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FORUMS Photography Talk by Genre General Photography Talk 
Thread started 24 Mar 2012 (Saturday) 02:40
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Insurance for body and lens?

 
nardox
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Mar 24, 2012 02:40 |  #1

Not sure if this is the right place for this topic, so I apologize if I'm posting in the wrong section.

I didn't care much about insurance before since my current gears are not ridiculously expensive, but I'm planning on switching to FF and L glasses soon and thought it would be worth it. Originally thought about purchasing some SquareTrade warranty but they are very expensive. (And I don't see any additional benefit provided by SquareTrade compared to policies like State Farm's PAP)

After doing some researches, the State Farm Personal Article Policy seems to be one of the most popular options around(and some mentioned other similar policy provided by other insurance companies)

Just have some quick questions so hopefully I can get some answers or inputs from current policy holders before I try to contact a State Farm agent on Monday.

1. Some forums say the StateFarm PAP is only available if you are an existing policy holder for one of their other policies, anyone got this policy by itself recently?

2. How much does it typically cost per $1000 if you do not own other StateFarm policies?

3. Anyone filed a claim before? How is the claim process? And what else does it cover other than accidental damage?

4. Any other important things I should know about the policy?


A little more information about myself, I'm in Texas(I know the state you are in is suppose to impact policy availability and price), not a homeowner, and looking to insure about $4-5K worth of camera gears for purely personal use.

Thanks in advance for any answers/comments/input​s :D


Canon 60D, EF-S 15-85mm f/3.5-5.6,
Canon 5D III, EF 24-105 f/4L IS, EF 70-200mm f/2.8 L IS II, EF 24mm f/1.4L

  
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tovarish
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Mar 24, 2012 04:37 |  #2

I just got a quote for $7,000 of equipment from local state farm. Told me about $70/ year. I have no other policies with them and the agent said that was ok, but that he would try to sell me some others.


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gman02
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Mar 24, 2012 04:45 |  #3

Farm Buerua 10.00 per thosand pays for theft or damages StateFarm 16.50 per thosand $ of equipment theft or damages


Canon 5d gripped, Canon 1d II, Canon 6D, 17-40L 70-200L F4 Non-IS Canon 50 1.8 ,Canon 100 2.8, Canon 85 1.8, Canon 28-105 3.5-4.5 Canon 24-105 F4 Is, Rokinon 85 1.4 , Canon 35 F2 IS , Canon 135 F2

  
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jock3
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Mar 24, 2012 06:03 |  #4

My gear is insured on the house insurance under "extended coverage".
That means it is insured both in and outwith the house. Therefore it is covered if it is pinched from the house or anywhere outside including accidental damage eg dropped. Its the simple, effective and cheap way to do it.


Most Canons currently - 1D(Mks 2&3&4), 7D gripped 50D gripped x2, 40Dgripped x2, 30Dgripped, 20D gripped, 350 gripped, 300. with L lenses

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marcosv
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Mar 24, 2012 06:15 |  #5

I have my personal article insurance policy with State Farm for my gear. It is the only policy I have with them. I forgot how much per $1000 of coverage, but, I got around $10k of gear covered for around $100 or so. The policy I have is priced for non-pros.

You don't need all of your receipts and you can buy used (at least my agent doesn't, but, I heard some places require you to have gear bought used or without receipts appraised). Your coverage is limited roughly to the value of your lens (they start with how much you paid and will cover current replacement value). Everything covered must be declared in advance to be covered, including serial numbers. They may want to examine your gear (just to make sure you actually own the gear being covered --- existing customers don't need to show their gear).

The policy covers accidents, theft, and accidental loss. It doesn't cover normal wear and tear (i.e., it doesn't cover what an extended warranty would cover). It does cover "acts of God", but, it doesn't cover being in a war zone.

I never filed a claim. I know a State Farm agent (not the one who I got my policy from) tell me that when it comes to deciding whether or not to cancel on someone, it is the number of claims and not the amount per claim that the insurance company cares about. File too many claims and the insurance company will decide you are high risk.

I'm looking to have my renter's insurance policy through State Farm as well. That policy doesn't require things declaired i advance, but, would be handy if I got non-camera stuff stolen, including stolen from my car.


EOS-M | 40D | 5DII | 5DIII | EF-M 22 | EF-M 18-55 | 10-22 | 17-55 | 17-40L | 24-70L mk II | 24-105L | 70-200/2.8L IS mk II| 35L | 85L II |35/2 | 40/2.8 pancake | 50/1.8 | 50/1.4 | 100/2 | Rokinon 14/2.8 | 90 EX | 270 EX II | 580 EXII | 600 EX-RT

  
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butcherman
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Mar 24, 2012 07:59 |  #6

I have my house and car through State Farm and just recently got $3K insurance on my camera gear for 30.00 a year.


