Tack insurance?

[soloudinhere]

With saddles now costing more than several of my first vehicles combined, and about a year’s worth of mortgage payments, I am wondering if there is a personal property insurer that will insure saddles for replacement value for theft or damage?

I started thinking about this after my horse fell on me back in April and absolutely trashed a $4900 saddle that was brand new. I have a new horse, and new saddle, and I am thinking it might be wise to insure.

I am looking for a policy that would:

1. allow stated value at time of purchase, without depreciation. This is because a custom saddle can’t be replaced with a comparable used one, generally. A like saddle may not be on the market used.

2. Allow for direct replacement and not repair - I am thinking of the above situation in which the seat, one flap, and the tree needed to be replaced. This was less than the saddle, but was a substantial repair taking a lot of time - 3 months to get the saddle back and over half the cost of the saddle to repair.

Does such a product exist? If so, where can I purchase such a policy?

[trubandloki]

Have you talked to the people who have your Home Owner’s Insurance?

[soloudinhere]

@trubandloki

Have you talked to the people who have your Home Owner’s Insurance?

Yes. They will only do a depreciated item (at 25% per year, meaning in 2 years it will cost me much much more to replace than they will pay out) and they will not repair. And I would rather not put a $6000 claim against my home and risk higher premiums or uninsurability for my residence over a saddle.

I don’t insure jewelry on my homeowner’s, either. And I’d be looking for a very low or $0 deductible.

[csaper58]

Mine is covered by a special policy I purchased from the company that issues my homeowner’s policy.

You will probably need to inventory the pieces you want insured, photo them, and save the purchase receipts or have them appraised.

[soloudinhere]

@csaper58

Mine is covered by a special policy I purchased from the company that issues my homeowner’s policy.

You will probably need to inventory the pieces you want insured, photo them, and save the purchase receipts or have them appraised.

I have all these documents, as I just purchased the saddle. Including detailed photos from the vendor. I will call Allstate and Travelers and see if they do this as a standalone.

[Guilherme]

You might want to look at other companies. Most will offer replacement value coverage but you still have to read the policy and look at the company’s definition of “replacement value.” That might mean “buy you a new one” and it can mean “we’ll buy you one just like the one you lost.”

G.

[soloudinhere]

@Guilherme

You might want to look at other companies. Most will offer replacement value coverage but you still have to read the policy and look at the company’s definition of “replacement value.” That might mean “buy you a new one” and it can mean “we’ll buy you one just like the one you lost.”

G.

That is more my concern, as it may not be possible to buy one just like the one I lost, meaning they will give me a payout - which will be $2-3000 less than the cost of ordering a new saddle like it.

[bitranchy]

Within my horse’s insurance policy, I have coverage for a variety of other things, one of them being tack. The amount I’m allotted is less than the saddle price mentioned above, but it would put an ~85% payment towards a new replacement, which I’m fine with.

Perhaps if you’re looking at insuring the new horse, you could also speak to them about additional coverage for gear? Just an idea!

[HoneyB]

I have a separate personal articles policy to cover my tack since I board. The company required that I give them a list of items and I was advised to hang on to receipts etc. In my case I don’t have enough coverage to replace everything but I have a slightly different goal than the OP- I just want to be able to replace the basics if they are stolen without paying a bunch in premiums. I easily could have more complete coverage but that isn’t my main concern.

[Guilherme]

@soloudinhere

That is more my concern, as it may not be possible to buy one just like the one I lost, meaning they will give me a payout - which will be $2-3000 less than the cost of ordering a new saddle like it.

When the company says “buy you a new/similar” one they mean they will pay you the price they conclude will do that. With appliances and furniture and the like that’s not too hard. But few adjusters have any experience with tack so you’ll likely have to help them out with information on value. If you have the original paperwork that’s a good start. At the end of the day it will likely be a “negotiation” and you should treat it like negotiating to buy a horse. Think about Mattie Ross negotiating with Col. Stonehill in “True Grit” (either one). My favorite scene in the movie!!! :lol:

Sadly, if you want true “new replacement value” you’ll have to get a “declared value” rider for the item. Those are expensive because the moral risk for the company is quite high (people will kill horses, burn houses, secrete assets, etc.if they get greedy or into financial trouble).

I’m sure there is a market where you can do this if you’re willing to pay the premium.

G.

[soloudinhere]

@Guilherme

When the company says “buy you a new/similar” one they mean they will pay you the price they conclude will do that. With appliances and furniture and the like that’s not too hard. But few adjusters have any experience with tack so you’ll likely have to help them out with information on value. If you have the original paperwork that’s a good start. At the end of the day it will likely be a “negotiation” and you should treat it like negotiating to buy a horse. Think about Mattie Ross negotiating with Col. Stonehill in “True Grit” (either one). My favorite scene in the movie!!! :lol:

Sadly, if you want true “new replacement value” you’ll have to get a “declared value” rider for the item. Those are expensive because the moral risk for the company is quite high (people will kill horses, burn houses, secrete assets, etc.if they get greedy or into financial trouble).

