Equipment Insurance Guidelines

[chinmaya]

I never thought of buying a insurance until now. As I go on adding equipments to

my DSLR system, I am feeling a need of having insurance. I have around 1500$

worth of equipment including all accessories. I think I need one?

 

How many of you really use insurance. What part of your SLR system do you insure

(Lenses, Body, Tripod, CF Cards? accessories?) ?

 

Can you suggest me a insurance company? Would my regular home/car insurance

company would do? (may be I should Call them first).

 

How does insurance work? Does it cover theft/mugging/lost? I am guessing yes!

 

Any input/guidelines on buying insurance for a SLR system will be greatly

appreciated.

 

Thanks

 

Chinmaya

[William Michael]

Speak with an insurance broker, who has clients who are professional photographers, in your country.

 

WW

[chinmaya]

I am looking for someone in Colorado, USA, any suggestions?

[bryan_lardizabal]

You can obtain a separate policy from your homeowners insurance. Just call your agent to inquire, they'll give you quotes for any amount and deductible based on personal or professional status. Most policies cover theft and accidental damage -- like dropping your cameras -- and is very inexpensive.

[erick_kyogoku]

Chinmaya, I started a "personal effects" insurance policy for my photo gear two years

ago. I didn't think that I really needed it, but my photo gear was reaching $8000-10000,

including my tripod/ballhead, CF cards, digital photo wallet, and my Mac notebook

computer. Losing it all would be difficult to replace, so I dropped by my old State Farm

agent from whom I once bought auto insurance.

<p>

They explained to me that I could cover everything in an itemized list, with each item

and serial number stored in their database. For $8000+ of coverage I pay roughly

$150/year. $0 deductible . When I first started coverage I brought in all my gear and

showed them, then we started entering it into their computer, with their corresponding

replacement value. You can choose the value up to the maximum, or choose less.

The personal effects policy works in the same way as jewelry insurance. Nothing that

isn't listed will be covered, and everything that is listed is fully covered for any reason:

damage, theft, etc.

<p>

I never imagined that I would actually use it, but it gave me a nice peace of mind. Then

in March, on a trip to Mexico, I had a large bag stolen. My camera and lenses were

fine, but my tripod, ballhead, and accessories were stolen. I got a police report in

Mexico, though in the end with this policy I didn't need one. Since everything is listed

they don't need documentation. In less than a week I received a check for $1200, no

questions asked, for which I could buy the replacement equipment of my choosing. (I

ended up buying a different model tripod, a Gitzo carbon fiber instead of Bogen -- the

difference paid out of my pocket) I had a lot of non-insured items stolen as well, but

the insurance took half the sting out of being robbed. I strongly recommend having it.

For $1500 in equipment your annual premium will be a lot less than mine. While making

my claim I also asked about a lens that I had dropped while cleaning my sensor. It

needed repair for $~150 and they wrote me a check for that amount.

<p>

For the peace of mind and for the actual coverage, a personal effects policy has

proven to be a good investment. Any insurance agent should be able to offer this. You

can change your policy to reflect changes in your equipment, adding or removing items

of your choosing over time. There is a difference in price between whether you make

a living off of photography or practice it as a hobby. Since it isn't my profession the

rate is low, but it increases for pros.

<p>

So I have coverage for all of my equipment, with the exception of small accessories

worth less than $50. It works for theft, mugging, loss, damage, *anything.*

<p>

Coverage via regular home insurance is different from what I described above, you'll

have to check with your homeowner's insurance, and will likely have to catalog and

show proof for the items before they're stolen. Perhaps someone else who has

experience with this policy can share their experience.

<p>

I think the personal effects policy is perfect for camera gear. Good luck.

[dale_yarbrough]

I purchased a policy that specifically covers all of my photo equipment from fire, theft, loss, and accidental damage. The accidental portion covers even if I drop a piece (unintentionally of course) and will cover the expense of repairs or replacement.

 

I started by preparing a list of everything I owned including tripods, filters, CFcards, flashes, backpacks, etc. along with the amount I paid and the date of purchase and presented it along with purchase receipts to my insurance carrier.

I used State Farm and have been pleased with them so far.

 

You may wish to approach the company that presently carries your homeowner policy. If they don't actually offer such a policy they can surely direct you to someone who can help.

 

Whatever you do, just get the equipment insured. $1500 is a fair amount of money to just leave exposed without protection.

Good luck!

[sheldonnalos]

I work in insurance, so I'll chime in...

 

Your base homeowners policy should cover the equipment for the basic perils (fire, theft, vandalism) but not things like dropping an item or losing it. There is usually a section of your homeowners policy that will impose a limit of coverage for certain types of items such as cash, jewelry, fine arts, firearms. These limits are typically between $500 and $5000, and there may or may not be a limitation on coverage for camera gear. My homeowners policy does not have a limit on camera gear, so all my stuff is insured for theft/fire/vandalism just with my basic homeowners policy.

 

Be sure to check your homeowners deductible. If it's $1000, you wont have much coverage for a $1500 loss.

 

If you use your gear for business purposes, or if you have gear that exceeds the value of any coverage limit on your policy, or if you want to get the benefits of having no deductible and coverage for things like dropping or losing something, then you will need to buy a scheduled endorsement listing the gear and for which you will pay an extra premium above your base homeowners policy. This is what everyone else has already spoken about.

 

Just wanted to point out that you may already have the coverage you need, just read your existing homeowners policy to check for any sub-limits of coverage on camera gear.

[james_gu]

Excellent thread! I'm about to take a trip to Europe, so this is very relevant for me.

 

Sheldon, since home-owner's policy does not cover belongings that are taken out of the house to another country, I will very likely need a separate insurance. In your experience, would it be any more beneficial to get one from the same insurer of the house or car than from another company?

 

Could someone recommend an insurance company in Toronto, Canada?

 

Thanks in advance.