There has been so much confusion on it lately we have contacted an insurance agent to write an article about it for our site to clear some of the common issues/misconceptions up. The article section should be coming with the next site update.
If you have any specific questions let me know and I can likely get them answered for you, but a lot of it does have to do with your insurance company and policy.
Even if you have to add your tanks in it can sometimes cost very little but be very worth it.
For example our club has a general liability policy that covers not only the club, but all of the TFT tanks that we own. If one of our tanks were to break in a classroom and cause enough damage that the school would need a portable classroom for a year we are covered for the first million. If a kid were to lick a zoa an go to the hospital, our policy covers that as well. That policy for the club, club get together, all of the TFT tanks owned by the club, damage that might be caused by the tanks etc, etc, cost us $232 a year.
If you already have a renters or home owners policy it is a very cheap add on, I think for me a year less then $20 annually for a million in coverage (was their minimum). It does not cover livestock, just equipment and property that is damaged.
When a tank breaks and you have to replace flooring, drywall, sub flooring, and a vapor barrier, before you even get to replacing the tank, the costs add up very quickly. Insurance is worth it IMO.
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