Camera Insurance

[MarkBarbieri]

How many of you have a separate rider for your camera on your insurance policy? They aren't that expensive and are a great piece of mind.

I'm in the process of updating mine. I'm putting together a full list of junk that I want to cover. I only cover the stuff that I take out on shoots. I leave off the generally home bound studio lighting stuff, computers, software, etc.

At this point, my list has five camera bags, two housings, four straps, two DSLRs, two P&Ss, one video camera, four flashes, two flash accessories, twelve lenses, three lens accessories, eight filters, three light modifiers, four memory cards, two remote releases, three tripods, seven tripod accessories, four tripod heads, and one video light.

 

[KarenAylwood]

I put one on my insurance when I was going to Disney in September. I need to update it though because I bought the Tokina 11-16 and the Canon 24-105 f/4L recently. Thanks for the reminder!

I'm paying $47/year for ~$3500 worth of equipment I think (I'd have to check what I currently have on it). This includes 3 cameras (only one dSLR), along with 5 lenses and a flash. I haven't put in memory cards or anything extra like that... I kind of assumed they'd cover it. When I had my small P&S stolen during a break-in, my insurance company covered a new camera case and memory card even though I hadn't specifically put them on the schedule. Should I be including these?

 

[MarkBarbieri]

It depends on how much the "extras" cost. My memory cards are relatively fast 16 and 32 gig CF cards. They are $100+ each, so I wanted them listed.

If my camera gets swiped and it had my BR strap (with an extra CF card and an IR remote in the pocket) and a QR plate on the lens, I want compensation for those items. None may be all that costly by themselves, but they can add up pretty quickly.

Anyone else get questioning looks from your insurance agent when you try to explain that you have that much money sunk into camera gear but you don't use it professionally?

 

[funkychunkymonkey]

My insurance agent gave me a look when I asked if my policy coved my crappy bag and camera. He laughed then told me ya.

 

[Todd_H]

I have a separate personal inland marine policy on my dslr and lenses along with some music instruments and some jewelry. Hadn't really considered insuring all my memory cards, filters, and other accessories, but those items do add up quickly so I might reconsider and up my coverage.

My insurance agent is my brother who already thinks I'm an idiot (and having that much invested in gear doesn't help).

 

[YesDear]

I can answer this one with some level of intelligence.

First, yes I do insure my stuff.
Let me also remind everyone that I own an insurance agency and have been in the business over 30yrs. At the risk of boring you to death I will give you some thoughts as to the advantages of the different ways you can cover your stuff.

As a hobbyist your stuff is covered by your homeowners policy. I would wager that everyone has replacement cost coverage. That means that your insurance company will replace with new without depreciation. Your contents are covered anywhere in the world. You do have a deductible. Probably $250 or more. Probably $500 or more. The biggest drawback to homeowners coverage is two fold. First, most of you will have named peril coverage for your contents. That means you have a series of perils; fire, lightning, etc. that your stuff is insured for. If something happens that peril has to be the cause. Theft is one of the perils. Secondly, breakage is not a peril insured. You pay the deductible then the rest is paid for. This may be all many of us may need.

As a serious amateur as your stuff increases in values you will probably want to schedule your stuff. You can do it in two ways.

You can add a camera schedule to your homeowners policy or you can purchase a separate policy. In general both coverages are what are called inland marine coverage. Literally it means property that moves over land. The rider you get for your homeowners and the separate policy are very similar. The separate policy will probably provide broader coverage and fewer exclusions. A major difference with the scheduled coverage is that it is on an actual cash value basis. You will schedule or list the camera equipment and the value you insure it for is the most you will get for it. So if you have a Nikon D1 you paid $4000 new and left it insured for that, you would not get that for it should it be stolen today! Most inland marine schedules will not allow replacement cost coverage. if you wanted it. The main thing you get with the schedule is breakage.

Be careful if you have your stuff under your homeowners and you make some money on the side. It will be your luck that your stuff gets dropped or broken at a wedding or event you are photographing for a friend. There are business exclusions in a homeowner policy that could exclude coverage for that loss.

