I visit several forums everyday and on one of them the subject of insurance for cameras came up.

Since my investment in Camera equipment has grown to be a fairly substantial amount of money, I decided to call my Insurance agent and find out just exactly what my homeowners insurance covered on my camera equipment.

Here is what I found out.

Under my homeowners policy, my camera equipment is covered for theft from either my house or my car and it's covered should there be a fire and it's lost. The normal deductibles apply.

My agent recommended that I add a "Rider" to my policy with my equipment listed. With the rider (which is actually a separate policy) my camera, lens and accessories are covered with no deductible and are covered against lost by theft, fire loss and even covers the camera and lens against damage loss if I should drop and break them.

My cost, as an amateur, is about $1.65 per $100 of coverage. If I use my equipment professionally, and as a source of imcome, the coverage cost about $2.35 per $100 of coverage.

As an amateur, my cost to cover $5000 of equipment is about $85 per year. If I were a professional my cost would only be around $120 per year for $5000 in gear.

The most important features of the rider and that there is no deductible and your camera and lenses are covered for damage even if you drop them and break them.

Personally, I think this coverage is an absolute bargain.

Ed

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Last edited by Ed in GA; 04-10-2008 at 03:40 AM.

[madisonphotogrl]

I visit several forums everyday and on one of them the subject of insurance for cameras came up.

Since my investment in Camera equipment has grown to be a fairly substantial amount of money, I decided to call my Insurance agent and find out just exactly what my homeowners insurance covered on my camera equipment.

Here is what I found out.

Under my homeowners policy, my camera equipment is covered for theft from either my house or my car and it's covered should there be a fire and it's lost. The normal deductibles apply.

My agent recommended that I add a "Rider" to my policy with my equipment listed. With the rider (which is actually a separate policy) my camera, lens and accessories are covered with no deductible and are covered against lost by theft, fire loss and even covers the camera and lens against damage loss if I should drop and break them.

My cost, as an amateur, is about $1.65 per $100 of coverage. If I use my equipment professionally, and as a source of imcome, the coverage cost about $2.35 per $100 of coverage.

As an amateur, my cost to cover $5000 of equipment is about $85 per year. If I were a professional my cost would only be around $120 per year for $5000 in gear.

The most important features of the rider and that there is no deductible and your camera and lenses are covered for damage even if you drop them and break them.

Personally, I think this coverage is an absolute bargain.

Ed

Excellent advice. Can I ask who you use for the rider insurance?

[mattdm]

The downside is that if you do have to make a claim, that counts against your homeowners' insurance history and will make your rates go up. Still, I agree it's worth it. I asked about insuring my camera gear separately, and my agent said it's not really an option unless one has $10,000 or so worth of equipment. Which, sadly, I do not.

Excellent advice. Can I ask who you use for the rider insurance?

Mine is set up through State Farm. I have all of my insurance Car/ Home/Flood & etc with them.

The downside is that if you do have to make a claim, that counts against your homeowners' insurance history and will make your rates go up. Still, I agree it's worth it. I asked about insuring my camera gear separately, and my agent said it's not really an option unless one has $10,000 or so worth of equipment. Which, sadly, I do not.

Yes, it would make the rates go up.

However, do the math,

Drop a K20D and DA*16-50 (or 31mm Ltd) and have a total loss. How much would that be as opposed to how much your rates would go up.

[NaClH2O]

Thanks for this advice Ed. I've been thinking about this lately myself. Now all I need to do is list all my equipment and S/N's and replacement costs. Good info.

NaCl(sometimes insurance is necessary)H2O

[roger33]

I have my camera equipment insured through State Farm. Best money you can spend. No deductable, covered worldwide, won't affect your homeowner rates when purchased as a rider. It doesn't matter if you drop a piece of equipment, it was stolen, fell in the water, or "mysterious disappearance". I think that's the term they use. Too bad all insurance isn't like this.

