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Archive 2013 · Help, insurance coverage for hobbyist!

  
 
danwanfur
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p.1 #1 · p.1 #1 · Help, insurance coverage for hobbyist!


Hi, I am a hobbyist from California with some expensive camera gear. I am shopping for an agency/agent with reasonable insurance coverage for equipment.
I have been covered by State Farm for the past 2 years. Unfortunately they have decided to not allow me to add any more items, including a recently-purchased 500 f4, after I filed a claim. I really liked their policy, with the following key features:
1) Low cost at $1.2 per $100 of coverage per year
2) Zero deductible
3) World wide coverage
4) Policy covered theft, fire etc but Also accidental damage
5) Not having to pay for extra insurance features (liability etc) that I do not care for
I am looking for another insurance provider with similar features. Number 4) is essential, and I would prefer $250 deductible (or less) and <$2/$100 coverage. Total cost of equipment is about $15k, so hopefully less than $300/year.
I have contacted some agencies such as Farmers Agent and AAA, but they do not provide suitable insurance at a reasonable price. I have also looked at some policies by professional organizations (PPA etc) but their costs are too high after I account for annual membership cost. I am not eligible for USAA, and I currently do not have any homeowners insurance.
Please help me find suitable insurance coverage!



May 08, 2013 at 08:39 PM
Tony B
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p.1 #2 · p.1 #2 · Help, insurance coverage for hobbyist!


Interesting to know what you call reasonable.
I'm in Australia & I pay $80 per month for $30000+ of valuables 24/7 coverage worldwide.
4 years ago I had over $20,000 of gear stolen & previously a couple of damaged lenses & body replaced. So to me it is reasonable. Peace of mind is worth the $$$$.
I am a believer in insurance for most things likely to be financially disastrous.
Health, income, useful valuables etc.
Sorry I cannot contribute with the recommendation of a company.
I would pay $400-450 for $15K cover.



May 08, 2013 at 10:37 PM
stan23
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p.1 #3 · p.1 #3 · Help, insurance coverage for hobbyist!


I am considering state farm, and live in the Bay Area as well. May I ask what type of claim you made that made them react this way?


May 08, 2013 at 10:50 PM
robbymack
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p.1 #4 · p.1 #4 · Help, insurance coverage for hobbyist!


I sell insurance for a living (commercial not personal). Cheap and good Insurance doesn't exist. Sorry to be harsh but its a reality. look at your risk from the underwriters perspective. They can only charge you so much yet you've got tens of thousands of insured value. That's a tough risk to want to underwrite especially now that you've filed a claim and probably wiped out every cent of profit and then some on your account. You're best bet is to decide which items to insure and which to self insure.


May 08, 2013 at 10:51 PM
_SBS_
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p.1 #5 · p.1 #5 · Help, insurance coverage for hobbyist!


Just dont add it to your homeowners. Get a policy from a different insurance company.


May 08, 2013 at 11:16 PM
stanj
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p.1 #6 · p.1 #6 · Help, insurance coverage for hobbyist!


AAA, separate rider in addition to the HO insurance. I am sorry to say that I had to use their services more than once, and they always paid up without any fuss / delay and never tried to dump me.


May 08, 2013 at 11:22 PM
nle57
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p.1 #7 · p.1 #7 · Help, insurance coverage for hobbyist!


I use state farm. It's itemized, you add up your gear and they apply a formula, I forget the exact amount. But I pay about 300+ a year for my equipment. I was pretty selective on the gear because if I insured the whole shebang it would cost a heck of a lot more. But their policy is good. Theft, loss, etc. Homeowners only applies I believe if it gets stolen in the house, and it's only up to a certain amount. Bear in mind state farm's formula is a little higher if you are shooting professionally. Though you are a hobbyist so it should be a decent price.


May 08, 2013 at 11:47 PM
danwanfur
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p.1 #8 · p.1 #8 · Help, insurance coverage for hobbyist!


stan23 wrote:
I am considering state farm, and live in the Bay Area as well. May I ask what type of claim you made that made them react this way?


It was my second claim ($914), for damage. I made a claim ($563) six months ago (unlucky!), but none before that. While I am unhappy coverage is no longer provided for new equipment, State Farm dealt with the two claims I made quickly. I don't blame them for discontinuing further coverage.



May 09, 2013 at 03:52 AM
rongoe
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p.1 #9 · p.1 #9 · Help, insurance coverage for hobbyist!


I wouldn't be surprised if you see your car insurance go up too. My understanding is that insurance companies look at everything to predict future claims and having a history of any type of claim is positively correlated with future claims.


May 09, 2013 at 06:18 AM
jcolwell
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p.1 #10 · p.1 #10 · Help, insurance coverage for hobbyist!


Apparently, they also consider your credit record to be an indicator of future risk...


May 09, 2013 at 06:22 AM
SteveF
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p.1 #11 · p.1 #11 · Help, insurance coverage for hobbyist!


If you have a mortgage your bank will require homeowners insurance.

You are required to have auto insurance for your car.

You need to have these. They are not optional. Filing two claims will bump your rates or lead to your coverage being cancelled.

Knowing this, putting one's camera gear on a homeowner's policy strikes me as a rather bad idea.

