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Archive 2010 · Insurance question

troy12n
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p.1 #1 · Insurance question

In the last year, a friend of mine was burglarized and lost all his camera equipment, plus a ton of other stuff like his wife's jewelry, electronics, etc. He is having a hell of a time with his insurance company because they are either denying his claims on his camera equipment saying it is professional gear and was not appraised, etc.

In the past few weeks there has been a couple burglaries in my subdivision, so I called my insurance company to inquire if my equipment was covered. To my surprise, their answer was NO for the most part, and what was, would only be covered at depreciated "market value", not replacement value. They said I would have to get a new homeowners policy because the (un-named) company I am currently with does not allow individual "riders" to cover high value items.

Long story short, after a week and a half, they came back with a new policy that changed all of my "contents" coverage to replacement cost, and gave me a specific "high value items rider" which I included ALL my valuables (coins, all my gear, some guns) which would not have been covered by my base policy. On top of that, I would have to have all of my gear "appraised" and inspected to make sure it is all in working order. The result of this was my premiums would have gone up by about $1200 a year. I live in Florida and we have outrageous homeowners insurance in general due to the issue with Hurricanes and sinkholes, so this was quite a hit on top of what it was. I have about 10 grand in gear, all things included, plus some rare coins and stamps, so this seemed pretty excessive.

My question is what kind of coverage do most of you have, do any of you actually have riders or line item coverage or do you go to the extent of having a separate policy for gear?

Let me know what you have, how you did it, and what you pay for it.

Feb 08, 2010 at 07:20 PM

mikethevilla
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p.1 #2 · Insurance question

I have separate coverage for all of my gear through State Farm. I'm actually not really sure what it is because they my agent doesn't consider it personal property (although the claims folks do). I just specified it was for my photo gear (she won't cover my iPhone, etc...).

Anyways, covers all my gear ($8-9kish) and all of my computer equipment ($4-5k) for about $200 a year. No deductible. They're great. My computer crapped out on me (while studying abroad no less), got them a repair estimate, and a check was in the mail within a week. Sweet!

Feb 08, 2010 at 07:31 PM

jerrykur
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p.1 #3 · Insurance question

I have a separate policy. It has been awhile, but there was something about marine in the name. The bottom line is I have $10,000 worth of replacement coverage for about $200-300/yr.

Feb 08, 2010 at 07:31 PM

HenkvdT
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p.1 #4 · Insurance question

Seperate policy here as well. There is no depreciation of items, only if you change the value you want items to be insured for. I pay about 2% of the total value annually.

Feb 08, 2010 at 07:38 PM

rprouty
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p.1 #5 · Insurance question

The Hartford, $50,000.00 of cameras, lenses, tripods, and other related equipment including, computers, studio equipment, errors and ommissions for about $1000.00 per year.

Feb 08, 2010 at 07:42 PM

Nick Nishizaka
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p.1 #6 · Insurance question

Separate policy with State Farm as well. I pay about $200/year for all my gear.

Feb 08, 2010 at 07:45 PM

troy12n
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p.1 #7 · Insurance question

jerrykur wrote:
I have a separate policy. It has been awhile, but there was something about marine in the name. The bottom line is I have $10,000 worth of replacement coverage for about $200-300/yr.

One of the options my agent gave me but we did not go with because it was REALLY expensive was something like Inland Marine or something like that. I did a forum search on here and a lot of people had good things to say about USAA, but I do not qualify for that because I am not ex-military and none of my family is either.

Feb 08, 2010 at 07:46 PM

sivrajbm
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p.1 #8 · Insurance question

rprouty wrote:
The Hartford, $50,000.00 of cameras, lenses, tripods, and other related equipment including, computers, studio equipment, errors and ommissions for about $1000.00 per year.

+ 1, with 2,000,000 in liability

Feb 08, 2010 at 08:09 PM

nickrh
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p.1 #9 · Insurance question

Separate policy with Fireman's Fund via TCP&co. Similar to others, it's an ~$35k inland marine policy with a replacement value schedule. Plus ~$2M in liability. Covers a bunch of stuff I'd probably never claim [such rental gear while if mine is being reparied].

