Insurance Policy on Photo-Equipment

[dsze]

How many people have a policy on their cameras & gear? ...and what do you think of mine:

$44/year
No deductible
Covers $3600 worth of equipment

I've never had a policy on something like this before so I don't really know what to base a judgement on....

-thanks,
daniel

[MHaberman]

Daniel,
Sounds like a decent price too me... I think I have about 3K worth of Camera Equipment + $1500 worth of other misc stuff (Ski equipment, etc) and my policy runs $75 / year with no deduct.
The real question might be what exactly does the policy cover? Theft? Damage? Failure out of Warnty? If the policy covers all of that then it sounds like a steal, but if its only theft then Im not sure how good of a deal it is...
-Matt

[toddb]

I have state farm for about $5 a month for about $4k worth of stuff. Why? Because I don't want to be afraid to go out and take pictures, accidents happen...allot. Of course, if I had enough money to just buy another one, I wouldn't do this, but I'd be out a good camera for a very long time if I slipped and fell and crushed my camera or something.

[slin100]

I have a Personal Effects policy through State Farm. It covers non-commercial use of my photo equipment. I'm paying around $1.25 per $100 of value. The great thing about my policy is that it will cover any kind of loss, including self-inflicted damage, no questions asked.

Insurance policies for professionals are much more.

[PJ]

My personal effects policy is $175 a year.
It currently covers
$12,000 worth of belongings Photo/computers ect...

Good thing is that if Anything what so ever happens to my stuff. Even if i drop my camera in a Lake. It's covered. No deductible.

Thru State farm

[arumdevil]

I'm moving back to UK next week, any suggestions on good value insurance? :D

[KennyG]

UK and 'good value insurance' are not compatible. Either add it to your household insurance, or if you want to be fully covered, including loan equipment, look at Photoguard or E&L, or any of the dozens that advertise in the mags.

Mine is insured for £20K and £4M of public liability (a requirement of my accreditation) and even for that lot it works out quite reasonable.

[Digital Prophet]

Ok I am very interested. Are these policies homeowner tack-ons? Or are they stand alone policies? I was looking at a policy from RVNuccio & Associates Inc. it covered 5K but it was like $250.

I think that if you are going to spend $1000+ (entry level) for a camera you need to insure the thing.

I could sure use some links and name to policy issuers that don't involve homeowner's insurance since I am an apartment dweller.

- Digital Prophet -

[dsze]

These are separate policies from your homeowners. Although, it would be covered under my homeowners policy, the deductible would still apply. With this stand-alone policy, there is no deduct. Big diiference when we're only talking about $3600 worth of potential loss.


I'm not sure exactly what mine will cover yet, I haven't recieved all of the paperwork, but I am nearly positive that it will be just like Slin100's as mine is also the personal effects policy from State Farm. It should cover any kind of loss up to my $3600 amount, I hope.

JMHaberman, ...I sent you a PM about ski equipment.

So, two more questions:
1. Should I include my computer in this camera equipment policy?(its not now)

2. When you acquire more equipment, do you change your policy right away?


-daniel

[dsze]

OH, I had a third question too:

At what point does State Farm determine that I am using the equipment for professional use?

I ask because I have gotten 2 requests to shoot wedding now (paid). However, my profession is still and will probably always be teaching.

If I shoot weddings now and then and recieve payment for them, that doesn't make me professional (in State Farms eyes) does it?

-daniel

[mchristsen]

My camera equipment is currently covered under my homeowners policy and is covered for the general things of fire, theft, etc. It is $270/yr for $100,000 of personal items with $500 deductable. So my equipment has the limited coverage that my counch does! :roll:

However I have a seperate policy for my fiance's engagement ring for not only for the standard stuff, but also for negligence (in case she looses it). This policy has no deduction. I am thinking of adding my camera equipment to that policy. The policy is high, b/c of the negligence factor. So if I am out and about and loose a lens, it would be covered. As long as I have demonstrated due care and caution.

So if you have a lot of equipment, etc, a seperate policy will give you more detailed a la carte coverage, then would an umbrella homeowners policy. You could have basic fire, theft, etc coverage up to detailed negligence coverage.

Also if you make a claim for you camera equipment against your homeowners policy, this will affect your home policy overall, especially if you really need to make another claim against your home. My insurance agent advised me that if my camera equipment is to be moved alot, used in many locations, etc (basically everything you would do with your stuff), a seperate policy would be better served.

Mike

[mchristsen]

Ok I am very interested. Are these policies homeowner tack-ons? Or are they stand alone policies? I was looking at a policy from RVNuccio & Associates Inc. it covered 5K but it was like $250.

I think that if you are going to spend $1000+ (entry level) for a camera you need to insure the thing.

I could sure use some links and name to policy issuers that don't involve homeowner's insurance since I am an apartment dweller.

- Digital Prophet -

If you are an apartment dweller, you could get what is called Condominium/Renters Insurance. It covers contents only. This is what I have for my townhome. If you want to add specific things to this policy, that will be covered in a specific way, the insurance sompany will add a "Rider". The Rider will outlay the details of the addition, the stuff it covers, etc, however each insurance company may have difference rules and availability of such Riders. Generally though the Rider just specifies the amount of coveread and the terms of the coverage, but the deductable and the like from the main policy are still enforced.

