Insurance

[dr_zero]

Ok I have been looking at getting some insurance for the stuff and my agent told me I am covered by my home owners policy up to some crazy amount minus our deductible.

I would like to maybe get a rider that not only covers theft but breakage also and would like the policy to pay for the replacement vs worth.

Anyone have any suggestions on a company or policies etc?

 

[mabas9395]

I asked my agent about that and they told me that the first thing I needed to do was to come up with an inventory of everything I wanted insured (with make/model/serial numbers/receipts) and they would send it to the underwriter. Made me think, if my house burns down, not only would I loose my camera gear, but my receipts/records as well. Better add that to my "away from home" storage.

 

[7DwarfsFanNY]

Yes, make the inventory especially if you have a number of high price cameras/lenses. Insurance coverage may vary by state, but the best way to insure is by the rider for the specific pieces as you generally can purchase a waiver for a deductible. And update the rider as you update your cameras. Your regular homeowners covers the cameras for replacement cost (if you have the coverage) but you are subject to your deductible. There also may be exclusions for any business or professional use.

Best advice talk to your own agent.

 

[MICKEY88]

take pictures of all gear, and receipts, keep the files in multiple locations, including an online hosting site if you have one,

when I first insured my gear, I gave my insurance agent a list of all items including serial numbers for those that have them, they never asked for receipts, my homeowners has a rider for camera gear and it's all listed item by item, however it's all my film gear I keep forgetting to update...

if I remember correctly it costs like 15 dollars per 1000 dollars worth of equipment

 

[dr_zero]

Thanks for the input!

I did call an agent and they talked to the underwriter and they also were asking for receipts. Now I dont have receipts for all my stuff some was a gift others I bought years back or whatever so I said you cant use that to come up with a value.

I offered to print the current adds from B&H to show the current value of that would help with proof of current value and they seemed ok with that.

So I have to go and get everything out and get serial numbers and all that kind of good stuff. Now tripods and some things that dont have serials will take a little more work.

 

[MICKEY88]

take pictures of everything and give them that also

 

[Gdad]

if I remember correctly it costs like 15 dollars per 1000 dollars worth of equipment

Is that per year?

 

[dr_zero]

Is that per year?

That is about the same as what they told me.

I asked and it covered everything except wear and tear, so I said your telling me I drop it and then car runs it over into bits you would pay 100% and they said yep!

They claimed no exceptions other than the standard act of war stuff no weather etc clause.

I want to see something in writing to be sure but it sounds good so far.

 

[cmwade77]

Who is this with? That sounds great!

 

[MICKEY88]

Is that per year?

yes that is per year, now to be honest that was when I first got it, it may have gone up and I just didn't pay attention,,but that's on my to do list.. add all new digital cameras,and gear and remove film cameras..

I'm sure my yearly cost will go up..

but they claim that I could even leave it sit at WDW, walk away, and if someone takes it,, it's covered..

 

[dr_zero]

They company I called was State Farm, they had to go and look it up since they dont get much request for it but they had it.

The agent pulled a existing policy to kind of see what all others have put on their policy and they had included their tripods, bags, pouches, filters, charges for the battery and all kids of other accessories. He and I both we kind of surprised at first but after thinking about it they are all related items.
And when you sit down and add up all the cost of those little items you start to realize how much you really have tied up in kit.

A cheap UV filter is $10 and you have how many of them on the lenses the list on a tiffen 62mm circular polarizer is $105 list price replacement it about $40 though, all your memory cards etc etc it adds up quick!

Also the underwriter told the agent to remind me this is covered under my home owners also almost like they didn't want to take my money LOL.

 

[MICKEY88]

They company I called was State Farm, they had to go and look it up since they dont get much request for it but they had it.

The agent pulled a existing policy to kind of see what all others have put on their policy and they had included their tripods, bags, pouches, filters, charges for the battery and all kids of other accessories. He and I both we kind of surprised at first but after thinking about it they are all related items.
And when you sit down and add up all the cost of those little items you start to realize how much you really have tied up in kit.