Nick

Feb 08, 2010 at 08:23 PM

Geofn
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p.1 #10 · Insurance question

Inland Marine coverage through Farm Bureau as a rider on my homeowners policy. Premium runs about 1.1% per year of insured value. No depreciation, but I have to periodically provide updated replacement costs (and the premium adjusts accordingly). Covers EVERYTHING, even user stupidity. Very inexpensive peace-of-mind!

Feb 08, 2010 at 08:29 PM

ryansphoto
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p.1 #11 · Insurance question

I got an inland marine through State Farm. You can also get insurance through some Photographic organizations like NPPA. I like the one through state farm even though it is the same price as my home owners insurance.

Feb 08, 2010 at 08:35 PM

ilikeglass
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p.1 #12 · Insurance question

I've read that if you accept payment for your photography you can't add the equipment to the homeowner's policy. Can anyone confirm this? I only have a about $3-4,000 in photo gear - 5dmk ii and some lenses, but it would be nice to get it insured.

Feb 08, 2010 at 08:44 PM

Wavicle
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p.1 #13 · Insurance question

I have a separate "Personal Articles" policy with State Farm. It's for full replacement cost and requires proof of ownership for each item (receipt/invoice/etc.) and serial numbers for any items like bodies and lenses. I have a $250 deductable.

This covers me from any losses for any reason at home or any other location and even includes having accidents, like dropping a bag of gear off a cliff. Coverage is only provided under this policy because it's a hobby and not a business.

It gets updated each year as I add or delete items and if I recall correctly the last premium was about $325 for about $30,000 of coverage.

Feb 08, 2010 at 08:49 PM

Scott Sewell
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p.1 #14 · Insurance question

ilikeglass wrote:
I've read that if you accept payment for your photography you can't add the equipment to the homeowner's policy. Can anyone confirm this? I only have a about $3-4,000 in photo gear - 5dmk ii and some lenses, but it would be nice to get it insured.

Accepting payment for photography would mean you're in the photography business.

So, while one might be able to get some kind of rider to their homeowners insurance, it's not a wise business move.

I would strongly encourage you to check with your own agent about this and not rely on an internet forum for your info but, yes, if you're in the photography business it only makes sense that one would have business insurance, including liability.

For about $450/year, my business policy through State Farm covers $25k worth of gear (photo and computers) with $2m in liability.

No way I would have any idea of the OP is getting a raw deal or not. But I would say if one is not in the photo business, the hobby would be like any other potentially expensive hobby. The more you have dropped into expensive photo gear, boats, motorcycles, rare coins, antiques--you name it--the more your insurance is likely going to cost.

Feb 08, 2010 at 08:58 PM

jefferies1
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p.1 #15 · Insurance question

Coins and stamps could be in Bank Deposit to save having to list them. That can be costly. At least that is where I have mine to avoid the insurance cost. If the vault burns and my gold melts it is still good. Stamps not as forgiving.
photo.net members have an insurance option of $150.00 for $15,000 of equipment plus $175.00 for liability. Have not used it but it is better than having it on a personal policy which may not cover you if you ever make money from photos.

Feb 08, 2010 at 09:09 PM

troy12n
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p.1 #16 · Insurance question

Yes, I made it clear to my agent that I do not do this professionally. I have heard that if you make money from photography your homeowners policy will NOT cover you. I think that is more of an OUT for them.

Feb 08, 2010 at 09:14 PM

apsphoto
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p.1 #17 · Insurance question

+1 I have the same type of policy, from Fireman's Fund been really good. And TCP&Co is really friendly to deal with.....

Feb 08, 2010 at 09:20 PM

ryansphoto
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p.1 #18 · Insurance question

You also need to be careful of your line of photography business. I know being a photojournalist excludes you from most policies. You are going to have to pay more, but it is better than being denied a claim if they find out what you do.

Feb 08, 2010 at 10:00 PM

Zoeysmom
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p.1 #19 · Insurance question

Same story as most. Personal articles stand alone policy with State farm. I get a multi line discount for having my car and house insured with them. 4k of coverage, 0$ deductible for about 80$ year

Feb 08, 2010 at 10:24 PM

troy12n
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p.1 #20 · Insurance question

Zoeysmom wrote:
Same story as most. Personal articles stand alone policy with State farm. I get a multi line discount for having my car and house insured with them. 4k of coverage, 0$ deductible for about 80$ year

State Farm is pulling out of Florida because the Insurance Commission denied their request to raise homeowners policies 47%. Yes, you read that right. So they are dropping all their homeowners policies.