Seperate policies for personal effects provide a complete coverage package, but can be more expensive, depending on the coverage.

Mike.

[wgb8]

OH, I had a third question too:

At what point does State Farm determine that I am using the equipment for professional use?

I ask because I have gotten 2 requests to shoot wedding now (paid). However, my profession is still and will probably always be teaching.

If I shoot weddings now and then and recieve payment for them, that doesn't make me professional (in State Farms eyes) does it?

-daniel

At the point you make any money in any way from use of your equipment, that can be considered "professional" use. As I recall, a totally personal use policy was quoted to me at around 1.25%, I think the professional use coverage I got is 1.64%.

Bill

[LePhotography]

This advice may vary depending on the company.....but

You can schedule your equipment just like jewelry, artwork, etc. on your Homeowners Policy with an Inland Marine rider/endorsement or write a stand alone IM Policy. Rates vary but most who posted have it right... different company = different rates. Make sure the policy is All Risk and not Named Perils Only. Also check to see if the policy insures for ReplacementCcost...not Actaul Cash Value

Keep in mind if you don't have your stuff scheduled that there is usually a $1000 or less limitation on your policy for cameras, jewelry, etc. That limitation is per occurance not per item. 4K of stuff, 6 items, not scheduled, + a covered loss = $1000 coverage max minus your deductible. Don't assume that something is covered...check :!:

Most choose no deductible when scheduling items. If you not sure about hobby vs professional then ask your agent for an accurate description of each classification, every company can have different guidelines.

What it comes down to is call your agent to be sure.
Hope I could help.
Sean

[Woolly Joss]

UK and 'good value insurance' are not compatible. Either add it to your household insurance, or if you want to be fully covered, including loan equipment, look at Photoguard or E&L, or any of the dozens that advertise in the mags.

Mine is insured for £20K and £4M of public liability (a requirement of my accreditation) and even for that lot it works out quite reasonable.

My household contents policy (with Norwich Union) wouldn't cover my camera equipment once I told them I was selling pictures.

My equipment is now covered by E&L, just under £4k worth for around £115 per year.

[LePhotography]

Not many do it but read your policy......you might be suprised what you discover. If there's a question/problem in the event of a claim the policy is what gets referred to....not assumptions.

[arumdevil]

Not many do it but read your policy......you might be suprised what you discover. If there's a question/problem in the event of a claim the policy is what gets referred to....not assumptions.




lol, so true

[Digital Prophet]

Ok so do any of the policies mentioned cover professional use?

I am wanting to get a policy that will cover me for that glorious day that I start selling images. However long that may be from now. :?

- Digital Prophet -

[theoldmoose]

Don't forget that if you are selling pictures, you are probably using your computer equipment for professional use, as well. Most homeowner policies exclude computer equipment for commercial use, and you must then get riders for that stuff, as well.

The advice to keep this stuff separate from your main homeowner's policy is right on. After making a couple of claims for relatively small stuff (for instance, $500 worth of CD's lost in a major roll-over accident, courtesy of my inexperienced college-age driving daughter) against my $250 deductible homeowner's policy, I was told by my State Farm agent that one more claim for *any* amount within the next few months would get my homeowner's policy cancelled (?!). This is called red-lining, and is perfectly legal in most states/jurisdictions. You are guaranteed (supposedly) that you can get insurance from some other company, but usually at astronomical rates, if you can get it at all. The last fallback is to buy guaranteed insurance from the federal government, but it is very expensive, and not very useful, except to satisfy your bank's mortgage requirements.

A lot of agents aren't even aware of their company's red-lining policy, or they will feign ignorance when you go to sign up.

Beware! Find out, before you put your homeowner's policy at peril.

Fortunately, nothing major happened to our domicile or covered belongings before the danger period passed, so we are good to go for another four years, supposedly. In the meantime, I changed our deductible to a high amount, and decided that we won't be filing for anything minor (less than a few thousand, at least) against our homeowner's policy in the future.

[cmM]

speaking of this: What kind of insurance policy covers loaned equipment? Do you know any companies that offer this?

I talked to someone at Calumet's rentals dept and he said that If I wanna rent stuff, I either have to pay the deposit (retail value of the item) or have insurance to cover it. It would be great to find some insurance that covers this stuf...

[Jon]

Talk to your agent about whether you can get coverage under your homeowners policy, like your auto insurance covers you in a rental car as well.

I pay about 1% on purchase price for coverage at purchase price level on my gear, butr we have homeowners and auto insurance with Erie as well.

[cmM]

the tying is, I don't own a house...

[Jon]

You don't have renters coverage for your possessions, either? You can get coverage for your household goods, whatever your living arrangements (well, maybe not the cardboard box under the bridge down by the river. . . ) from most agents.

[cmM]

I live with my parents

[Jon]

Check with their agent. You may be able to get coverage under their names for your equipment and spot coverage for things you'd rent piggybacked onto their policies. Homeowners coverage generally covers all members of the household.

[cmM]

yea... you're right. I do have to check with the rentals guy from Calumet see if they would accept an insurance policy that is on someone elses name. That is my main concern.