(Topic ID: 159525)

Home Owners Insurance Covers Pinball Machines?

By WackyBrakke

3 years ago

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  • 103 posts
  • 43 Pinsiders participating
  • Latest reply 1 year ago by MrBally
  • Topic is favorited by 10 Pinsiders


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    #88 1 year ago

    Also keep in mind that if you schedule the pins on an inland marine policy and there is a loss, the carrier will only pay up to the limit to replace the machine. So keep updating the values if your pin happens to appreciate.

    If they can replace it for less (and the replacement item is in the same shape as yours was before the loss) then they will replace it even if the replacement costs them less than the value you insured it for you are not entitled to the balance.

    However I believe the inland marine is the way to go for pins. Each pin is listed on the dec page along with a value and a premium. The carrier knows what they are insuring. Its much better than trying to claim them on your homeowners personal property coverage. They will claim they had no idea you had 30 pins and 10 jukes etc.

    Read your policy and ask questions...and yes the agent is only a sales person. They can't speak for the carrier nor should they.

    If you had a loss and you thoroughly documented your process when you insured the pins and perhaps documented the fact that your agent said your pins would be covered for 'replacement cost' in the event of a total loss when if fact they were not....then you go after the agents E&O. Plain and simple.

    A good agent will not 'speak' for the carrier. They may try to get an answer for you via email which is great but if they are 'shooting off the cuff' then take it with a grain of salt and get it in writing. Agents carry minimum $1,000,000 of E/O. We carry $11,000,000. Its cheap insurance for the insurance agents.

    #94 1 year ago
    Quoted from john32:

    I am insurance agent and as I said up above in this thread buy an Inland Marine policy that attaches your homeowners policy. The inland marine has state amount coverage up to the value they agree on when you add the machine to the policy. It is primary and is basically an all risk policy with a few exceptions. Cheap piece of mine at 4.70 per thousand

    Or buy a monoline inland marine policy. If you make a claim on the IM policy, it won't affect your homeowners policy.

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