Insurance for camera and lenses?

wyntrsnyte wrote in post #8866196
Nighthunter - I needed to provide State Farm with copies of receipts or invoices for all the equipment I wanted covered. Perhaps you should ask the insurance company what they require when you call to start the policy.

Yeah, they want receipts and photos. Luckily I was able to find all my receipts for my camera equipment, because I paid all of it with PayPal and they said that was acceptable as a receipt

Also wanted to add my road bikes on it, but seem to have misplaced my receipts for those

Receipts? But what if you bought the stuff 2nd hand or cash with Craigslist?

mellofelow wrote in post #8870657
Receipts? But what if you bought the stuff 2nd hand or cash with Craigslist?

im thinking your screwed like all other electronics.

My question is will it cover against theft? I know for electronics you have to have a police report or proof it was stolen. What are you going to do if your out at a show and some how your bag winds up stolen some dumb reason. I am not saying I would but it has happened. What is the rules against stolen gear. Obivously if someone breaks in my truck and steals it I am covered. But what if its soemthing else?

JamieDubS wrote in post #8870673
im thinking your screwed like all other electronics.

My question is will it cover against theft? I know for electronics you have to have a police report or proof it was stolen. What are you going to do if your out at a show and some how your bag winds up stolen some dumb reason. I am not saying I would but it has happened. What is the rules against stolen gear. Obivously if someone breaks in my truck and steals it I am covered. But what if its soemthing else?

They told me this (this is State Farm):

"We cover replacement cost on all items not depreciated like most companies do… Personal Articles insurance covers in case of everything excluding earthquake and flood, it does cover for fire, theft, vandalism, damage, breakage, misplacement. "

mellofelow wrote in post #8870657
Receipts? But what if you bought the stuff 2nd hand or cash with Craigslist?

I have Photography Equipment Rider on my Home insurance policy from Liberty Mutual. I told them that I have a few things that are bought used and I can only give you B&H replacement value. I also have a lot of stuff that are no longer made so I gave them current equivalent product's B&H replacement value.

They were fine with it. But they make it explicitly clear that they only cover this stuff if there is THEFT not damage or loss. And they need proof of police complaint.

wyntrsnyte wrote in post #8866179
Ram - So you're saying if I make a claim next month because my flash breaks and then in 2 years something (heaven forbid) happens to one of my bodies or lenses I am at risk of losing my homeowners insurance, even though it is written through a totally separate company than State Farm? I find it hard to believe that I could lose my policy for making 2 claims that would total roughly 1% of my homeowners insurance coverage! Could you link the post on this site that covers this topic? Thanks.

Sorry just looked back at this thread...
I believe you will find lots of info on a "beware of insurance claims" thread.
YOU are ABSOULUTEY right two claims on camera equipment, then a claim, due to storm, hail, tornado (acts of God) will show up on your "CLUE" report and at that time... your policy (homeowners) will be likely denied by the underwriters.
Now there is some confusion on whether a policy (TOTALLY) separate from your homeowners will affect your home policy.
My experience... and I don't care the terminology DON'T have your camera equipment, in any way shape or form attached to or with your homeowners!
A claim, will show on the "ClUE" report (a nationwide insurance claims recording system) and be used for underwriting purposes.
The scenario that you outline is VERY similar to mine... NO claims in nearly 25 years, then less than 2K in camera equipment... + a once in one hundred year storm, that caused over 35million in claims resulted in my homeowners being cancelled... no appeal, no consideration for -0- prior claims... CANCELLATION.
Had to scramble for coverage and will have higher premiums for the next 5 years...
It seems that the consensus is to first look to State Farm, but be absolutely clear on the type of coverage.
Currently another thread is on this very topic is active on POTN I suggest you read.

It really is amazing that with the $$$$$ of dollars we spend on photography equipment and millions $ in premiums we pay to insure them...
Few, are aware of the potential negatives associated with claims.

Again, I stress "BEWARE OF INSURANCE CLAIMS"

And no, I am not opposed to insurance just be informed of the ramifications involved when you go to collect!

RAM

ram1958@sbcglobal.net wrote in post #8876113
Sorry just looked back at this thread...
I believe you will find lots of info on a "beware of insurance claims" thread.
YOU are ABSOULUTEY right two claims on camera equipment, then a claim, due to storm, hail, tornado (acts of God) will show up on your "CLUE" report and at that time... your policy (homeowners) will be likely denied by the underwriters.
Now there is some confusion on whether a policy (TOTALLY) separate from your homeowners will affect your home policy.
My experience... and I don't care the terminology DON'T have your camera equipment, in any way shape or form attached to or with your homeowners!
A claim, will show on the "ClUE" report (a nationwide insurance claims recording system) and be used for underwriting purposes.
The scenario that you outline is VERY similar to mine... NO claims in nearly 25 years, then less than 2K in camera equipment... + a once in one hundred year storm, that caused over 35million in claims resulted in my homeowners being cancelled... no appeal, no consideration for -0- prior claims... CANCELLATION.
Had to scramble for coverage and will have higher premiums for the next 5 years...
It seems that the consensus is to first look to State Farm, but be absolutely clear on the type of coverage.
Currently another thread is on this very topic is active on POTN I suggest you read.

It really is amazing that with the $$$$$ of dollars we spend on photography equipment and millions $ in premiums we pay to insure them...
Few, are aware of the potential negatives associated with claims.

Again, I stress "BEWARE OF INSURANCE CLAIMS"

And no, I am not opposed to insurance just be informed of the ramifications involved when you go to collect!

