost device scenario.

Second, now that my pump is off warranty, my health insurance will cover a new pump for a copay and DME deductible.  for me it's cheaper than insurance so I throw the dice.

Any progress with this issue of homeowners coverage for loss/theft/etc of a pump?

We have our son's pump covered under a rider on our HO policy (with Country Companies).  The killer is that the pump value is roughly the same as my wife's engagement ring - the rider for the ring is about $58/year and the rider for the pump is about 4x that amount.  The ins company really had no clue when we asked about insuring the pump and our guess is the underwriter pulled a $ value out of the air.  Just wanting to find out what kind of costs others are paying or have been quoted from other insurers.

Best,

John

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