How much are you paying for insuring your gear?

I am with State Farm paying $300/year for $22,000 worth of equipment. This is a no-deductible with no exclusions policy. When I started it was around $140, now it has gone up a lot. I'm wondering if it's worth it or should I use another insurer.

I had SF insurance on my gear and laptop. Unfortunately I used it twice and they cancelled my policy. Once for a lightning stick (laptop) and the other time one of my lenses (14L II) went for a swim in the Cumberland river. They were replaced but SF cancelled the policy shortly after....

eth3rton wrote in post #16144749
I had SF insurance on my gear and laptop. Unfortunately I used it twice and they cancelled my policy. Once for a lightning stick (laptop) and the other time one of my lenses (14L II) went for a swim in the Cumberland river. They were replaced but SF cancelled the policy shortly after....

Wow, can they do that?

Meant lightning strike...

Yeah, they can apparently.

Erie Insurance homeowners rider - $10,000 for $70/year. No deductible, no exclusions.

Around $150 for 10,000 insured with State Farm. Personal Policy

I like how I never have to pay for insurance to ship items to Canon, quite nice and saves me some money... most people don't know they cover that.

Invertalon wrote in post #16144815
Around $150 for 10,000 insured with State Farm. Personal Policy

I like how I never have to pay for insurance to ship items to Canon, quite nice and saves me some money... most people don't know they cover that.

I did not know they cover that. How do I know if mine does? I have personal articles policy.

I called and asked. I thought it was silly I would pay UPS or Fedex for a lens I insure through them. They never had that question so they had to call corperate offices and ask. Called me back and said it is covered since I am still owner of the lens and if it does get damaged or lost I just claim it as such.

magoosmc wrote in post #16144784
Erie Insurance homeowners rider - $10,000 for $70/year. No deductible, no exclusions.

Careful with insurance riders...I've heard horror stories of them dropping ALL policies if too many claims are made, even if it's just for the camera stuff.

Might not be a problem with yours, but I've heard of State Farm doing it.

TheLensGuy wrote in post #16144611
I am with State Farm paying $300/year for $22,000 worth of equipment. This is a no-deductible with no exclusions policy. When I started it was around $140, now it has gone up a lot. I'm wondering if it's worth it or should I use another insurer.

yeah I got the same policy from them... price sounds about what I pay. worth it to me. I had a 3 breakins at my old house, and they took all my camera stuff. now I worry a lot less (though I still get a bad feeling every time I come home.)

TheLensGuy wrote in post #16144753
Wow, can they do that?

any insurance company can do that (unless the policy has specific language to prevent that, but then you'll be paying more)

TheLensGuy wrote in post #16144845
I did not know they cover that. How do I know if mine does? I have personal articles policy.

$22k of camera equipment and you're a hobbyist?

caoko wrote in post #16146239
$22k of camera equipment and you're a hobbyist?

That is not that abnormal... Some people buy motorcycles, cars, model railroads, etc... We buy camera gear

I am 90% hobbyist and probably have spent around $15K in my photography and I am only 25... Granted, I worked for all the money I have spent while at the same time paying off all my college schooling (graduate next May). I don't really spend money on much else, though... We rarely go out to eat, my other hobby (drumming) fell to the backburner and I no longer put money into that... I also don't even own a smart phone yet which saves me $500 some a year since my basic phone was only a $10 add-on to my parents plan which I stay on. All my money goes into my photography and the trips we take twice a year.

I don't have many "real" bills yet though since I still live at home, so that helps as well. I am sure when we move out and all that the spending will cut down quite a bit Until then, YOLO!!

TheLensGuy wrote in post #16144753
Wow, can they do that?

Yup. In case you haven't heard this: insurance companies don't really care how much a claim costs. They care a lot about how frequently you file a claim. File more claims means you are a higher risk. Even if the claims are relatively low cost. From what I heard from a few people who work in the insurance business (one who works with State Farm), two claims is about the limit.

Therefore, I look at personal article insurance as near-catastrophic insurance coverage, especially if i have already filed a single claim. Loosing my entire camera bag is catastrophic.

Another way to look at things: personal article insurance protects your home owner's insurance from needless claims. Although I do wonder how many times you have to put in a claim before you see a change in your premium.

caoko wrote in post #16146239
$22k of camera equipment and you're a hobbyist?

It's not just photography. I have a pretty good amount of video equipment as well that's covered by this policy.