Your ability to get a scheduled policy other than on your homeowners policy will depend on your insurance company and your agent. Some companies will only offer it to pros with other coverage.

I hope I have not bored you and will be happy to answer questions.

 

[WVDisGeek]

I too was once an insurance agent and part of my job today for the hospital I work for is to handle all of our property and casualty coverage (approx. $500 million!) so yes, I have my camera and assorted "stuff" covered. My insurance agent is the same agent that covers our hospital, so he doesn't give me funny looks. He doesn't have to, he already knows I am crazy!

It doe sprovide a great deal of peace of mind knowing that my gear (although not as extensive as Mark's, but substantial to me), is covered.

With the amount of money we all have tied up in our kits, I think the coverage is reasonable and will help you sleep at night.

 

[MarkBarbieri]

I always enjoy it when we sit down for a new homeowners policy. They always ask about how much we have in electronics and camera gear and they look shocked when we tell them. Then they ask how much we have in jewelry and furs and we tell them "about $100". They usually remind us to include wedding and engagement rings in that total and we tell them that we already have.

I did finally order a piece of art recently. It was expensive by my art tastes, although still well under $500. I'd say what it is, but I plan to take some pictures next week and I don't want to spoil the surprise. It's definitely nerdy art.

 

[Daisy14'sDH]

This is a great idea, I already have seperate policies for my Pool Cues and some other items in the house. I didn't even think to add my camera gear. Although what I own is valued at less than $1200 it would still be much to much to replace in the event of something "perilous".

I'll call my broker Manana!

 

[boBQuincy]

I have my photo gear insured with a schedule added to my homeowner's policy. My agent is really good because he is a photographer and understands the issues with photo gear. His name is YesDear!

I need to remember to insure my tripod that I pack in my checked luggage!!!

 

[RBennett]

I have my photo gear insured with a schedule added to my homeowner's policy. My agent is really good because he is a photographer and understands the issues with photo gear. His name is YesDear!

I need to remember to insure my tripod that I pack in my checked luggage!!!

I would just like to point out that posting on this forum with YesDear! can not add/change coverages to your policy. So if something happens to your tripod, don't come back and say "well I mentioned it on the DISboards!!" As an insurance adjuster I get to hear all SORTS of stuff, but y'all understand too.

 

[boBQuincy]

I would just like to point out that posting on this forum with YesDear! can not add/change coverages to your policy. So if something happens to your tripod, don't come back and say "well I mentioned it on the DISboards!!" As an insurance adjuster I get to hear all SORTS of stuff, but y'all understand too.

Yep, I just threw that in for fun but realize that posting on a forum is not exactly binding! Even with insurance it is still scary trusting a nice CF tripod to the airlines. I keep the RRS ballhead in my carry-on!

 

[RBennett]

Yep, I just threw that in for fun but realize that posting on a forum is not exactly binding! Even with insurance it is still scary trusting a nice CF tripod to the airlines. I keep the RRS ballhead in my carry-on!

I figured that was just for fun, but I had to poke at it anyway. I don't blame you for not trusting the airlines. I have flown on ONE round trip flight in the past 10 years and my DCL duffel bag that I have is almost shredded on the end of it from the conveyor belts or SOMETHING. So having a nice tripod/ballhead like that, I would carry it too!

 

[Docarino]

I have been thinking about insuring my equipment lately and I think I need some clarification. Is it better to have a separate policy or to attach it to the homeowner's policy? Someone told me that it would be better to keep it separate so that it wouldn't affect my homeowner's premium should I ever have to use it for the camera equipment. Also, I'm not clear from the discussion above- if I insured something for a certain amount of money, would they cover the amount I insured it for or the value that it had depreciated to at the time I needed to collect? Thanks!

 

[YesDear]

I have been thinking about insuring my equipment lately and I think I need some clarification. Is it better to have a separate policy or to attach it to the homeowner's policy? Someone told me that it would be better to keep it separate so that it wouldn't affect my homeowner's premium should I ever have to use it for the camera equipment. Also, I'm not clear from the discussion above- if I insured something for a certain amount of money, would they cover the amount I insured it for or the value that it had depreciated to at the time I needed to collect? Thanks!

