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 aren't cheap — any hunting or fishing enthusiast can quickly 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.

Does my home insurance policy cover my gear?
Your hunting and fishing gear are covered to some extent by your home insurance policy's personal property coverage, regardless of whether it's a homeowner, tenant, or condo policy. However, it's essential to review your individual policy and learn precisely how much is covered in the event of a claim.

When filing a claim for stolen or damaged gear, it's important to remember that it will be subject to your personal property deductible in your home insurance policy. For instance, 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. This means that higher deductibles will result in lower premiums, but it's crucial to consider how much of a deductible you can pay in the event of a loss.

Additionally, your gear is subject to your home insurance policy's single-item limit. Suppose you have an expensive firearm, scope, fish finder, or other item worth more than the single-item limit on your policy. In that case, 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.

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

Some boat policies offer personal possessions coverage as an add-on, covering 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. Before adding personal possessions coverage to your boat insurance policy, it's best to check first if your home insurance policy covers your gear. Still, it may be an option if your home insurance coverage is insufficient.

Be prepared for a claim by creating an inventory
When you proactively create an inventory of your gear, it makes filing a claim much easier. Take photos of your gear, and keep a list of each item, the exact make and model, and the value. If possible, retain receipts, especially for items worth $1,000 or more. Once you have a comprehensive inventory, you'll also know how much coverage you need to insure everything.

If you're a current OTIP policyholder, contact us at 1-833-494-0089 to review your existing home insurance policy. If you’re not insured with OTIP and are shopping for home insurance, call us at 1-833-615-9326 to get a quote and receive a $20 gift card of your choice!