With my recent purchases of camera gear I am finding that the cost of my equipment is climbing fast. This also relates to the replacement cost if something were to be damaged, or stolen..
I just wanted to ask what some of you other folks were using for equipment insurance, and alternatively if you wouldn't mind sharing your premuim amounts (and for what's covered).
There have been too many times I have heard photographers leaning on their homeowners insurance for equipment insurance. Truth is, I don't believe that homeowners insurance actually counts as equipment insurance for camera gear. Also, homeowners insurance is sensetive when you have a number of claims against the policy. Bottom line here: Too many claims = getting dropped by your homeowners insurance company.
I just wanted to know what approach others are taking. I am a PPA member and they offer insurance, but I'm not sure the rates are as competitive as they need to be..
I just got a rider for my gear with my home insurance company but it wasn't cheap. 20k worth of stuff for around $400.00 extra a yr plus I didn't add other things to it like I should have but at least my glass and body are protected. I have Allstate. Last year I used Traveler's for my home insurance and just the home insurance was around $835.00 yr and for $100.00 more I now have my house fully covered plus my gear so I guess not bad afterall
Did you do a search on FM before posting? There are currently two active insurance threads..
It is a VERY bad idea to include camera gear on a home owners policy or attached rider as insurance companies are actively looking for ways out of policies in certain geographic areas and any claim such as photographic gear would give them that out or a reason to rate you up as much as ten fold.
Duncan Staples wrote:
Did you do a search on FM before posting? There are currently two active insurance threads..
It is a VERY bad idea to include camera gear on a home owners policy or attached rider as insurance companies are actively looking for ways out of policies in certain geographic areas and any claim such as photographic gear would give them that out or a reason to rate you up as much as ten fold.
Duncan
I suspected that's true when I went shopping for camera gear insurance, and specifically bought from a different company than my homeowner's. Especially here in Florida, where insurors are just waiting for the smallest reason to cancel a homeowner's policy.
I'm using State Farm for my gear (a personal articles policy), and it's a little over 1% of the gear value for one year of no-deductible coverage (including my Mac laptops). I did have a little trouble with employees both at the agency and State Farm corporate, due to their lack of familiarity with any of this gear, and for a while had some gear covered double, while other stuff wasn't on the policy at all. I finally sent them a very specifically detailed listing, with each item's serial number and value, and that seemed to do the trick. Honestly, for a while I was so frustrated I wanted to cancel the policy, but for a non-pro, this State Farm policy seemed to be the only game in town, and believe me, I called a lot of insurance agencies.
Hill and Usher . They go through the Hartford . I had a very large loss last year (over 30K) and my rates are the same but my deductible went up from $500 to $1000 . They paid what the gear retailed for and the claim was done in a week . I was told to rent gear if needed and they would cover the costs if I had a urgent shoot . When I dealt with the adjuster he actually knew about the gear I worked with and was more knowledgeable about gear than the local camera stores . Go with a photo specific company if you can .
