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05-12-2016, 03:31 PM   #1
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How many of you folks insure your photography equipment?

So... I have a few days away booked for the end of this month... on a tiny island, half a mile off the coast of England... and I get there from the mainland by six-man motor-boat I've taken my photography gear on trips before, but I've finally decided that my investment in equipment needs to be insured while I'm out and about. I added up the total *retail* value (or used prices where the items aren't available new) and got quite a shock - in fact, even at home it isn't covered fully for theft, as it is considered to be a "collection" under my current home insurance, and the limit for that is below the value of my gear. Even the total value of the equipment I'd be likely to carry at any one time has now got to a surprising level once you include cameras, lenses, flash, tripod and head(s), accessories etc. Anyway, I've got some insurance quotes that cover me for theft (including from a locked car) and accidental damage by me or a third-party carrier (eg. airline), in my own country plus up to 60 days abroad. I'm looking at annual premiums of around 2% of total value, and 3.5% of the maximum value carried at any one time. That seems reasonable to me, although the monthly premium is still something I'd rather not have to pay out! However, a few years ago I took a brand-new Sony DSC-RX100 on holiday with me - to another island - and dropped it on the stone floor of the accommodation I was renting, killing it instantly! So, from now on I intend to be covered. Anyway, I wondered how many of you (amateur) photographers have insurance, and whether you pay more or less for your cover (and why)...

05-12-2016, 05:24 PM   #2
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I decided to insure my equipment when the value exceeded about $5000 USD and I was frequently in situations where the risk was increased. At one time I was shooting a lot of swimming meets and I could have easily seen a substantial amount of my equipment fall in the water by accident. I also took a backpack of equipment for shooting at outdoor sports events and I frequently left my backpack and unused equipment in one place while I walked all around the field with just one body and one lens. Now I'm doing more travel and I'm glad my equipment is insured when I leave it in an unattended rental car. I'm paying approximately 1.6% per year. The policy is an add-on to my homeowners insurance. There is quite a bit of record-keeping necessary to maintain the insurance. Every item has to be listed in detail, including the serial number and replacement value. As my equipment depreciates I keep the value close to the original cost because I'm likely to replace any lost or ruined equipment with the current version of the item at higher cost. Every time I sell or buy equipment I need to update the policy with my insurance agent. Overall I think it's worth the trouble and cost although I'm generally pretty careful with the equipment and I've never made a claim.
05-12-2016, 06:18 PM   #3
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I looked into getting a rider for my photography equipment on my renters' insurance, but it turns out it's already covered under our normal policy as long as I'm not using it for commercial work. That was easy!
05-12-2016, 07:03 PM   #4
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Just had my house and contents premium raised to cover the new K-1 outside the house.

05-12-2016, 07:48 PM   #5
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We have pretty good cover for photography equipment through our household cover. I have, however, given them all the serial numbers of camera bodies and lenses, just to be sure to be sure.
05-13-2016, 06:04 AM   #6
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We have all of our equipment added to our homeowners policy by item and serial number.
05-13-2016, 11:20 AM   #7
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Never had insurance in the 7 years that I've been photographing. I take a lot of precautions, I've never left my gear in the car alone, ever. For one excample; If I wanted to head to Target and the house is too far away to drop it off, I bring my whole backpack in the store with me.

05-13-2016, 11:34 AM   #8
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I have a rider to cover all my photo equipment, while the amount of the equipment may not seem large to most, it is to me. I have replacement value also.
05-13-2016, 12:26 PM   #9
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I recently added this after a Risk Analysis by my advisor. Costs me $280 a year.

I use the Serial Number Database here to store my records in a separate location from the gear. I only update my policy records quarterly, by sending a printout of the 'My Serials' list. My insurance company considers the legacy lenses fully depreciated, so replacement value = purchase cost. New lenses depreciate for 5 years, then replacement at market - new cameras are faster.

I must identify and re-value 'collectible' lenses (K50/1.2 for instance with recent appreciation) or else purchase cost rules. PayPal printouts act as receipts - they're pdf's in cloud storage - written receipts for cash purchases are scanned.

If I get a 'find' I have to show comparables to establish replacement value.

The EX+ CLA'ed film cameras I got at estate sales would be a write-off in a fire or burglary - they're just too common to have a representative replacement value assigned and the CLA was deemed routine maintenance.
05-13-2016, 01:46 PM   #10
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This is interesting and useful feedback, everyone - thanks for the replies. Extending my home insurance wouldn't cover theft from an unattended motor vehicle (which could be an issue if I have my case in the back of my 4x4, but I'm only carrying my camera and an alternative lens or two), nor indeed for accidental damage while I'm shooting. So, I think I need dedicated insurance... I guess I'd better start recording all my equipment serial numbers - just two weeks until my little break on Piel Island
05-13-2016, 02:01 PM   #11
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Mike, I have all serial numbers recorded on the proof of purchases. I then sent copies to my insurance agent, so he also has this information, in case for some reason; I would lose mine.
05-13-2016, 02:16 PM   #12
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Thanks, Carol. Good advice!
05-14-2016, 07:24 AM   #13
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QuoteOriginally posted by Outis Quote
I looked into getting a rider for my photography equipment on my renters' insurance, but it turns out it's already covered under our normal policy as long as I'm not using it for commercial work.
My ex and I were updating our home-owners insurance years ago and the agent was going through a list of relatively expensive items like stereo gear, guns, musical instruments, and cameras so he could figure those things into the amount for which we needed to insure our house. When he got to camera equipment, my ex perked up and said, "He sells lots of pictures!" The agent said, "Oh...you're a free-lance shooter, eh? You guys go into some sketchy places sometimes"...and our rate instantly shot up. lol Yes, I was selling some pics, but no, it wasn't a serious thing where I was trying to make it some big supplement to our overall income. I was just taking pics as a hobby, then offering them to outlets to see if they wanted to use them or not. Never volunteer information!
05-15-2016, 07:55 PM   #14
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We just got our new policy documentation in the mail. Camera gear now covered to a maximum of $5,000. Beyond that, I'll have to specify. Good thing I don't own any $12,000 primes!
05-21-2016, 08:34 AM   #15
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We carry a floater policy that covers theft and damage.
It sure helps me sleep better at night.
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