Roger

[grhazelton]

Hey Ed -

I'll bet Savannah is beautiful this time of year. Its my favorite city in Georgia. I'm here in Jonesboro just south of Hotlanta.

Re: the camera insurance - is this replacement cost coverage, or for the depreciated value? Could make a big difference.

I'll have to check with my carrier.

Hey Ed -

I'll bet Savannah is beautiful this time of year. Its my favorite city in Georgia. I'm here in Jonesboro just south of Hotlanta.

Re: the camera insurance - is this replacement cost coverage, or for the depreciated value? Could make a big difference.

I'll have to check with my carrier.

Yes, Savannah is quite nice right now.

According to my State Farm Agent, the insurance is based on replacement value.

Ed

[Lowell Goudge]

I just went through this with my insurance company, where the cost of insurance is 2% of the insured value (as an amature).

As ed stated, there is no deductable, and you are covered for all loss. Guess what, I have spent more half of the cost of my film gear on insurance, and never used it.

Also, in the current thinking of insurance companies, if you drop a $200 lens, that counts as a claim, and if you have 2 claims in 3 years you get dropped as being too high a risk.


Times have changed, your houshold policy covers the replacement of your gear (albiet with a deductable) for replacement in kind with new product, so if someone stole my PZ-1, I would get a K20D (replacing the insured top of line at the time with the current top of the line)

If I insure it wit a rider, I get the insured price, and that is all.

With the exception of the few of us that have a $6000 lens and if they drop it they want it replaced free, under the present insurance policies, and approach to drop people who enter multiple claims, I think the time is now to drop the rider.

If someone steals it all, I then have a major claim and get everything replaced with new anyway, with the exception of the deductable. I win out in that case.

[mtnbearhug]

Another thought for insurance is a Personal Articles policy. State farm has them and that is what I have.

Homeowners will cover your camera IF it is at home.... or in your car... but if you are on vacation or just out shooting then they will hastle you on the claim.. esspecially if your equipment is worth over $1,000.

When I first bought my ZX-7 I actually worked for State Farm insurance. Instead of raising my home owners an being restricted to certain things (theft, fire) my agent had me get an this personal articles policy instead and I still have it. It costs me $40 a year and covers all my camera equipment anytime anywhere.. I could accidently drop my camera while on a walk and break it.. and it is coverd under the umbrella policy for replacement value (which means todays price).

At the time I also had my wedding ring on it as well, it was cheaper them again raising my variable on my homeowners policy and provides more coverage.... you can put anything you want on it and of course the more value the higher the amount.. but you can add flashes, individual lens, expensive props whatever..

Anyway.. again its called an Personal Articles Policy through State Farm. It might be worth checking out.

Kim

[vievetrick]

As a mild mannered Insurance Agent by day here in the Common Wealth I can say it is well worth the money. One way to have a problem with any of these Homeowner rider type coverages is to have a web site selling your pictures or offering your services as a photographer. What I mean is companies have exclusions specifically if the equipment is used for a business. Trust me when I say, companies claims folks will google you if there is a claim on your $5000 gear that was stolen. If they see you are offering services you could have some trouble. I am sure in other states and companies some things are different, but still some thing to be aware of. If your curious ask your agent or company.

[simons-photography]

As a mild mannered Insurance Agent by day here in the Common Wealth I can say it is well worth the money. One way to have a problem with any of these Homeowner rider type coverages is to have a web site selling your pictures or offering your services as a photographer. What I mean is companies have exclusions specifically if the equipment is used for a business. Trust me when I say, companies claims folks will google you if there is a claim on your $5000 gear that was stolen. If they see you are offering services you could have some trouble. I am sure in other states and companies some things are different, but still some thing to be aware of. If your curious ask your agent or company.

yea thats a good point I've only made coppers if anything on my work but the fact that I have a website and am on my stock sites may be a problem, I have a contents insurance on my house that is seperate from my buildings insurance and I can add a specific item like my camera.

I'm thinking of enquiring about specific insurance