I use Chubb through NANPA, but there are certainly other options.




May 09, 2013 at 02:05 PM
dswiger
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p.1 #12 · p.1 #12 · Help, insurance coverage for hobbyist!


SteveF wrote:
If you have a mortgage your bank will require homeowners insurance.

You are required to have auto insurance for your car.

You need to have these. They are not optional. Filing two claims will bump your rates or lead to your coverage being cancelled.

Knowing this, putting one's camera gear on a homeowner's policy strikes me as a rather bad idea.

I use Chubb through NANPA, but there are certainly other options.


I too use State Farm & it isn't a home-owners policy. It is a separate policy of personal items of stated value with its on simple rate structure.
I have used them for many years for my other insurance needs and for my gear for the last 5 or so years. I suppose it doesn't hurt that they are getting premiums from me for Home & Car insurance. Don't know if they interelate off of this coverage

In the two small claims I have made, they have been prompt, professional & knowledgeable.



May 09, 2013 at 02:26 PM
stanj
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p.1 #13 · p.1 #13 · Help, insurance coverage for hobbyist!


SteveF wrote:
Knowing this, putting one's camera gear on a homeowner's policy strikes me as a rather bad idea.


I guess depends on the insurer... AAA for our cars and house and camera and personal liability.

- One small car claim in 1996 (don't drive in CA the same day you came back from a long stay in Australia)
- One property claim in 1999 (theft of $2500 from a car)
- One small car claim in 2007 (oops didn't see ya buddy)
- One big car claim in 2009 (uninsured "opposing" motorist, fun story)
- One camera claim in 2010 (both TSE lenses stolen from open house)

Can't say my premium on anything has changed through the years, and every time there was an incident, they paid right away. Only the 2009 $23k car damage caused a 3 day delay before approval. All in all, I am a happy customer.



May 09, 2013 at 02:53 PM
Side1Cincy
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p.1 #14 · p.1 #14 · Help, insurance coverage for hobbyist!


I currently have a personal item policy under State Farm that costs me $90 a year to cover around $7,000 worth of gear. I've never filed a claim and the policy covers pretty much everything (accidental drop, theft, etc.) When I was shopping for insurance, AllState & Progressive pretty much told me that they either don't cover camera gear specifically or they won't give me a policy unless I have another policy with them.

I've had the policy with state farm for a few years and haven't had any issues...but also haven't had to file any claims.



May 09, 2013 at 05:05 PM
Andrew J
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p.1 #15 · p.1 #15 · Help, insurance coverage for hobbyist!


furqanfazal wrote:
It was my second claim ($914), for damage. I made a claim ($563) six months ago (unlucky!), but none before that. While I am unhappy coverage is no longer provided for new equipment, State Farm dealt with the two claims I made quickly. I don't blame them for discontinuing further coverage.


Under the current insurance climate I would not file a claim for less than $1,000. Every claim goes on your record and can end up being very costly over time.



May 09, 2013 at 05:16 PM
Vivek
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p.1 #16 · p.1 #16 · Help, insurance coverage for hobbyist!


Hmm, I'd be interested in what you end up choosing. Chubb through NANPA is the way to go presumably, but the cost is much higher than State Farm. I use State Farm and had a first claim a few days ago. With my CPS discount, the total was < 500$ and they paid promptly. So no complaints so far.


May 10, 2013 at 02:55 PM
RichFisher
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p.1 #17 · p.1 #17 · Help, insurance coverage for hobbyist!


depending up what organizations you join, they may have insurance. I think NANPA (North Am. Nature Photo Association) has or did have insurance with Chubb, there are others which I mostly ignore since I have my insurance with State Farm as a rider on my home owners policy


May 10, 2013 at 05:00 PM
danwanfur
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p.1 #18 · p.1 #18 · Help, insurance coverage for hobbyist!


Thanks for all the comments. Still looking for a suitable insurance agency.

Having inquired quite a bit, the best I could find would be to join PPA (Professional Photographers of America) at $323/year so I can make use of their $15k complementary insurance coverage.

But does anybody know about RV Nuccio? Their online quote is ~$200/year for $15k property (equipment) insurance:
http://www.prophotographersinsurance.com/property-insurance/
Unfortunately I know nothing about them.

Edited on May 10, 2013 at 08:03 PM · View previous versions



May 10, 2013 at 06:18 PM
wsheldon
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p.1 #19 · p.1 #19 · Help, insurance coverage for hobbyist!


I've also been considering joining NANPA and getting Chubb insurance, but they have a $350 minimum on their policy and I only have ~$8k in gear to insure, so that's a pretty high price ($450 with membership = 5.6%/year). I've never managed to break any gear in the last 10+ years, much less $450/year, and photography is a hobby so I guess I'll remain self insured for now. My Allstate deluxe homeowner' policy would cover total loss due to theft or fire at full replacement value (future rate and underwriting concerns aside).

I'll be following this discussion, though, since I'd certainly be willing to pay $200 or so to get separate coverage if available (2.5%/year).



May 10, 2013 at 07:07 PM
Luta13
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p.1 #20 · p.1 #20 · Help, insurance coverage for hobbyist!


As jcolwell alluded to, your credit is also a factor.


May 10, 2013 at 09:51 PM
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