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Over the last few years I have been amassing quite a collection of expensive gear and I think it's about time I get it all insured. I have been quite lucky and careful with my gear but you never know what could happen one day. What's the best insurance to get to cover my gear from accidental drops, fires, theft, etc..? I looked into Renter's insurance but not sure that is enough. Any recommendations?
Call your insurance agent(s) and ask them what they can offer. Everyone calls it something different, but I have "Valuable Personal Property" coverage, which is the same coverage used for art, guns, and jewelry (at least with my insurance company). For me, the annual premium is about 1.5% of the gear's value, and it's a no-deductible replacement-cost plan. If something is lost, I show them the current equivalent model on a website (been there, done that) and they cut a check (or in my case, did a direct deposit) for the value of the gear. Have serial numbers handy, and have links handy for the current model(s) of whatever you have showing the price. They've actually offered to add in sales tax to the listed value, so that I can be eligible for reimbursement to cover my true cost to replace the stuff. I'm not going to tell you to get those links from the highest-price store in town though. I tried to get my insurance to cover my oodles of rechargeable AA batteries for flashes, but they wouldn't go for that.
FWIW, my plan does not cover professional activities, so as a result I stay strictly "hobbyist" and don't take payment for any of my work. I suspect that'll change soon, as I'd like some revenue to begin offsetting my expenditures on gear. :) If you are "pro", you should be looking for business insurance geared for photographers. That was about six times the cost of my current policy.
I recently found myself in the same situation. My wife actually pointed out haw much the empty spaces in my Pelican case have filled in and wondered what would happen if something went missing when we recently went on vacation. I stopped by my agent's office and I am glad I did. It turns out I was uncovered for any catastrophic loss. Peety is correct, coverage will vary depending on your insurance company. I have Allstate and I added a rider to my homeowner's policy -- they have renter's coverage as well -- which is simply called "Cameras". It covers $10,000.00 worth of equipment per incident, $2500.00 per item maximum with a $250.00 per event deductible. The annual cost is a little less than $40.00 additional on my homeowners.
As peety points out, coverage will vary from company to company. For me, my policy is just what I need. I realize peety has no deductible, but his annual insurance cost is higher. $250.00 is the deductible I have chosen for my policy, it is standard for any loss I have form fire to theft. I could go with a lower amount, but it would increase my premium. Since I have been in this house for almost eighteen years with only one claim, the money I save on the annual premium more than offsets the higher deductible should I have a loss. I do have full replacement after the $250.00 and since my most expensive piece is my 5D II body, everything is fully covered. I am also covered when I take my gear on a trip. As peety also mentions, you must not be making an income with your equipment. I am doing this as a hobby/father not as a professional, that would require a business policy.
As you have realized, a piece here and a purchase there quickly adds up to some serious value. My best advise it to get some coverage you feel comfortable with. But, get some coverage. For me the worst thing would be to come home and find all my gear gone and then have an insurance adjuster tell me, "if only you had coverage for...".
Good luck,
Chris
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Hi All,
Just bumping this thread as a PSA and reminder for everyone - camera gear is expensive, and making sure it's insured is definitely a good idea! Standard homeowner's and renter's policies generally do not provide sufficient coverage. As others have pointed out above, adding a rider or getting separate coverage for your camera gear is an excellent idea. State Farm calls it a "personal articles policy" and rates are pretty reasonable (for example, my annual premium is $7.60 per $1000 of gear covered, for replacement cost with no deductible).
Keep in mind that if you make money from your photography, different (and more expensive) policies are needed.
--John
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Ha! I was just tallying up my gear in a spreadsheet and calling up USAA for coverage. Hopefully, they have something that works for me with our homeowner
my gears are insured by State Farm, I have a seperate rider for them.
Deltasun, I have USAA also. You