I have a separate policy from a different company than my homeowner's insurance.
My camera is insured through State Farm and I have two cameras, four lenses, accessories, etc. (around 5K) for $49.00/year.
My policy with Allied Insurance has an endorsement that lists my camera equipment with no deductible.
This is an added coverage to my home owner insurance - a Scheduled Personal Property Coverage Endorsement.
I am paying $288 per year for $20,400 and my equipment is listed by manufacturer, model numbers and serial numbers with an "agreed amount" of coverage. I update the list as I buy and sell equipment.
I dropped my camera case at the California Speedway. My 30D with lens and my SD550 were both damaged. The company sent the equipment to Canon in Irvine and paid 100% of the repairs (over $700). They did NOT raise my rates.
My basic home owner policy will cover the total amount of my camera equipment for normal causes of loss. This will not cover dropping equipment like happened to me at the Speedway. The extra cost endorsement did.
I agree with pipspeak that this type of insurance is not for a lot of smallish claims and I am sure most companies would non-renew a policy if you took advantage of this coverage.
I have only submitted one claim on my policy and I was very happy that I had the insurance when they paid the $700+ repair bill.
floris wrote:
I have state farm, renter's insurance, with a 1.8%/yr student rate all risk coverage on $16k of camera equipment. I've never made a claim, so I can't tell you how smoothly that goes. But theoretically it seems I could purposefully toss my camera in the lake and get a new one.. not sure how that's possible, but that's what they said.
No you can't. Although some property insurance policies are "all losses" and cover carelessness (I took my Camera windsurfing!), insurance policies never cover intentional losses (arson committed by the insured obviously disqualifies the insured from recovering from the insurer).
So don't "purposefully" throw your camera in the lake. If you do something really dumb like taking the camera windsurfing, expect to have a hard time proving your claim (which, also brings up the point for everybody with personal property floater riders on their home policies -- keep all your receipts, preferably in a place that won't burn if your home does, because if the cameras are stolen or destroyed beyond all recognition, you still have to prove that you owned them and what they were worth).
Oh. here's another point. Presumptively, insurance policies cover lost property for the actual cash value of the item (ie resale). It is possible to purchase replacement value insurance, but this typically costs a lot more.
leewoolery wrote:
Since I make my living as a professional photographer, I have a business policy which runs $500.00 per year...not camera insurance, but a policy which covers my company assets.
If this was just a hobby and I needed to cover my equipment against fire and theft, I'd be covered under a regular homeowners policy....maybe with a rider.
Normally your personal property (contents in your home) is insured for "replacement cost" if the loss is a covered peril. The Scheduled Personal Property Coverage Endorsement changes this from a covered peril to any cause of loss with named exceptions and will list these exceptions on the endorsement.
The company will pay a depreciated value until you actually replace the item or they might buy a "like" item for you. If you don't replace the item you only get the depreciated value.
A Scheduled Personal Property Coverage Endorsement is an agreed value for each item listed. For jewelry, the companies will want a receipt or an appraisal. In my experience with several companies they have not asked for an appraisal on camera equipment and when I dropped my equipment they did not ask for receipts. The companies will take a recorded statement so the thought of “throwing the camera in a lake” would not be a good idea.
We once had a claim where a chicken plucked a diamond earring out of a woman’s ear. The woman spent a week looking through chicken **** from her 30+ chickens trying to find her diamond. When she finally called me I turned the claim in to the company and they took her statement. Since she had her jewelry covered on the Scheduled Personal Property Coverage Endorsement they replaced the diamond earring to match the one she had left.
My advice is to insure what you can’t afford to loose and be honest when something does happen.
Duncan Gibson wrote:
No you can't. Although some property insurance policies are "all losses" and cover carelessness (I took my Camera windsurfing!), insurance policies never cover intentional losses (arson committed by the insured obviously disqualifies the insured from recovering from the insurer).
So don't "purposefully" throw your camera in the lake. If you do something really dumb like taking the camera windsurfing, expect to have a hard time proving your claim (which, also brings up the point for everybody with personal property floater riders on their home policies -- keep all your receipts, preferably in a place that won't burn if your home does, because if the cameras are stolen or destroyed beyond all recognition, you still have to prove that you owned them and what they were worth).
