Is this yearly insurance quote too high?

[ironbelle]

I was told it would be higher if I said I freelanced as a photographer so the underwriter said it would be alright to say I was a hobbyist. This is a quote for renters insurance to cover ALL the contents in my 1BR place, computer and camera equipment. I'm a renter, not a home owner - yet. I just started calling myself a freelance photographer and want to make sure I am insured. This covers damage and theft of course. I've never had renter's insurance. Only car insurance and medical/dental from work.

290.00 Yearly

500.00 deduct.

40,000.00 personal property(10K for camera equipment,30K for personal belongings)

Actual loss for 12 months meaning they will pay keep me at my standard of living for 12 months. Pay rent, find me a place, etc.

300,000.00 liability

1,000.00 medical

computers are covered inside dwelling and if taken off premises.

[NickSimcheck]

Sounds about right to me.

For me:

Suburb of Lansing, Michigan - Safe area low crime.
State Farm is $165/year
$500 Deduct
$1,000 on Medical Deduct
$50,000 Personal belongings
$15,000 devided into stuff like Jewelry and Guns and whatever (I don't know why they devide it like that)
$300,000 Liability

[coreypolis]

Tom Pickard's Group Insure www.groupinsure.com


this is a quote I was sent. You can obviously tailor it to your own needs.


Thank you for your interest in the Commercial Photographers Business Insurance Program. This Business insurance program is underwritten by Fireman’s Fund; AM Best “A” rated, and is sold nationally through the Tom C. Pickard & Co., Inc. Agency. Below is a brief outline of coverage's and options available to you:

Business Personal Property: $4,000
Coverage for general office contents bought by the business for the business. Betterment’s and improvements to your studio should also be included in the figure.

Desktop Computer Equipment: $2,000
Laptop/Walkie Talkies: $2,000
Coverage for desktop hardware and software you own. Replacement Cost valuation applies per schedule provided by you. Laptops & Walkie Talkies are rated separately.

Owned Camera Equipment: $8,000
Photography Equipment which you own while at the studio or on location. Replacement Cost valuation applies. Earthquake & World wide coverage included.

Rented Camera Equipment: $0
Coverage for Photography Equipment which you rent and are responsible for, Replacement Costvaluation, applies. Earthquake & World wide coverage included.
Property of Others: (Premises Only)$15,000 (Off Premises) $5,000

Coverage for product or property on your premises, in your care, custody or control. Certain exclusions apply.TCP &co

Comprehensive General Liability: Aggregate $4,000,000 (Motion Picture, Film & Video Liability not covered)Per Occurrence$2,000,000
Covers Bodily Injury and Property Damage for which you are legally liable. Certificates of Insurance naming the Certificate Holder as an “Additional Insured” are $25 per certificate. Other Coverage’s: INCLUDEDOPTIONAL

•Portfolio Coverage($3,000)
•Business Income & Extra Expense
•Rental Reimbursement (Included)
•$500 Policy Deductible
•Errors & Omissions$2,000,000 @ $150 Flat
•Workers Compensation $1,000,000 (call for rates)
•Hired & Non-Owned Auto $2,000,000 @ $125 (varies by State)
•Entertainment PackageNegative Film/Faulty Stock Hired Liability & Physical Damage Misc. Rented Equipment (See Enclosed Brochure)*Total Estimated


Annual Premium: $510
Please note:-Terrorism coverage included with estimate.- Premium may be paid in 4 installments over eight month period.- One-time $50 agency fee is additional to annual premium.- Rate is based on prior coverage with no losses OR no prior coverage.*(Actual premium may differ based on the total camera replacement value reported) Note:Coverage for camera equipment and or computer equipment cannot be effective until camera and or computer equipment schedule(s) are received by Tom C. Pickard & Co., Inc.

[newbie_photog]

Be careful with having just renters insurance covering your equipment. In some cases if you make $1 with your camera renters insurance won't cover it. Read your insurance documents it should tell you if that is the case.

[karensimmons]

I was told it would be higher if I said I freelanced as a photographer so the underwriter said it would be alright to say I was a hobbyist. Which is insurance fraud and if anything happens to your gear or while you're shooting for pay, the insurance company can not only decide not to cover you, they can go after you for fraud which is both civil and criminal in the US.

If you're a professional, shooting professionally, then pony up and pay for professional coverage.

Mine runs me about $970 a year for full equipment coverage, $1MM liability, E&O, loss of income, etc.

Karen

[ironbelle]

Which is insurance fraud and if anything happens to your gear or while you're shooting for pay, the insurance company can not only decide not to cover you, they can go after you for fraud which is both civil and criminal in the US
Karen

I was just going to email some questions and that was one of the questions. What happens if I'm on a shoot and something gets destroyed (fire) or stolen? This policy is written for a hobbyist but I call myself a freelance photographer. I was just trying to get an ideal of insurance prices. Karen, I can see why your premium is that much as year, you have much more coverage and loss of wages, etc. I am not a full time photographer only freelance, but I was confused as to how I should insure my equipment. Thanks for the reply.

[karensimmons]

I am not a full time photographer only freelanceHow are you defining "freelance". The two are completely different things. Freelance means only that you're not shooting for a particular studio or employer - that you shoot on assignment or on spec. You can freelance full or part time - you're still a pro and not a hobbiest. According to the IRS if you earn money from your images, then you're a pro. According ot insurance companies if you're a pro, then insuring your equipment under a hobbiest policy is a good way to get your insurance cancelled.

Better safe than sorry, IMO.

Oh, and if you're shooting around the general public, you NEED liability insurance.

Karen

[TXLEBER]

I'm a hobbyist. I have a separate policy for my gear. If I make a claim for my gear, my home owners insurance is not affected. My insurance company calls it a "Valuable personal property" policy.

[mdmedicgod]

Personal Articles Policy is what you need!!!! Its all perils with zero deductable. It even covers drops or misplaced items.... You can't just think about fire and theft......