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11-30-2010, 09:41 AM   #1
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Insuring Gear

I am planning on buying a K5 soon and with an investment like that, I would like to protect it. Is anyone familiar with how to go about insuring camera gear? I plan to take mine abroad at some point in the future (part of why I want to insure it) and currently do light work with my equipment, like the occasional photojournalism assignment or portrait shoot. It is in no way my livelihood, but I do get paid sometimes. I'm guessing all this varies from carrier to carrier, so I suppose I'm just looking for other's experiences and recommendations on what I should look for or who I should sign up with. Thanks so much guys!

11-30-2010, 10:18 AM   #2
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Although I did not insure my camera I did inquire about my laptop when I bought it because it was pretty expensive. I have State Farm and I cannot remember exactly but I think my rep told me that insuring electronics was a % of the declared value. I cannot remember the % rate but it was very small. It may not have even been a % of the declared value (I looked into this about 5 years ago and my memory is a bit hazy) but my laptop value was over $2000 and I got a quote of single digit dollars a month. I also have car and home insurance through them so I got a little extra discount.

If you do insure the K5 read the terms carefully and ask a lot of questions just so you are 100% clear on what type of coverage you are getting. Most offer accidental damage but this can be confusing as to what the definition of accidental damage is so that is what I would suggest being very clear on and I think thieft is the very basic on every plan. Good luck!

Sorry, I just read my reply and realized it was a lot of guessing, haha. But I hope it helped anyway.
11-30-2010, 10:27 AM   #3
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I've insured mine on a separate rider on my home insurance through state farm in the past for replacement value, it paid off when my house got broken into and i ended up with a nicer camera as a result - film days (I have separate riders on a couple of high value items as they generally only will cover replacement on them this way i.e. artwork i have appraisals for some better jewelry and my camera gear (didn't bother with other electronics, in 2 different break ins they left behind the tower computer and funnily enough also left my turntable which was worth over $200 at the time with the cartridge - but took the phono stage which would be a tough sell i would think since most people don't use a separate one)
never had any gear stolen on a trip (knock on wood) but my rider does cover it (mind you from experience it would be tough to find Pentax in some cities to buy as a replacement)
11-30-2010, 10:29 AM   #4
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What you are looking for is coverage often known as "Inland Marine", the name varies from carrier to carrier. I insure my gear through State Farm, since they already cover my cars and house, on what is called a Personal Articles Policy. It is not very expensive coverage but you will need to ask if there is any geographical limitation on coverage and you should ask very carefully about how this coverage would apply to business pursuits (no matter how small they might be)

11-30-2010, 02:29 PM   #5
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i had this for many years, you take this as an extension of your house policy, and for items that leave the house regularly, you pay 2% of insured value. there is no deductable.

if you don't get this, then you get the items replaced less deductable.

The issue is, your insured value is not the same necessairly as getting the item replaced. Let's say I had my *istD, and it gets stolen, it was the flagship camera at the time, so now I would get the equivelent, a K5. Although I might have my *IstD insured for the purchase price, but ... who knows.

You have to be really careful because you can spend a lot of money. COnsidering the deductable, I probably paid more than the deductable so far in policy fees.

A pro might see it differently, but it is a tough call for an amature.
11-30-2010, 04:04 PM   #6
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I don't recall how small my rider is but it wasn't expensive at all. Part of homeowner's.

But ......

A claim is subject to my $500 deductible (saves me $150/year over $100 deductible) and a claim ends my "no claim" discount of $150/year for, I think, three years. Or maybe it's five years.

OTOH, it covers damage/droppage as well as theft. I looked into this carefully after a theft in the UK earlier this year.

It's a good option if I'd already be making a good-sized claim for fire or burglary but of little use if I dropped/lost a K-X and kit lens.

As always, we have to understand our coverage well.
12-02-2010, 04:23 AM   #7
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I also have a State Farm personal articles policy on my cameras (and some jewelry). I have never had a camera claim, but only a few weeks after I took out the policy a side stone fell out of a ring. I had a check for the cost to replace and set the stone immediately after I provided a jeweler's estimate for the work. My policy covers all kinds of stuff homeowner's does not, and is not limited to $1500. I am strictly a hobbyist, though, so I don't have the sticky wicket of pro use, which might require a different sort of policy. I do have to take each piece of equipment in to be photographed. They record serial number and so on, and I must provide a receipt or appraisal (for the jewelry).
12-02-2010, 06:01 AM   #8
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QuoteOriginally posted by Mark Castleman Quote
What you are looking for is coverage often known as "Inland Marine", the name varies from carrier to carrier. I insure my gear through State Farm, since they already cover my cars and house, on what is called a Personal Articles Policy. It is not very expensive coverage but you will need to ask if there is any geographical limitation on coverage and you should ask very carefully about how this coverage would apply to business pursuits (no matter how small they might be)
When mine was Stolen (an AE1 canon with 3 lenses) I got $1300 (in 1991) towards my new camera, I had the option of using there replacement company or a cheque. As I worked someplace that sold cameras and had a very attractive employee purchase plan I opted for that and got an MZ5 and a Pentax 28-200 to get me started again (how I ended up back at pentax after a little over a decade using other gear) My discount got me the camera and lens for $850 though the 1300 was the value at the time (our employee discount didn't differentiate between high margin items and low margin and management got an extra 10% over the standard.) It was a great camera and there are times i wish i had kept it (I let it go when I went Digital along with 2 other bodies to help fund my DA14) it would have been less but the deductible was applied to other items I didn't replace (some of the cds I lost over 400)

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