RAM

Hi Ram, that sounds pretty scary. May I ask how you have your equipment insured now then, or what you would suggest? Thanks!

nighthunter310 wrote in post #8870188
Yeah, they want receipts and photos. Luckily I was able to find all my receipts for my camera equipment, because I paid all of it with PayPal and they said that was acceptable as a receipt

Also wanted to add my road bikes on it, but seem to have misplaced my receipts for those

It must be different state to state or agent to agent then. My agent here in WV just asked me "What would it cost you to replace your equipment with the same or similar item?" They didn't ask for receipts because prices change, new items come out, cost of inflation, etc. Of course, that was my agent telling me this, and other agents may do things differently.

I have never been asked for a receipt when I walk in to the insurance office with a new/used item to add to my policy. Just for a replacement cost.

vince_ross wrote in post #8878894
It must be different state to state or agent to agent then. My agent here in WV just asked me "What would it cost you to replace your equipment with the same or similar item?" They didn't ask for receipts because prices change, new items come out, cost of inflation, etc. Of course, that was my agent telling me this, and other agents may do things differently.

I have never been asked for a receipt when I walk in to the insurance office with a new/used item to add to my policy. Just for a replacement cost.

That's kinda nice. I would prefer that. But I asked and she specifically said they needed receipts. Maybe I should try another office.

nighthunter310 wrote in post #8879671
That's kinda nice. I would prefer that. But I asked and she specifically said they needed receipts. Maybe I should try another office.

Yeah, call around to a few different offices to see what they say (couldn't hurt). It also might be something funky that is required in your state. I have to add a flash I just bought to my policy, if I can remember when I go in, I'll ask my agent if she knows any specifics on that rule.

Good luck.

I use USAA which I know isn't available to everyone but they do not require receipts. That would be basically saying you can only insure something you purchased. What happens if your dad passes you down his Rolex that was passed down to him by his father? It could be worth 15k but no way you have a receipt for it but of course you can insure it.

CosmoKid wrote in post #8860607
In the US, a rider on your homeowners/renters policy is totally different than a Valuable Personal Property policy.

You WANT a Valuable Personal Property policy. You do NOT want a rider on your home owners/renters insurance.

Homeowners/renters insurance includes personal property values that you specify. So they will ask you how much all of your stuff, including TVs, stereos, clothing, etc costs. Then they give you a rate based on this. There are MANY limitations to how things are covered. Depending on the policy, you usually are NOt covered if you drop your camera, drop it in a lake, leave it on a train, etc. It also carries a deductible. Also, any time you make a claim you will get dinged on your homeowners/renters insurance. If you get your homeowners dropped because of a claim or 2, good luck getting homeowners again and let me know what price you are getting.

Valuable Personal Property is a policy specifically for certain valuable items in your household and goes well beyond the scope of homeowners when it comes to coverage.

If you are married or engaged and bought your SO a ring from somewhere other than Zales, you should have the ring covered under a valuable personal property policy. My wife's diamond fell out of her setting in a Home Depot parking lot and the insurance company was cutting us a check for $12k with one phone call. We found it (in the lot) 2 hours later and canceled the claim (stupid us). If we only had homeowners/renters insurance it never would have been covered for that.

This same type of policy is used for most hobbiests - people who collect autographs, memorabilia, guitars, etc. - and for this conversation, camera equipment. This type of policy carries no deductible and covers you for any loss of property under almost any circumstance (usually excludes war zones). So if you drop it in the toilet, if your cat gets caught on the strap and drop it to a tile floor, you dump it in a lake, you EX smashes it trying to recover pictures you took of her, almost anything...it is covered with NO deductible.

Professional insurance - not liability - is usually required when 50% of someone's income is from photography.

Liability is a totally different ballgame and should be purchased by anyone doing anything with people involved in their photography - weddings, senior portraits, models, etc. But it has nothing to do with the actual equipment replacement.

Again, this is in the US and covers the majority of insurances/issues with exceptions.

I would also like to know where to get the Valuable Personal Property coverage as well. I would like something separate from my homeowner's policy. Not being a professional I have no need for a professional photography policy that covers liability etc., I only want my gear covered!

yourdoinitwrong wrote in post #9201935
I would also like to know where to get the Valuable Personal Property coverage as well. I would like something separate from my homeowner's policy. Not being a professional I have no need for a professional photography policy that covers liability etc., I only want my gear covered!

Do you have home owners or renters insurance? Car insurance? Just call your agent and mention VPP insurance and they will know exactly what you mean.

CosmoKid wrote in post #9201956
Do you have home owners or renters insurance? Car insurance? Just call your agent and mention VPP insurance and they will know exactly what you mean.

Thanks! Exactly what I needed to know.

CosmoKid wrote in post #8881375
I use USAA which I know isn't available to everyone but they do not require receipts. That would be basically saying you can only insure something you purchased. What happens if your dad passes you down his Rolex that was passed down to him by his father? It could be worth 15k but no way you have a receipt for it but of course you can insure it.

+1 for USAA.

They've been the best bank and insurance agency I've ever had.

When I set up my policy they just needed Make/Model/Serial Number. I even had a claim with them 2 years ago with a stolen lens. My claim was processed and paid out within 3 days of them receiving the police report.

Also, my policy covers for any damage as well as theft. Like the policies the big box stores try to sell you. So if I'm out shooting at the ocean and I trip and take a swim I get new gear.