I’m sure there is a market where you can do this if you’re willing to pay the premium.

G.

I’m a little stuck on this one. New, the saddle cost over $7500. Which is a ridiculous price, but it fit the horse and I had a moment of weakness. That said, if anything happened to it, I couldn’t afford to buy another one or wait another 16 weeks for it to be made. However, these are super rare on the used market in this size (or I would have bought one that way) so if they only give me $5000 or whatever if something happens to it - I am a little bit screwed.

It’s relatively easy and inexpensive to get a policy like this for jewelry, which is a lot easier to lose/destroy, so I was hoping there was something similar. For a similar stated value repair/replace policy on my wedding set, I pay about $120/yr. These policies make you whole in the sense that they have your set remade to the same specs as the original if anything happens to it, even if it’s been worn for years. I was hoping to find something similar for tack.

I’ve sent out some emails. I’ll see what I get back. It would be worth $200/yr or so for me to not have to worry about something happening to my $$$ saddle after I made all the sacrifices to buy it.

[Guilherme]

I feel your pain on this. With rare items it’s just harder as few actuaries have the background to make the call on premium.

Good luck in finding a market to meed your needs!

G.

[Palm_Beach]

@soloudinhere

That is more my concern, as it may not be possible to buy one just like the one I lost, meaning they will give me a payout - which will be $2-3000 less than the cost of ordering a new saddle like it.

You’d have to get a policy with a stated value. Saddles do depreciate, so I’m not sure what you’d do about that.

[soloudinhere]

@Palm Beach

You’d have to get a policy with a stated value. Saddles do depreciate, so I’m not sure what you’d do about that.

I get that they depreciate, but because it’s not a commodity item where I can go buy one used, that doesn’t really make me whole in the traditional sense. Custom items such as jewelry are typically remade new when lost or destroyed, they don’t expect you to go out and buy an identical engagement ring for less money. So I was hoping something out there for tack was similar because it is so specialized. In fact, my jewelry policy INCREASES my coverage each year to cover inflation so that I can purchase an identical piece with the payout.

[Sueby]

On my horse’s insurance plan, there was an option for tack that I chose. My renter’s insurance wouldn’t cover it when I inquired.

[Blugal]

Our provincial horse council has third party liability insurance that is required by many facilities. We can add tack insurance to that policy (and accidental death and dismemberment, and loss of horses due to lightning or trailer accidents).

It’s not quite what you’re after. I think my premium is $40 for $10,000 coverage with a $500 deductible. I used it once when someone borrowed my saddle, and their horse fell with it and ripped the leather. I had to get a repair estimate and replacement estimates (the repair shop gave their opinion it would make more sense to replace). In the end it worked out ok, it was not an expensive custom saddle. I got $1800 to replace, less my deductible. But they were very reasonable in that they let me keep the damaged saddle, so it is used for breaking green horses and I don’t care if they wreck it!!

[coloredhorse]

I have my tack itemized, including estimated value, in an addendum to my homeowner’s insurance. The policy will cover replacement to the stated value plus repairs that don’t exceed that value.

[TullyMars]

I do this with state farm. I have the original receipts and they do 100% replacement value. For 2 custom saddles it costs me about $300.00 per year.

[Guilherme]

@soloudinhere

I get that they depreciate, but because it’s not a commodity item where I can go buy one used, that doesn’t really make me whole in the traditional sense. Custom items such as jewelry are typically remade new when lost or destroyed, they don’t expect you to go out and buy an identical engagement ring for less money. So I was hoping something out there for tack was similar because it is so specialized. In fact, my jewelry policy INCREASES my coverage each year to cover inflation so that I can purchase an identical piece with the payout.

Unlike jewelry (assuming it’s real gold with real stones) custom saddles don’t appreciate no matter how much they cost. In fact they can very steeply depreciate because they are so closely made to the needs and conformation of ONE HORSE. That’s why you really need a defined value policy and you probably should watch the cost of new ones and increase the coverage from time to time.

G.

[clanter]

@coloredhorse

I have my tack itemized, including estimated value, in an addendum to my homeowner’s insurance. The policy will cover replacement to the stated value plus repairs that don’t exceed that value.

same for us, we had a custom saddle that had been made in the 1950s stolen from our home (we have our horses here) it was by chance that we had recently had the saddle checked over by our saddle shop so there was really no dispute on its value which our insurance never questioned. But replacing a special saddle was a time consuming ordeal as we had to have it custom made