Canon 7D, Canon 50mm F1.8 STM, Canon EF-S 55-250mm f/4-5.6 IS STM, Sigma 17-50mm f/2.8 OS HSM , Yongnuo YN560 IV

  
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NoltaN
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Mar 27, 2012 18:22 |  #7

Any updates Nardox? I've recently expanded my kit and as such I need to pickup insurance on my gear as well. I'm looking at State Farm too and I'm curious how your experience is going. I may end up getting renters insurance through them as well


Gear: 5dIII / 35 f1.4L / 70-200mm f2.8L IS II / 24-70mm f2.8L / 17-40mm f4L / 430exII
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alann
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Mar 27, 2012 20:27 |  #8

When I tripped and fell with my 70-200 II I was sure glad I had ins. Pay 80.00 per year with no deductible. Cost of repair on the lens....$659.00 for a new IS component


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M_Six
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Mar 27, 2012 20:33 |  #9

jock3 wrote in post #14144043 (external link)
My gear is insured on the house insurance under "extended coverage".
That means it is insured both in and outwith the house. Therefore it is covered if it is pinched from the house or anywhere outside including accidental damage eg dropped. Its the simple, effective and cheap way to do it.

Same here. Just added extra coverage for all my stuff. You just have to remember to keep the listing current. If you buy and sell your gear often, that can be a hassle.


Mark J.
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Invertalon
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Mar 27, 2012 20:33 |  #10

With state farm for me, my personal policy has the following..

It is $1.49 per $100 insured (or close to it).

No deductible.

Covered against theft, fire, dropping it, misplacing it, etc... Anything but mechanical failure due to age (wear and tear, basically).

They even cover insurance when shipping to/from Canon... Don't have to pay to insure my packages anymore, saves me pretty good money...

I just send them a list from excel with the item, serial number and insured value... They don't require receipts or anything else. Very quick/easy to update. I just call and fax my list over. They update and all done.


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jeffreynmandy
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Mar 27, 2012 22:06 |  #11

Invertalon wrote in post #14165537 (external link)
With state farm for me, my personal policy has the following..

It is $1.49 per $100 insured (or close to it).

No deductible.

Covered against theft, fire, dropping it, misplacing it, etc... Anything but mechanical failure due to age (wear and tear, basically).

They even cover insurance when shipping to/from Canon... Don't have to pay to insure my packages anymore, saves me pretty good money...

I just send them a list from excel with the item, serial number and insured value... They don't require receipts or anything else. Very quick/easy to update. I just call and fax my list over. They update and all done.

This is the plan I just set up also. Close to $70 per year for about $6500 worth of coverage. That is well worth the piece of mind it provides. I don't see how they offer it so cheap. They must very rarely pay out on these types of policy's or it seems the premiums would be much higher. I also would bet if they pay out the full benefit once, you likely would be dropped from the ins. Plan after that. And with good reason. It would take many, many years to recoupe $6500 at $70 per year.

Also if anyone has been payed out before on a claim like this, I would like to hear feedback. It makes me wonder about the fine print. I wonder if they have a lot of loopholes to try and keep from paying out. Even in legit situations?

I remember the news coverage from hurricane Katrina talking about people with state farm. Many homes were completely leveled and blown away from the hurricane, and state farm tried to screw them out of the home owners insurance. Saying they didn't have flood coverage. You need flood coverage along the coast, but a leveled home clearly isn't flood damage. I'd hate to pay the premium for years, and then run into a problem such as that.


Ever changing.

  
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gman02
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Mar 28, 2012 06:09 |  #12

My state farm says 16.50 per Thousand Farm Buearu said 10.00 per Thousand, both say thift or damage including water damage Hard to beat


Canon 5d gripped, Canon 1d II, Canon 6D, 17-40L 70-200L F4 Non-IS Canon 50 1.8 ,Canon 100 2.8, Canon 85 1.8, Canon 28-105 3.5-4.5 Canon 24-105 F4 Is, Rokinon 85 1.4 , Canon 35 F2 IS , Canon 135 F2

  
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ump107
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Mar 28, 2012 08:04 |  #13

I'm working on getting State Farm to cover my equipment looking around $50-$75 a year the only thing the agent is requesting is anything over 2 years old needs to be appraised. The hard part now is finding someone to appraise my equipment. The local camera store says they will do it but wants all of my gear for several days so they can compare it to prices on E-bay since everything is used. I don’t really like leaving my gear for several days.


Alan
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Canon 18-55mm EFS 3.5-5.6 IS, Canon 28-105mm EF 3.5-4 USM, Canon 50mm 1.8,
Tamron 28-80mm 3.5-5.6, Sigma 70-300mm f/4-5.6 DG Macro

  
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Cody21
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Mar 28, 2012 09:13 |  #14

Interesting thread ... I need to check with TRAVELERS INS, my homeowner policy. When you say "THEFT", might that include theft if travelling in a foreign country, ala Italy?


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5DM3 | 16-35mm f/2.8L II USM | 70-200mm IS f/4L | 24-105 f/4L | Sigma 18-50mm f2.8 | Speedlite 430EX

  
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tovarish
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Mar 29, 2012 14:02 |  #15

I just got the final numbers on my State Farm personal articles policy. $7,652 worth of coverage - annual premium $77.28 - rate $1.01.

Pretty sweet considering I have no other policies with them.

I have Traveler's for everything else - they would not write a floater for the camera equipment. It was only covered if stolen from my home.


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Insurance for body and lens?
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