Oh. here's another point. Presumptively, insurance policies cover lost property for the actual cash value of the item (ie resale). It is possible to purchase replacement value insurance, but this typically costs a lot more. ...Show more →
Hence the quotes.. it's tough to distinguish between accidentally dropped and purposefully dropped.. that's there the whole thing seems a little odd. As far as I was told they're insured for the value I declare, ie. If I'm insuring a $2k item, and it gets stolen/destroyed, I get $2k to replace it. I don't plan on trying this out of course, because as you say, it'd probably be tough, and probably give me some bad points, but I still think it's amusing that I could, in theory, make a claim for some bogus accident.
It is very difficult to get good homeowner's insurance. After a few claims you could be locked out. Insurance companies tend to communicate about claims/losses. You know that even your FICO has a bearing on you costs.
So you don't really want to be submitting small claims. Consider "self insurance" or a separate policy. The rule of thumb is don't insure if you can absorb the loss. Save your insurance premiums for the big losses. House burns down, car crash with injuries, etc.
Well, I just had approx $6000 worth of Canon (5D and lenses) taken from car. They smashed the window. Well, I have a home I rent out,so my I'm not covered. Just relocated from NY to Calif and living with in laws. I repurchased new 5D and lenses and took Rental policy, for $200 a year, covers $25,000 and 100 deductable. I have computers (3) large screens (2), just incase. I learned the hardway.. http://pbase.com/ckuhn55
If you bought any of that gear with a credit card you might be covered. Call the number on the back of the card to check or go to their website.
If you're denied any insurance claim, submit it again a minimum of two more times if needed. Over 90% of claims are paid on the third try. Retirement age policy holders are the most likely to be denied a valid claim.
Does anybody from Canada have insurance? I'm having a hard time getting insured as a photography business, and the one company I talked to that would write up my policy wanted $1200 a year! At that price, I'd rather take the risk.
I have a Personal Articles policy through State Farm. I am NOT a professional and for almost 10k of gear my insurance is about $120 / year. I can keep the same policy if I do become a professional, however the rates will increase. (Didn't even bother to ask how much.)
Edit... This is all with Zero deductable, and covers loss of damage for any reason. As mentioned previously, I take my Mk III places now that I wouldn't have considered taking my older Rebel XT. If it gets stolen, lost, or broken, it's covered!
Anyone have this insurance NOT through State Farm, or more generally in Mass? State Farm doesn't serve Mass, my current insurance carrier will only do personal property for a minimum $1,000/yr cost, and a rider is a 2.8% fee!! Thanks all.
I have BOP - Business owners policy. costs me $500 a year, and gives me coverage for things even when I am on location shooting, such as my computer, even when in transit to a location. Worth every penny- covers REPLACEMENT cost. Perfect for my old 300 2.8 if it gets busted, I get a new one with IS.
$500 deductable covers me for up to $30,000 in gear!!
I am in the middle of an insurance claim with my homeowners policy after my car was broken into and most of my gear went out the shattered window. I have Liberty Mutual for Auto and Home policies, and have submitted my claim last week.
I have a few items with scheduled coverage; but not the majority of the gear and replacement coverage on everything (both at additional cost). I have reviewed my policy and don't see any limits in there regarding the amount of coverage for electronics, or other 'gear'.
To this point, I have had no problems with the claim process and am expecting to follow up next week to see what they say.
One rep informed me that they pay a depreciated value up front and then after I have replaced the items they pay the replacement value difference. So If anyone has any tips or advice I am all ears.
Still unable to find any insurance company that will write a separate policy on my camera equipment. Tried contacting Hill & Usher, but they never got back to me. Chubb would only do a rider, and the riders are rediculously expensive.
Anyway have any other options for companies that serve Mass? Thanks all.
I just purchased a policy on Friday. For $10,000 worth of equipment it costs me $147.00 annually. This is replacement insurance with no deductible. It covers everything from theft to my dropping gear into a lake or if I back up over my 200 1.8 with my car. It will not cover equipment failure. My best buddy is my insurance guy and he told me if I used my home owners I have to pay my deducible and a few other issues and recommended I buy a separate policy.