Two great questions. The first one is a matter of opinion. I believe homeowners carriers are very loss sensitive today. For that reason, I believe it is better to have the separate policy. That is my opinion. To be honest if you are not concerned about breakage, the broadest valuation basis is just your homeowner policy as contents no schedule.

The second question always creates angst for insureds and insurance companies. You should insure it for its actual cash value. ACV is defined as current replacement cost minus depreciation. Depreciation can be economic or technological. As I said in my original post, if you have a Nikon D1 that cost over 4K when new you can now get for just several hundred dollars. If you insured it for 4K then had it stolen yesterday you would only get the several hundred dollars. The main point is the amount you insure it for is the most you will get should it be lost but not guaranteed that you will get that amount.

 

[DznyFan]

Question - so do your policies cover damage in the event of an unfortunate accident such as a tripod being knocked over by somebody not looking where they're going at WDW or if it falls off your BlackRapid strap and bites the dust?
I ask because my policy covers loss but according to my agent doesn't include accidental damage (i.e. some kid runs into the tripod when I'm shooting in a park) he says that damage is covered by the other party's homeowers policy.

 

[Pooh_Girl]

Question - so do your policies cover damage in the event of an unfortunate accident such as a tripod being knocked over by somebody not looking where they're going at WDW or if it falls off your BlackRapid strap and bites the dust?
I ask because my policy covers loss but according to my agent doesn't include accidental damage (i.e. some kid runs into the tripod when I'm shooting in a park) he says that damage is covered by the other party's homeowers policy.

Sorry, RBennett here again (didn't feel like signing out of DW's account.) Your policy covers a "loss" but the term loss is a very broad term. There are certain covered losses that are specifically mentioned like YesDear! said earlier. These are what's called "covered perils". But if your agent told you that it does not cover accidental damage, then I would trust your agent; he/she knows your policy and company better than we could. Every company has different policies.

 

[Docarino]

Two great questions. The first one is a matter of opinion. I believe homeowners carriers are very loss sensitive today. For that reason, I believe it is better to have the separate policy. That is my opinion. To be honest if you are not concerned about breakage, the broadest valuation basis is just your homeowner policy as contents no schedule.

So are you saying that my current homeowner's policy covers theft/peril, but not breakage, even if I have not specifically listed my camera equipment, and even if I am traveling/not at home? My main concern really is theft because while one thing breaking would not be good, my entire camera back being stolen would be a significant amount of money. I think I will still look into getting a specific policy though, thanks for the advice.

As far as depreciation- good quality lenses tend to keep their value pretty well, right?

 

[YesDear]

So are you saying that my current homeowner's policy covers theft/peril, but not breakage, even if I have not specifically listed my camera equipment, and even if I am traveling/not at home? My main concern really is theft because while one thing breaking would not be good, my entire camera back being stolen would be a significant amount of money. I think I will still look into getting a specific policy though, thanks for the advice.

As far as depreciation- good quality lenses tend to keep their value pretty well, right?

A standard homeowners policy will cover your personal property anywhere in the world. As an example, I recently went to China. My scheduled policy does not cover me worldwide. While I did not have breakage coverage, my homeowners policy would have covered theft on a replacement cost basis.

You are correct about depreciation. A quality lens will not depreciate much. that is why I used the camera body as my example.

As RBennett said always check with your agent about limitations or exclusions. Policy forms can vary by state or country.

 

[YesDear]

Question - so do your policies cover damage in the event of an unfortunate accident such as a tripod being knocked over by somebody not looking where they're going at WDW or if it falls off your BlackRapid strap and bites the dust?
I ask because my policy covers loss but according to my agent doesn't include accidental damage (i.e. some kid runs into the tripod when I'm shooting in a park) he says that damage is covered by the other party's homeowers policy.

I agree with RBennett about covered perils. Your agent is technically correct about the damage being covered by the other party's homeowners policy. But it would not be covered under any property coverage but a liability coverage. For that coverage to come into play you would have to show negligence on the person's part. In real life, are you going to pursue that?