Camera Equipment Insurance ?

[stevestuff]

I recently purchased a new Canon20d camera and many new L lenses.

I am getting ready to do a little traveling but am wondering what

the best approach is for me to insure my photographic equipment

against damage or theft. I know that I can get some additional home

owners insurance coverage, but wondered if there was a better option?

[marcin harla]

Check with your agent. Your current insurance company may be able to offer you a great deal. I pay $0.17 a month for every $100 worth of equipment with $0 deductible. It also covers against damage (in case I drop a lens).

[douglas_greenberg]

Yes, it's sometimes referred to as a "personal articles policy," or a "floater" policy. You have to enumerate exactly what articles are covered and what their replacement value is. You pay accordingly. It covers you against any type of theft or damage anywhere. Relying on your regular homeowner policy or your auto insurance policy is likely to lead to frustration if you suffer this kind of loss.

[joseph_smith3]

Yes, it is a good idea to buy a personal effects floater to your homeowners policy to cover just your photo equipment. Sucvh policies are similar to one for jewlerey and other special things maintained at home. Do not cover it as part of your homeowners policy. If you make your living from photogrpahy, you have to buy a different kind of policy that is more expensive. Joe Smith

[chip l.]

In cases like this, it helps knowing what country you are coming from.

 

Chip

[pensacolaphoto]

I had to take my camera equipment to a camera repairman to get estimates for replacement value. Always ask for replacement value so you don't get stuck with depreciation. This is especially true of digital equipment. Make sure that you get a "comparable" replacement value, or your digital equipment will be estimated at its new value after depreciation. What is the Canon 20d worth in 5 years?

[mozart 2]

Check with your insurance agent as to what insurance policies are available. One of them - usually, the type purchased by many photographers - will insure the camera on the basis of its replacement(used)cost. The other type of insurance will cover the full replacement cost of the camera, etc. Of course, this type of insurance will cost you a little more.

 

Don't hold me to the figures, but here's an example, if you purchase a camera that costs you in the neighborhood of $1,200.00 and insured it using the first method, you may only receive a fraction of the value of the camera. Using the second method, you should receive the full, i.e. current, price of the current model.

 

For example, my Leica M-4 with lens, meter, case, filter, meter in the neighborhood of $577.50 when I purchased it decades ago. Now a new Leica M body alone runs in the neighborhood of $2,600.00.

 

Obviously a thorough discussion with your insurance agent will be most beneficial.

 

Hope this helps.

 

Bill