Feb 09, 2010 at 12:00 AM

wickerprints
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p.1 #21 · Insurance question

troy12n wrote:
Zoeysmom wrote:
Same story as most. Personal articles stand alone policy with State farm. I get a multi line discount for having my car and house insured with them. 4k of coverage, 0$ deductible for about 80$ year

State Farm is pulling out of Florida because the Insurance Commission denied their request to raise homeowners policies 47%. Yes, you read that right. So they are dropping all their homeowners policies.

This is outdated information. Read the following:

http://www.insurancejournal.com/news/southeast/2009/12/16/106027.htm

Something one needs to understand is that FL OIR (office of insurance regulation) and FL state legislators have been playing a political game with homeowners' rates. No one in their right mind doubts that Florida has much, much higher hurricane exposure than just about any other state. Basically, the regulators are telling multi-state insurers to subsidize their high risk by spreading the cost of covering FL homeowners among their policyholders in other states. That is the bottom line. State Farm is one of the few big players who even write FL homeowners at all.

Don't believe me? Read this:

http://www.property-casualty.com/News/2009/12/Pages/A-Push-To-Have-US-To-Backstop-Fla-Last-Resort-Insurer.aspx

Again, why should the rest of the nation's taxpayers have to fund Floridians' decisions to live on their mostly sunny but hurricane-prone beaches? The 47% rate increase was actuarially justified, but as you can see they'll take what they can get because they have been burning through their surplus like you wouldn't believe.

And read this, from June 2009:

http://www2.tbo.com/content/2009/jun/04/na-crist-likely-to-veto-insurance-bill/news-politics/

That's right, you've got homeowners who are willing to pay higher rates for their existing policies but aren't even given the opportunity to do so. If they're being forced into Citizens then they could see premium increases of as much as 200%. Makes 47% sound tiny in comparison. The OIR and Gov. Crist are delusional and denialist buffoons without any competence to assess insurance rate adequacy. I'd be surprised if they have ANY actuaries working for them.

Feb 09, 2010 at 02:44 AM

MountainTop
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p.1 #22 · Insurance question

I have a renter's policy which covers almost everything for replacement value for about 700 bucks a year. Just about everything. Except water damage, floods, and earthquakes. The earthquake authority charges about 1300 per year for very limited coverage of my home and belongings. Makes me want to move to Florida... Just kidding.

I regularly photograph all my gear, all my books, and all my other valuables and print a copy which I deliver to my insurance agent. He's amused by this. Fine. Gives him a chance to pitch me something new, and I get peace of mind.

Feb 09, 2010 at 03:33 AM

crteach
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p.1 #23 · Insurance question

Remember that insurance is to protect against loss you can't afford to suffer. It's a gamble, of sorts, when you buy a policy believing that you have a greater chance of experiencing some sort of loss that might ruin you, and so you pay for "protection." Over a period of time, if your gear gets stolen or damaged and you have a claim, the policy might very well pay for itself. On the other hand, you might never have a claim and your premiums are simply lost to you (well....you would at least have gained peace of mind by having the policy!).

Some people might choose to "self-insure" where they set aside money they would have spent on insurance premiums and use that as an emergency fund to replace/repair their gear in the event that someone really does happen.

These days, in a business situation, I think you have to have the liablity insurance. In my state, you are required to have a minimum amount and type of car insurance. As for insurance on the gear of the average Joe, that's not always so cut and dried.

Edited on Feb 09, 2010 at 03:40 AM · View previous versions

Feb 09, 2010 at 03:39 AM

jkurkjia
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p.1 #24 · Insurance question

Call State Farm; they don't have a problem with your gear falling into the professional category as long as you don't use the gear professionally in a business.

Regards,

Joe Kurkjian

Feb 09, 2010 at 03:39 AM

Strid3r
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p.1 #25 · Insurance question

State farm covers my gear at replacement cost, not market value. So if my old Rebel XT went for a swim presumably I'd get enough to replace it with a new camera (obviously not a Rebel XT) of equivalent value/market position to my XT when I purchased it. At least that's what my agent told me.

Feb 09, 2010 at 03:52 AM


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