I was wondering if anyone knew any information on a reliable insurance company to that would cover photography equipment? I have about 13k worth of equipment and was also wondering how much it be a year? Thanks in advance everyone!
I have my gear insured through AAA, which is also my home and auto insurer. It cost $17.50 per 1k insured for "listed personal items". It's complete coverage e.g. damage, lost, or stolen, etc and no deductible. It's great coverage and fortunately I haven't needed to make a claim.
Be aware that if you use your equipment for business, this will likely require a different, more expensive kind of policy. However, you may also be able to get more comprehensive coverage for profit lost due to the loss or failure of equipment etc.
I suggest you start calling different brokers and getting quotes.
I have Marsh Affinity for my business equipment and liability.
The business equipment (declared as such) is $70 for about $4000 of stuff/ year.
My liability is a $2,000,000 business policy for $350 or so.
I use State Farm as well. My policy covers about $7000 worth of gear and it's about $10/month. Like the others said, it covers everything, so it's definitely worth it. I'd get it.
I talked to my state farm agent the other day about it. He said it would be $1.24 per $100. It really isn't much, of course, then again, I don't have an awesome amount of gear. It's different if you are a "professional" photographer.
The insurance industry term for the type of coverage you want is "Inland Marine Coverage." Most of the larger carriers will write an Inland Marine policy or rider that will cover photographic equipment, including equipment used professionally, for a very reasonable cost. I have mine through Farm Bureau Mutual and the annual cost is just over one percent of the insured value (i.e., just over $10 per $1000 in covered equipment) for "all perils coverage" (another insurance industry term meaning the policy will cover the loss regardless of cause) with a $100 deductible. It covers pretty much everything - theft, damage from any cause including dropping, dunking, rain, fire, leaving it in a hot car, other stupid acts, etc. It is well worth the peace of mind.
Just wondering, do these insurance agency also cover damages as well -- both accidents and defects? As in, if my camera malfunctions on me and I send it to the Canon Service Factory for repair , will some of these insurance companies (i.e. State Farm) cover these fix-it cost?
Just wondering, do these insurance agency also cover damages as well -- both accidents and defects? As in, if my camera malfunctions on me and I send it to the Canon Service Factory for repair , will some of these insurance companies (i.e. State Farm) cover these fix-it cost?
Most likely, but just like most other policies, when you start making claims your rates will increase, possibly by a very significant percentage.
Be careful if you plan on adding your stuff as a rider to your Home Owner's Insurance. I've read some horror stories about people making claims on their photography items and end up being dropped from their insurance provider and having to get home owner's with a high risk status.
Right now my camera is included in my renter's insurance, but I only have 1 body (40D with the kit lens) and a nifty fifty.
Be sure you understand what your current homeowner or renters policy covers and what a additional coverage a rider or separate policy will provide. Policies vary a lot. I carried a rider for years until I changed agents and the new (better) agent pointed out that my base homeowner policy already covered theft. It also covers damage from the normal perils like fire. The only thing a rider added was coverage for owner driven accidental damage. You drop it, it breaks, the rider covers you, less the deductible (which may be huge).
Off topic, but same concept: Same agent advised to drop "uninsured motorist" coverage on my cars. Because comprehensive damage coverage was already included in the base, and the only thing the additional "uninsured motorist" added was medical, which I and most people have via health insurance, plus "pain and suffering."
It's a personal choice, but good to understand what you are choosing.
under what policy is accidental damage held by state farm, farm bureau mutual, or aaa for california at? im currently using allstate for my renters insurance, and that only covers the theft of the item, but not the daily hazards of going out with your equipment in most situations in the field.
from what i have googled, farm bureau isnt available in california..unless im missing it, please point it out to me if i am, because it sounds fantastic.
AAA's coverage sounds pretty decent as well, if you guys wouldnt mind pointing me in the right direction. thanks
brad_s wrote:
I have my gear insured through AAA, which is also my home and auto insurer. It cost $17.50 per 1k insured for "listed personal items". It's complete coverage e.g. damage, lost, or stolen, etc and no deductible. It's great coverage and fortunately I haven't needed to make a claim.
Same here. Not a bad deal. AAA isn't one of those insurers that drops you like a hot potato as soon as you actually need to use the insurance in my experience. They've stood by me in the past when I've made claims. Oh, one other thing with the AAA insurance, it's worldwide coverage.
I know you guys probably already know of this company, but I just just bought some new lenses and wanted to get proper insurance. I found Film Emporium online and they where most helpful. Might be worth looking into. They have lots of good information on their website.
Watch out for theft coverage that requires a police report and "evidence of break in." If your camera bag is stolen in the station or a restaurant you won't be covered.
cwebster wrote:
Watch out for theft coverage that requires a police report and "evidence of break in." If your camera bag is stolen in the station or a restaurant you won't be covered.
<Chas>
Sounds like good advice.
My stuff is covered for "all perils", which includes the most likely cause of loss - me.
If you are a Veteran, USAA offers insurance at a reasonable rate for camera gear, including theft and accidental damage. List each item with a serial number and add to it or subtract from it as you require. Mine is under a "Valuable Personal Property" policy which includes jewelry, silverware, and the like.
www.ppa.com offers 15k in coverage with a 250 deductible when you are an active member. It covers most incidents, but they recently lowered the water damage claimable amount to 7,500. Cost went up this year too unfortunately. It ends up being around 350 annually for your membership, but also covers indemnification protection, which is a bonus if you do hired events and have an issue arise.