A cheap UV filter is $10 and you have how many of them on the lenses the list on a tiffen 62mm circular polarizer is $105 list price replacement it about $40 though, all your memory cards etc etc it adds up quick!

Also the underwriter told the agent to remind me this is covered under my home owners also almost like they didn't want to take my money LOL.

I'd question that, I was told a low amount is covered by homeowners, and it gets iffy if anything happens outside the home...for the low cost I'd rather pay the extra and have something in writing that it's covered..

 

[WVDisGeek]

Just a few additional thoughts.

Yes, your gear would be covered as part of your homeowners or renters coverage as part of your overall contents limit. Just keep in mind that there is usually a sub-limit on electronic gear within your contents limit. As one of the other posters has pointed out, once you start adding up all of our "stuff", most of us will rapidly exceed that sub-limit.

A seperate rider for our gear is pretty cost effective ($15-$20/$1,000 usually) and gives you a little better terms (in some cases). The idea of photographing everything and keeping receipts will definitely make it easier for your insurance agent/underwriter to accurately cover your gear and for you to make a claim later, if it is ever necessary.

Also, keep in mind that a claim against this type of rider is the same as filing a claim under your homeowners or renters policy and always should be weighed against the ultimate cost of filing a claim. Some companies do have a tendency to non-renew policy holder's with multiple claims or a claims history for "lost" items...just food for thought.

 

[dr_zero]

Those are all reasons I have been looking at getting the rider cause here is Fl its hard enough to get homeowners insurance as is without any claims being filed

The homeowners I have is really good though and has great coverage (it should for what I pay for it) but I had rather not use it, I had rather not have to use any all

 

[JohnBJr]

As a Florida-based insurance agency owner and an avid photographer, I would like to tell you that your expensive homeowners insurance is adequate to cover your expensive camera equipment. I would like to tell you but.....unfortunately it is not the case. Your Personal Property Coverage (Coverage C) only covers you for named perils in most cases. So unless your camera equipments falls victim to one of those very specific losses, you have no coverage. Those include fire, lightning, wind, theft, and some others. (read your policy). But, after theft, the most common types of photographic losses are usually "whoops, I dropped my new 100-400m 2.8 off into the water, the saltwater wave splashed my gear, the heat in the trunk of the car ruined my camera, I set it down, when I turned around it was gone (not necessarily a verifiable theft). So..if the rider is available from your carrier, by all means but it! It expands the causes of loss to as close to "all risks" as you can get in the insurance world, usually available with no deductible. And if you have $10-20,000 in gear, it is well worth it.
If your carrier does not offer it (most writing in Florida do not), go to http://photo.net/learn/insurance for another option . Costs more but might be worth it! Good luck.

 

[dr_zero]

As a Florida-based insurance agency owner and an avid photographer, I would like to tell you that your expensive homeowners insurance is adequate to cover your expensive camera equipment. I would like to tell you but.....unfortunately it is not the case. Your Personal Property Coverage (Coverage C) only covers you for named perils in most cases. So unless your camera equipments falls victim to one of those very specific losses, you have no coverage. Those include fire, lightning, wind, theft, and some others. (read your policy). But, after theft, the most common types of photographic losses are usually "whoops, I dropped my new 100-400m 2.8 off into the water, the saltwater wave splashed my gear, the heat in the trunk of the car ruined my camera, I set it down, when I turned around it was gone (not necessarily a verifiable theft). So..if the rider is available from your carrier, by all means but it! It expands the causes of loss to as close to "all risks" as you can get in the insurance world, usually available with no deductible. And if you have $10-20,000 in gear, it is well worth it.
If your carrier does not offer it (most writing in Florida do not), go to http://photo.net/learn/insurance for another option . Costs more but might be worth it! Good luck.

Thanks for the input! I was not 100% with the pat answer from the homeowners folks.

I talked to another company than my homeowners for a specific policy for the camera stuff and they are willing to write it to cover everything but it just wearing out. So I'm going to start getting it all out and taking pictures and then getting the price of the items since I don't have receipts for 9/10 of the stuff I have collected over the years.